FB ( Facebook ) is reportedly in talks with news publishers to offer “millions of dollars” for the rights to publish their material on its site. The move follows years of criticism over its growing monopolization of online advertising to the detriment of the struggling news industry.
The Wall Street Journal reported on Thursday that Facebook representatives had told news executives that they’d pay as much as $3 million a year to licence stories, headlines and other material.
Facebook refused to comment but confirmed that the company is working on launching a “news tab” for its service this autumn. Mark Zuckerberg, Facebook CEO, began talking about a news section on the service in April. A person familiar with the matter confirmed that FB has approached News Corp. about paying to licence Wall Street Journal stories.
The Journal report was not clear that whether Facebook was offering $3 million to individual publishers or in total to all news organizations.
Many in the news industry have long blamed Google and Facebook for using their content for free while the social network slurped up the majority of digital ad dollars, imperiling the news industry.