News Corp Welcomes Australian Draft Legislation on Commercial Deals Between Digital Platforms, News Publishers
News Corp (ASX:NWS) on Wednesday welcomed the Australian government's News Bargaining Incentive initiative, saying the draft legislation is a "critical step" toward making Australian journalism sustainable.The government recently opened a consultation on the policy framework, which is designed to force major digital platforms like Meta, Google, and TikTok to pay for Australian news content. The News Bargaining Incentive proposes a charge on platforms that do not enter commercial deals with news publishers, based on a proportion of their revenue."By prioritizing commercial deals, this legislation protects our democratic way of life," News Corp said in a statement."While Google has been positive about doing deals, others need to come to the table, and all platforms need to step up," the company said, noting that Meta abandoned previous commercial arrangements more than two years ago.Shares of News Corp declined 1% in recent Wednesday trade.