Facebook set to finance regional Australia newspaper fund

Facebook Inc will provide money for an “innovation fund” for 170 regional Australian newspapers as part of a planned licensing deal, the parties said on Friday, calling the move a show of co-operation between the social media giant and local publishers.

The move brings a grassroots element to a string of deals announced by Facebook in Australia since the country legislated to make it and Alphabet Inc’s Google negotiate content payments to media outlets or risk government arbitration.

Since the law took effect in February, dominant news providers like News Corp, Nine Entertainment Co Holdings Ltd and the Australian Broadcasting Corp have signed deals or letters of intent with the Big Tech players.