media firms

Australia Government has ordered Facebook Inc and Google’s Alphabet Inc to share advertising revenue with local media firms, as the new coronavirus pandemic hits the country’s media business hard, with several regional outlets reporting steep declines in advertising revenue.

According to the country’s treasurer, Josh Frydenberg, the move comes after talks with Facebook and Alphabet failed to yield a voluntary code to address complaints by domestic media players that the tech giants have too tight a grip on advertising, their main source of income.

“We understand the challenge that we face, this is a big mountain to climb,” Frydenberg …