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Globe/wire say Postmedia told Nine settles with Google
2021-06-02 08:40 ET - In the News
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The Globe and Mail reports in its Wednesday edition that Australian broadcaster and publisher Nine Entertainment has signed multiyear content-supply deals with Google and Facebook, harnessing tough new licensing laws to bolster profit.
A Reuters dispatch to The Globe says that now all of Australia's three largest media firms have deals with U.S. tech giants that had until this year fiercely opposed laws that forced them to negotiate payments for carrying media content.
The owner of the Australian Financial Review and Sydney Morning Herald newspapers, and the Nine free-to-air channel, said the agreement would provide articles and clips for Google's News Showcase platform for five years, and to a similar Facebook product for three.
Rivals Seven West Media Ltd. and Rupert Murdoch's News Corp., which dominate Australia's traditional media market along with Nine, have signed similar deals in recent months.
Like the others, Nine did not disclose financial details of the deals, but it said it expected them to help increase pretax profit at its publishing unit by up to $40-million (Australian) ($31-million (U.S.)) in the year to June, 2022, making it the first company to put a dollar value on the new arrangements.