Facebook is currently in talks with some news publishers, offering them “millions of dollars” to obtain rights to publish their material on its site, according to multiple media sources.
The recent move comes after years of criticisms over Facebook’s monopolization of online advertising while the news industry struggle.
According to a report by the Wall Street Journal, Facebook’s representatives recently told news executives that they’d pay as much as $3 million a year to license stories, headlines and other material.
Facebook declined to comment about offering ‘millions’ to publishers. However, they confirmed to The Post, that the company is working on launching a “news tab” for its service this fall. Facebook CEO Mark Zuckerberg began talking about a news section on the service in April.
A source familiar with the matter confirmed to The Post that Facebook approached News corp about paying to license Wall Street Journal stories. The source requested anonymity because they were not authorized to speak publicly about the matter, according to The Post.
The Wall Street Journal’s report on Thursday was not clear as to whether Facebook was offering $3 million to individual publishers or in total to all news organizations.
Many in the news industry have long blamed Facebook and Google for using their content for free while the social network mops up the majority of digital ad dollars, imperiling the news industry.
The Washington Post, which was also named in the report as a company Facebook approached, declined comment. The Walt Disney Co., which owns ABC, did not immediately respond to a message for comment.