15:45:21 EST Wed 05 Feb 2025
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Meta CDR (CAD Hedged)
Symbol META
Shares Issued 8,850,000
Close 2025-01-06 C$ 34.91
Market Cap C$ 308,953,500
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Globe/CP say Alphabet's Google pays $100M for Cdn news

2025-01-06 06:55 ET - In the News

See In the News (C-GOOG) Alphabet Inc CDRs (CAD Hedged)

The Globe and Mail reports in its Saturday edition that Google has paid $100-million to a journalism organization to distribute funds to Canadian news outlets in exchange for an exemption from the Online News Act. A Canadian Press dispatch to The Globe reports that Google said Friday it had transferred the money to the Canadian Journalism Collective, a federally incorporated non-profit group led by independent publishers and broadcasters. The collective expects the cash to start reaching media businesses whose work was shared or repurposed by Google by the end of January. The Online News Act requires search engine and social media companies with over $1-billion in global revenue and at least 20 million average monthly Canadian users to provide compensation. Currently, only Google and Meta, the parent company of Facebook and Instagram, meet these criteria. Google secured a five-year exemption by agreeing to pay $100-million annually to media organizations, while Meta has avoided payments by blocking Canadian news access on its platforms. News Media Canada's Paul Deegan said Friday, "Google cash in the kitty is a welcome development." Mr. Deegan estimates publishers will receive between $18,000 and $20,000 per journalist.

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