Seven West Media has signed a letter of intent to provide news content to Facebook, the media company said today in a statement.
Key points:
- Seven West Media reached a $30 million deal with Google last week
- The media company said it would provide more details about its deal with Facebook once the agreement has been executed
- Facebook earlier announced plans to walk back its block on Australian news sites
The deal is subject to signing a long-form agreement between the two firms, which Seven West Media said it expected to have carried out in the next 60 days.
The company said it would provide more details "following the execution of the agreement" in the statement.
The move comes after Facebook last week stopped Australian users from sharing or posting news links in response to the proposed news media bargaining code that would force tech companies to pay news outlets for content.
Facebook today announced it would walk back its block on Australian news sites after the government agreed to make amendments to the code.
Last week, Seven West Media announced a deal worth $30 million with Google.
The company's deal with Facebook is the first to be announced with a local publisher.
Treasurer Josh Frydenberg had earlier said he hoped media businesses would "sit at the table" with Facebook and sign off deals.
Seven West Media chairman Kerry Stokes said in the statement shared today: "The establishment of this new partnership with Facebook is a significant move for our business and reflects the value of our original news content across our successful metropolitan and regional broadcast, digital and print properties."
He added: "Together, the two announcements are a strong recognition of the quality and credibility of our leading news brands and entertainment and will enable us to continue to build our digital platform."
Seven West Media's managing director and chief executive James Warburton said both agreements were a "significant step forward for Australian news media and are a clear acknowledgement by all parties of the value and importance of original news content".
Facebook Australia and New Zealand's managing director Will Easton said the social media giant had "always been committed to supporting journalism".
"Our agreement today continues our work with the news community in Australia," he added.
https://news.google.com/__i/rss/rd/articles/CBMibmh0dHBzOi8vd3d3LmFiYy5uZXQuYXUvbmV3cy8yMDIxLTAyLTIzL3NldmVuLXdlc3QtbWVkaWEtbmV3cy1hZ3JlZW1lbnQtZmFjZWJvb2stbWVkaWEtYmFyZ2FpbmluZy1jb2RlLzEzMTg1MDA40gEnaHR0cHM6Ly9hbXAuYWJjLm5ldC5hdS9hcnRpY2xlLzEzMTg1MDA4?oc=5
2021-02-23 09:21:25Z
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