Connect with us

Hi, what are you looking for?

Politics

U.S. lawmakers to introduce antitrust bills to protect news media

Politics2 hours ago (Mar 10, 2021 06:15AM ET)

2/2

(C) Reuters. U.S. Senate panels examine security failures that led to attack on Capitol

2/2

WASHINGTON (Reuters) – A bipartisan group of U.S. lawmakers led by Senator Amy Klobuchar and Representative David Cicilline will introduce legislation on Wednesday aimed at making it easier for news organizations to negotiate collectively with platforms like Google and Facebook (NASDAQ:FB).

The bill comes not long after Facebook had a pitched battle with Australia over how much publishers should make from their social media pages. During the fight, Facebook blacked out Australian news pages and only restored them once the government granted concessions. It also promised a $1 billion investment in the news industry.

Senator John Kennedy and Representative Ken Buck, both Republicans, said they will also sponsor the bills. Klobucar and Cicilline are both Democrats.

The measure would allow print, broadcast or digital news organizations to work together to win better deals from Facebook and Alphabet (NASDAQ:GOOGL) Inc’s Google during a four-year period, when they would not be subject to antitrust laws. The bill would require the negotiations to aid news publishers generally rather than a small number.

Klobuchar said she was optimistic about the possibility of the measure’s becoming law because of the growing concern of lawmakers from both parties about monopolies. “Tech has no mercy,” she said, saying the bills would allow negotiations on “everything from advertising revenue to access to information on subscribers.”

She noted that most people now get their news online through Facebook and Google.

Social media companies use news to attract users and have been accused by news publishers of not sharing enough advertising revenue with them. The legislation could boost revenues.

The news industry is undeniably struggling, with employment at U.S. newspapers down by half since 2008 amid tumbling advertising revenue and changing media habits, according to data from Pew Research.

“This bill will give hardworking local reporters and publishers the helping hand they need right now, so they can continue to do their important work,” Cicilline said in a statement.

Smaller publishers using Google’s ad sales technology have for years complained about their bigger competitors getting more favorable revenue-sharing deals from the search giant.

The House of Representatives Judiciary antitrust panel, which Cicilline chairs, will hold a hearing on the matter on Friday.

In the Senate, Klobuchar introduced a broader bill in February aimed at strengthening antitrust enforcers’ ability to stop mergers by lowering the bar for stopping deals and increasing resources for enforcers. Cicilline is expected to introduce a series of antitrust bills in the House.

U.S. lawmakers to introduce antitrust bills to protect news media

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt.

Uncategorized

Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione.

Uncategorized

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum.

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora.

Disclaimer: Buzzclever.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Buzz Clever. All Rights Reserved