Australian regulator to investigate Facebook, Google’s impact on local news

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Source: Market Watch Personal Finance

An Australian government regulator said Monday it will investigate Facebook Inc.

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and Alphabet Inc.’s

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Google to see if the tech giants’ platforms have unfairly disrupted the country’s media and advertising business. The government said it hopes to find the impact that social media and search engines are having on the overall news environment. “We will examine whether platforms are exercising market power in commercial dealings to the detriment of consumers, media content creators and advertisers,” Australian Competition and Consumer Commission Chairman Rod Sims said in a statement. As in the U.S., Australian newspapers have seen significant reductions in print ad revenue in recent years, and the government is concerned that digital platforms are hurting local journalism and media consumers. “Through our inquiry, the ACCC will look closely at the impact of digital platforms on the level of choice and quality of news and content being produced by Australian journalists,” Sims said.

Source: Market Watch Personal Finance