Australian Billionaire To Help Publishers With Google, Facebook Deal
NDTV
Forrest's Minderoo Foundation said it would submit an application withthe country's competition regulator, the Australian Competition and Consumer Commission, allowing publishers to bargain without breaching competition laws.
Australian mining billionaire Andrew Forrest's philanthropic organisation will help 18 small news publishers in the country collectively negotiate with Google and Facebook to secure licensing deals for the supply of news content.
Forrest's Minderoo Foundation on Monday said it would submit an application with the country's competition regulator, the Australian Competition and Consumer Commission (ACCC), allowing the publishers to bargain without breaching competition laws.
Forrest, Australia's richest man, is the chairman and the largest shareholder of iron ore miner Fortescue Metals Group. He has a net worth of around A$27.2 billion ($19.7 billion), according to the Australian Financial Review.
Facebook and Alphabet Inc's Google have been required since March to negotiate with Australian outlets for content that drives traffic and advertising to their websites. If they don't, the government may take over the negotiation.
