Australia is planning to introduce a levy on tech companies like Meta (META) with more than $250M in local revenue in an effort to force them to pay publishers for journalism, after Meta quit an existing arrangement, The Financial Times’ Nic Fildes reports. The move is intended to encourage them to negotiate with the media industry over commercial deals, Fildes writes. Meta and Google (GOOGL) struck deals in 2021 to pay Australian media companies more than $128M a year for use of their content, but Meta said this year it would stop paying media companies as part of a retreat from news feeds globally. The new measure could have implications for tech names in social media and search, including Meta, Google, Apple (AAPL), LinkedIn (MSFT), and TikTok, the report notes.
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