News Summary

Meta, the parent company of Facebook and Instagram, is facing potential fines worth millions for not signing content deals with Australian news outlets. The Australian government, under Labor’s proposed media bargaining incentive, plans to impose penalties based on the local revenue of major tech platforms. This move aims to secure funding for news publishers from platforms opting out of news content deals and to support small publishers reliant on digital platforms. The new rules will apply to platforms with Australian-derived revenue of at least $250 million, and penalties could be worth 2.25% of the revenue, encouraging deal-making under the existing code. Despite sluggish advertising, Meta’s Australian revenue rose to $1.46 billion in 2024, though it has refused to sign new deals under the existing code.