The social media giant, Facebook is reportedly in talks with news publishers to offer them “millions of dollars” for the rights to publish their material on its site. The move follows years of criticism over its growing monopolization of online advertising to the detriment of the struggling news industry.
Facebook representatives had 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 but confirmed that the company is working on launching a “news tab” for its service this fall.
It is not clear so far 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 slurped up the majority of digital ad dollars, imperiling the news industry.