Senate panel approves bill to give news organizations more power against tech platforms By Reuters
Stock Markets 13 minutes ago (Sep 22, 2022 11:01AM ET)
(C) Reuters. FILE PHOTO: A 3D printed Facebook’s new rebrand logo Meta is seen in front of displayed Google logo in this illustration taken on November 2, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
By Diane Bartz
WASHINGTON (Reuters) -The U.S. Senate Judiciary Committee voted Thursday to approve a bill aimed at allowing news organizations to band together to negotiate with Alphabet (NASDAQ:GOOGL) Inc’s Google and Meta’s Facebook (NASDAQ:META) and win more revenue.
The bill passed the committee by a vote of 15 to 7, according to a congressional aide. It must now go to the Senate for their approval. A similar bill is before the U.S. House of Representatives.
The bill is aimed at giving news and broadcast organizations more clout after years of criticism that big tech companies use their content to attract traffic and ad revenue without fairly compensating the publishers, many of which struggle financially.
The bill, led by Democrat Amy Klobuchar, attracted some Republican support, with Senators John Kennedy and Lindsey Graham sponsoring it. Other Democrats, like Senator Alex Padilla, expressed reservations about it.
The bill hit a speed bump earlier this month when Senator Ted Cruz won backing for a plan to include provisions to address what he considers the platforms stifling conservative voices.
On Thursday Klobuchar won support for an amendment that specified that prices for use of content was the issue.
“The goal of the bill is to allow local news organizations to get compensation when major titans, monopolies like Facebook and Google, access their content,” she said at a committee session to vote on the bill.
Unlike other bills aimed at reining in big tech, some progressive groups oppose this measure, including Public Knowledge, on the grounds that it favors big broadcasters like News Corp (NASDAQ:NWSA), Sinclair and Comcast/NBCU.
Also opposing the bill are two technology industry trade groups that Facebook and Google belong to: the Computer & Communications Industry Association and NetChoice.
Senate panel approves bill to give news organizations more power against tech platforms
By Oliver Hirt FRANKFURT (Reuters) – Credit Suisse is sounding out investors for fresh cash, two people familiar with the matter said, approaching them for the fourth time in…
By Sam Boughedda
Despite opening Thursday’s session slightly higher, shares of Coty (NYSE:COTY) have declined in the early part of the session, down 1.9% at the time of…
By Liz Moyer
Investing.com — U.S. stocks fell a day after the Federal Reserve delivered its predictions for the path of interest rates.
At 10:53 ET (14:53 GMT), the Dow Jones…
(C) 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.