Social media Facebook is restoring Australian news content to its platform

Australia has promised to make concessions to a bill it is preparing that would have required technology companies to pay for sharing news on its platforms. Facebook opposed the law and removed Australian news content from its platform last week.

Social media filed Facebook to restore Australian news content to its platform because Australia has promised to change a bill it was drafting that would have required technology companies to pay for sharing news on its platforms.

Australian Minister of Finance Josh Frydenberg told the matter on Tuesday, according to news agencies Reuters and AFP.

Facebook announced last Wednesday that it was restricting the distribution of news content by Australian media companies on its platform in protest of a law being prepared by Australia.

The company said Australian users cannot read or share news on Facebook. Publishing and sharing content from Australian publishers was also restricted on Facebook. News content was removed from the platform last week and no one was able to share content from Australian media companies on Facebook.

Decision however, the CEO of Facebook is repealed Mark Zuckerbergin and Frydenberg over the weekend, during which an agreement was reached.

One of the changes concerns at least arbitration. This would have been resorted to if technology companies and media houses had not been able to agree on compensation, the Australian Broadcasting Corporation ABC says.

“We are pleased that the Australian Government has agreed to a number of changes that address our fundamental concerns about commercial agreements that recognize the value of our platform to publishers in relation to the value we receive from them,” Facebook said in a statement, according to Reuters.

Facebook’s Australian leader Will Eastonin according to Australian news will be returned to the platform in the coming days.

Australian the government justified its new bill on the grounds that technology companies would get visitors to their sites and audiences for their ads, among other things, by distributing news content produced by media companies on their sites. Media companies believe Facebook has destroyed the companies ’advertising market.

Under the law, Australia would have patrolled the network’s largest platform companies to pay media companies compensation for showing news on their service.

Technology companies have been fiercely opposed to regulation. Facebook announced as early as last fall prevent news sharing on its platform in Australia if the law comes into force.

Companies fear an international precedent set by the law envisioned by Australia that would hurt their business.

The fate of the law has been closely monitored in the United States and Europe, among others. Last year, the EU passed new copyright legislation with content compensation articles related to Google and Facebook.

Reuters reports that Canada and Britain have considered a similar law.

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