News organizations stand to lose revenue worth tens of millions of dollars as Meta Platforms, Inc's (NASDAQ:META) Facebook is reassessing its commitment to paying for news, the Wall Street Journal reports.
Earlier, Facebook had compensated news publishers for featuring their content without a paywall. In 2019, Facebook agreed to three-year deals with multiple publishers, which were due for renewal in 2022. Facebook paid average annual fees of over $15 million to the Washington Post, just above $20 million to the New York Times, and more than $10 million to The Wall Street Journal, the WSJ report said.
