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But the battle involving social networks and news is just beginning.
The News Media Bargaining Code, passed Wednesday, effectively forces big tech platforms to pay publishers for news content.
This first-of-its-kind law was hotly debated in recent months, with Facebook and Google opposing the initial version of the legislation, which would have allowed media outlets to bargain either individually or collectively with them — and to enter binding arbitration if the parties couldn’t reach an agreement.
Why does this matter outside Australia?
Publishers have been complaining for years that the two tech giants have eaten away at the advertising dollars that keep news outlets afloat. The tech companies, in response, say they are providing something of value — by connecting the world — and advertisers are merely chasing eyeballs.
These intramural debates have consequences for all of us because a dearth of well-funded news gathering weakens democracy.
So lawmakers and regulators from Australia to the US are looking at different models to make Facebook and Google pay for a share of the cost of news gathering.
They say the tech companies are taking advantage of news and information resources without looking out for their well-being.
Tech executives, on the other hand, say news websites are freely providing their content for search engines and social platforms. Facebook and Google both say they want to partner with news outlets and enter into financial relationships, but both firms also objected to some of the specifics of the Australian law.
Bottom line: Other countries say they are going to follow Australia’s lead.
Who will benefit from these deals?
One of the biggest proponents of the law is Rupert Murdoch’s News Corp, which lobbied for political action against Big Tech for years. News Corp struck a deal with Google last week.
Other big media outlets in Australia will be…
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