Facebook Parent's Preemptive Strike: No More News Sharing In Canada
Portfolio Pulse from Benzinga Newsbot
Meta Platforms Inc. (NASDAQ:META) announced it will cease news sharing on Facebook and Instagram in Canada prior to the Online News Act (Bill C-18) taking effect. The bill, which requires tech giants like Meta and Alphabet Inc’s (NASDAQ:GOOGL) (NASDAQ:GOOG) Google to negotiate compensation deals with news organizations, has been a point of contention.
June 22, 2023 | 11:13 pm
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Alphabet Inc's Google may face similar challenges as Meta in Canada due to the Online News Act, which requires tech giants to negotiate compensation deals with news organizations.
As the Online News Act affects both Meta and Google, Google may also face challenges in negotiating compensation deals with news organizations. This could lead to reduced user engagement on Google's platforms and negatively impact its ad revenue and stock price in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 80
NEGATIVE IMPACT
Meta Platforms will cease news sharing on Facebook and Instagram in Canada prior to the Online News Act taking effect, potentially affecting user engagement.
Meta's decision to cease news sharing in Canada may lead to reduced user engagement on its platforms, as users may turn to other sources for news content. This could negatively impact Meta's ad revenue and stock price in the short term.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 100