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Facebook to form New Zealand fund to support local publishers -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This illustration, taken November 2, 2021, shows a 3D-printed Facebook logo Meta. REUTERS/Dado Ruvic/Illustration

(Reuters) – Facebook parent Meta Platforms Inc announced Thursday that it will invest in New Zealand in order to support up-and-coming news publishers as well as boost their digital abilities. This comes a month after Meta Platforms Inc was in serious trouble with Australian media outlets for content licensing.

Although the company did not reveal its investment amount it stated that its program will include local publishing from different backgrounds in order to grow their digital audience as well as revenue on Facebook.

Meta said that it will partner with the International Center for Journalists in order to create an advisory panel of five media professionals who will assist the development and promotion of talent under the program.

It comes days after an Australian academic publishing publisher called on the government to enforce new laws to require Facebook to sign a content contract, like it did with other media giants such as News Corp (NASDAQ;) or the Australian Broadcasting Corp.

Facebook changed its name to Meta this week. The rebranding came as regulators and legislators were concerned about its market power, its algorithmic decisions and its enforcement of abuses.

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