💰 Facebook owner Meta to remove news from its platform if Congress passes media bill

TL;DR

WASHINGTON, Dec 5 (Reuters) - Facebook parent Meta Platforms Inc (META.O) on Monday threatened to remove news from its platform if the U.S. Congress passes a proposal aimed at making it easier for news organizations to negotiate collectively with companies like Alphabet Inc's (GOOGL.O) Google and Facebook.Sources briefed on the matter said lawmakers are considering adding the Journalism Competition and Preservation Act to a must-pass annual defense bill as way to help the struggling local news industry.Meta spokesperson Andy Stone in a tweet said the company would be forced to consider removing news if the law was passed "rather than submit to government-mandated negotiations that unfairly disregard any value we provide to news outlets through increased traffic and subscriptions."The News Media Alliance, a trade group representing newspaper publishers, is urging Congress to add the bill to the defense bill, arguing that "local papers cannot afford to endure several more years of Big Tech’s use and abuse, and time to take action is dwindling.More than two dozen groups including the American Civil Liberties Union, Public Knowledge and the Computer & Communications Industry Association on Monday urged Congress not to approve the local news bill saying it would "create an ill-advised antitrust exemption for publishers and broadcasters" and argued the bill does not require "funds gained through negotiation or arbitration will even be paid to journalists.""

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