Wednesday, September 28, 2022

Meta executive claims Australian news outlet used laws to pay off debt, reward shareholders

One of Meta’s senior European executives has slammed Australian news outlets for claiming they are using money obtained under bargaining laws to pay off debt and reward shareholders, as has a senior Google executive claimed that his company did not understand how the code worked.

The Australian Treasury is preparing to run a series of roundtables to evaluate the effectiveness of its framework, which was introduced last February to force Google and Meta into talks with media outlets over their use of content . Tech giant executives shared very different views on the company’s experience with building laws.

A Meta executive has criticized the way media money is handled, while a Google executive said no one understands how media bargaining laws work.
A Meta executive has criticized the way media money is handled, while a Google executive said no one understands how media bargaining laws work.Credit:getty

John Severinson, head of partner development at Meta, said the laws do not encourage collaboration between media and tech companies.

“The government should encourage the development of new business models. One of the learnings from Australia is that it does not address – or does not attempt to solve – the underlying issue in which the business model of online journalism is broken and a There is a need to transition to the new reality,” Severinson said.

“We can see the agreements we have closed with publishers in Australia after all the incidents there, with some of these publishers using this money to pay off debt or give it to shareholders. It encourages collaboration. does not, and we think smart regulation should do so.”

Severinson did not specify which Australian media companies he was referring to. Several media businesses have since received payments from US groups under deal arrangements that have rewarded shareholders and/or paid off debt, but the specific uses of the funds received from Google and Meta have not been publicly disclosed. , and therefore, this masthead was unable to confirm Severinson’s allegations.

Meanwhile, Google’s manager of government affairs and public policy, Tom Morrison-Bell, said the Australian government had recognized Google’s licensing deals for its News Showcase product because of the way deals could be done under the code. He was opposed.

“As of now no one has been designated under the code, that code has not come into force. Nobody knows how this law works,” Morrison-Bell said. “We worked constructively with the government to find a way forward.”

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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