Facebook to invest $1bn in news business after Australia dispute

Facebook restored Australian news pages Tuesday, ending an unprecedented weeklong blackout over a proposed law that would require tech giants to pay traditional media companies for their content.

Facebook Inc on Wednesday pledged to invest at least $1bn in the news industry over the next three years, days after a high-profile standoff with the Australian government over paying news outlets for content. The social network’s commitment to the news industry follows Google’s $1bn investment last year, as technology giants come under scrutiny over their business models as well as the proliferation of misinformation on their platforms. Facebook on Tuesday restored Australian news pages, ending an unprecedented weeklong blackout after the company wrung concessions from the government over a proposed law that will require tech giants to pay traditional media companies for their content.