Facebook Inc (NASDAQ:FB) has signed a partnership with Australia’s largest media company hours after reversing the ban on news implemented last Thursday.
The social media giant will host news provided by Seven West Media, which owns the prominent Seven Network, The West Australian, The Sunday Times and Seven Studios among others.
READ: Google agrees to pay for News Corp journalism as Facebook blocks news in Australia over new law
Earlier on Tuesday, Australian Treasurer Josh Frydenberg told reporters Facebook had “re-friended Australia”.
Australian news will be restored to Facebook in the coming days.
Facebook has committed to entering into good faith negotiations with Australian news media businesses to reach agreements to pay for content. @PaulFletcherMP
— Josh Frydenberg (@JoshFrydenberg) February 23, 2021
Mark Zuckerberg’s empire was contesting a proposal to make tech giants pay for the content reposted from news organisations.
MPs are now debating the law in the Senate after it was approved in the lower house last week.
Also a week ago, Seven West Media clinched a deal with Alphabet Inc’s (NASDAQ:GOOG) Google to provide content for the News Showcase platform, becoming the first Australian media outlet to secure such a partnership.
Shares in Facebook were flat at US$260.33 in after hours trading.