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[Slashdot] - Facebook Says it Doesn't Need News Stories For Its Business and Won't Pay To Share Them in Australia

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Facebook has rejected a proposal to share advertising revenue with news organisations, saying there would "not be significant" impacts on its business if it stopped sharing news altogether. From a report: On Monday, the social media giant issued its response to the Australian Competition and Consumer Commission, which has been tasked with creating a mandatory code of conduct aimed at levelling the playing field. The treasurer, Josh Frydenberg, told the ACCC to develop a code after multiple Australian media companies and regional newspapers cut jobs, or folded entirely, as a result of advertising downturn during the Covid-19 pandemic. Facebook and Google have previously refused to accept they needed to pay for using news content. In its submission to the watchdog, Facebook said it rejected many of the ACCC's potential ideas, and said there was a "healthy rivalry" between itself and news organisations. The social media giant said it supported the idea of a code of conduct between digital platforms and news publishers, but that itself and Google were being "singled out" unfairly. Facebook also said it could cut out news completely without any significant impact on its business.

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Read more of this story at Slashdot.

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