FB Pledges $8 Mn For Canadian News Publishers. Is This Damage Control?

2 min read | March 29, 2021 06:28 AM EDT | By Team Kalkine Media

FB Pledges $8 Mn For Canadian News Publishers. Is This Damage Control?

Canada To Take Aussie Approach With FB?

Last month, when Australia was all set to make laws that would enable media organizations to get money from social networking and digital media platforms, Facebook had blocked Australian users from sharing news, drawing heavy criticism.

The company reversed its decision, but the damage is done.

Canada is planning to follow Australia's path as media organizations have been demanding the government to intervene. They claim that their advertising revenue is sucked up by tech giants.

After what Facebook did to Australia, the House of Commons Canadian Heritage standing committee summoned Facebook founder and CEO Mark Zuckerberg to testify. The company has responded to the summoning and said that Mr Chan will present himself before the committee on March 29.

Source: Pixabay

A Look At FB’s Stock & Financials

The social media giant’s market cap is over US$680 billion and offers a 25.42 per cent return on equity. In a year, the company’s stock grew 73.2 per cent. It is up 5.2 per cent year-to-date.

In the fourth-quarter results, FB achieved revenue of US$ 27 billion, up by 31 per cent year-over-year (YoY). In the same period, the net income rose up by 53 per cent YoY to US$ 11 billion.

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