Facebook and Google have been ordered to pay Aussie media companies for publishing their news

Facebook and Google will be forced to pay Australian media companies for publishing their news stories, under a world-first mandatory code of conduct, after negotiations with the two global digital giants failed. Treasurer Josh Frydenberg and Communications Minister Paul Fletcher ordered the Australian Competition and Consumer Commission to draw up a compulsory code of conduct to correct the imbalance of bargaining power between local media companies and global technology platforms. This follows complaints from local media companies that Facebook and Google didn’t genuinely engage in negotiations over a voluntary code. The government was motivated to act by the collapse in advertising caused by the corona virus-induced economic downturn, which put further pressure on the viability of media companies. The new code being involved by the competition watchdog, headed by Rod Sims, will include enforcement, penalties and ways to mapped out arguments between the worldwide plat...