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Meta CDR (CAD Hedged)
Symbol META
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Close 2023-09-06 C$ 16.94
Market Cap C$ 86,394,000
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Globe says Meta, Google hear C-18 good for CBC

2023-09-07 07:54 ET - In the News

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The Globe and Mail reports in its Thursday edition that the CBC stands to receive the largest share of the $172-million the federal Online News Act is forecast to pump into Canada's news sector, experts say, raising fears that the new legislation will make it harder for smaller news outlets to compete with the state-funded broadcaster. The Globe's Marie Woolf writes that the Online News Act, also known as Bill C-18, is designed to force the biggest on-line tech giants to compensate Canadian news organizations for posting or linking to their work. The federal government published draft regulations last week that detail how the bill would apply to Alphabet's Google and Meta's Facebook. The regulations say the amount of compensation news outlets receive under the Online News Act should be relative to the number of full-time journalists they employ. Peter Menzies, who from 2013 to 2017 was vice-chairman of the Canadian Radio-television and Telecommunications Commission, has analyzed the regulations. He said the CBC, as the biggest employer of journalists in Canada, would likely receive the largest amount of money from the bill. He said this would make it even more difficult for local media organizations to compete.

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