Australian broadcaster and publisher Nine Entertainment Ltd. signed a multi-year content supply agreement with Google and Facebook Inc, which uses strict licensing laws to boost profits.
The owner of the Australian Financial Review and Sydney Morning Herald newspapers, as well as the Nine free-to-air channel, said he would provide clips and articles to Google News for five years and Facebook for three years.
Nine did not disclose the value of the deal.
This makes all three of Australia’s largest media companies partnership agreements with U.S. technology giants.
Rivals Seven West Media Ltd and Rupert Murdoch’s News Corp have also struck similar deals in recent months.
Nine shares gained as much as 5% before settling at 1% in late afternoon trading.
The “Big Tech’ firms have agreed to pay for content from dozens of regional and specialist providers after months of dispute that led Facebook to block all third-party content on its platform in Australia.
For more information, read the original story in Reuters.
