Will invest $1 billion in news industry over next 3 years: Facebook

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(Photo for representation: Pixabay)

Facebook on Tuesday revived Australian news pages, ending an unprecedented week-long blackout after wringing concessions from the government over a proposed law that will require technology giants to pay traditional media firms for their content.

The social networking company added it had been in active negotiations with news publishers in Germany and France for a deal to pay for articles for its news item, where consumers can find stories and headlines alongside a personalized news feed.

On Wednesday, Facebook Inc vowed to spend at least $1 billion in the news industry over the next three decades, days after a high-profile stand-off with the Australian authorities overpaying news outlets for articles.

On Wednesday, Facebook said it had invested $600 million from the news sector since 2018.

The social network’s devotion to the news sector follows Google’s $1 billion investment this past year, as technology giants come under scrutiny over their business model in addition to the proliferation of misinformation on their platform.