Press freedom and antitrust advocates on Friday derided both Facebook and corporate media beneficiaries of the tech titan’s multimillion dollar spending spree following reporting that the company is rethinking its investments amid increasing regulatory pressures and a shift away from news partnerships.
The Wall Street Journal reports that Facebook in recent years has annually paid an average of more than $15 million to The Washington Post, as well as $20 million to The New York Times, and over $10 million to the Journal. The Journal deal is part of a larger $20 million agreement.
“For years, Facebook has sucked advertising dollars away from newspapers and news magazines,” Barry Lynn, executive director at the anti-monopoly watchdog group Open Markets, said in a statement.
“At the very moment the U.S. government began to seek solutions to this problem, Facebook cut murky, multimillion-dollars deal with America’s most influential newspapers, apparently as part of an effort to halt regulation and continue to siphon off advertising dollars unhindered,” he added.