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Meta CDR (CAD Hedged)
Symbol META
Shares Issued 5,500,000
Close 2023-11-30 C$ 18.46
Market Cap C$ 101,530,000
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NP/CP say Alphabet's Google to pay $100M to news media

2023-11-30 08:01 ET - In the News

See In the News (C-GOOG) Alphabet Inc CDRs (CAD Hedged)

The National Post reports in its Thursday, Nov. 30, edition that Ottawa has agreed to set a $100-million yearly cap on payments that Alphabet's Google will be required to make to media companies when the Online News Act takes effect at the end of the year. A Canadian Press dispatch to the Post reports that Ottawa is bending to the tech giant's demands after it threatened to remove news from its platform. Google appears to have got what it wanted. Still, Canadian Heritage Minister Pascale St-Onge insists the agreement is a win for the government and for local news publishers. The deal will allow Google to comply with the legislation by paying into a single collective bargaining group that will serve as a media fund. Meta, on the other hand, complied simply by blocking all news content from Canadian users of its largest platforms, Instagram and Facebook. Last month, News Media Canada -- a lobby group for hundreds of Canadian newspapers and magazines -- said it agreed with many of the issues Google raised during the back-and-forth over how the bill would be implemented. Google said it will review its continuing investments in Canada when the final regulations are published.

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