FILE PHOTO: Google and Facebook logos and Australian flag are displayed in this illustration taken, February 18, 2021. REUTERS/Dado Ruvic/Illustration
CANBERRA — Facebook will restore Australian news pages after Canberra offered amendments to a proposed law designed to force tech giants to pay for media content displayed on their platforms, Treasurer Josh Frydenberg said on Tuesday.
Australia and the social media group have been locked in a standoff for more than a week after the government introduced legislation that challenged Facebook and Alphabet Inc’s Google’s dominance in the news content market.
Facebook last week blocked all news content and several state government and emergency department accounts.
But after a series of talks between Frydenberg and Facebook CEO Mark Zuckerberg over the weekend, a concession deal has been struck.
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Australia will offer four amendments, which include a change to the mandatory arbitration mechanism used when the tech giants cannot reach a deal with publishers over fair payment for displaying news content.
“We are satisfied that the Australian government has agreed to a number of changes and guarantees that address our core concerns about allowing commercial deals that recognize the value our platform provides to publishers relative to the value we receive from them,” Facebook said in a statement posted online.