Seven West Media announced it has signed a Letter of Intent to provide news content to Facebook. The news comes shortly after Facebook announced it would return Australian news content back to its platform, after the Australian government agreed to make amendments to the media bargaining code that would force tech companies to pay news outlets for content.
Seven West Media is the first major Australian media company to sign such an agreement with Facebook, and comes following a similar agreement with Google just last week. On 15 February SWM announced a partnership with Google, to provide news content to the Google Showcase product.
The Facebook LOI is subject to signing a long-form agreement between the two companies, expected to be executed over the following 60 days. Seven West Media will provide more details following the execution of the agreement.
Seven West Media Chairman Kerry Stokes AC said: “The establishment of this new partnership with Facebook is a significant move for our business and reflects the value of our original news content across our successful metropolitan and regional broadcast, digital and print properties."
Seven West Media Managing Director and Chief Executive Officer, James Warburton, said: “Both agreements are a significant step forward for Australian news media and are a clear acknowledgement by all parties of the value and importance of original news content.”