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Alphabet’s (NASDAQ:GOOGL) Google has announced the addition of News Corp’s (NASDAQ:NWS) media sites to its News Showcase platform.
What Happened: News Showcase is Google’s effort to stay ahead of proposed Australian legislation that would mandate that the search engine giant and Facebook (NASDAQ:FB) pay news publishers for content.
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Google’s new three-year agreement with News Corp covers its Australia-based news platforms — including The Australian, news.com.au, Sky News and regional and local resources.
The deal also includes the company’s U.S. outlets, including The Wall Street Journal, Barron’s, MarketWatch and the New York Post, plus British media entities including The Times and The Sunday Times, and The Sun.
The terms of the partnership were not disclosed. The companies said in a press release that News Corp will receive “significant payments” from Google.
The agreement “also includes the development of a subscription platform, the sharing of ad revenue via Google's ad technology services, the cultivation of audio journalism and meaningful investments in innovative video journalism by YouTube.”
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News Corp CEO Robert Thomson offered thanks to “the Australian Competition and Consumer Commission’s Rod Sims and his able team, along with the Australian Prime Minister, Scott Morrison, and Treasurer Josh Frydenberg, who have stood firm for their country and for journalism.”
Why It's Important: The Australian legislation, formally known as “Treasury Laws Amendment (News Media and Digital Platforms Mandatory Bargaining Code) Bill 2020,” is being presented as a means of leveling the playing field between online media and print and broadcast rivals.
“We are not seeking to protect traditional media companies from the rigor of competition or, indeed, technological disruption, which we know benefit consumers,” according to the bill's introduction.
“Rather, we are seeking to create a level playing field where market power is not misused and there is appropriate compensation for the production of original news content. To that end, this bill will establish a new world-leading code of conduct for news media businesses and digital platforms. The code ensures that digital platforms share the benefit they obtain from using Australian sourced news content with the news media businesses who create that content.”
Google had threatened to pull its search engine service from Australia if the legislation proceeded, but has since withdrawn that threat.
Facebook has threatened to block Australians from sharing news if the legislation passes, but has not publicly commented on the legislation since its introduction.
NWS Price Action: Class B News Corp shares were down 0.86% at $23 at last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.