Facebook is reportedly in talks with news publishers to offer “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.
The Wall Street Journal reported on Thursday that Facebook representatives had told news executives that they would pay as much as $3m 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. Facebook’s CEO, Mark Zuckerberg, began talking about a news section on the service in April.
Facebook has pitched various news outlets – including ABC News, Dow Jones, the Washington Post and Bloomberg – on its news tab, according to the Wall Street Journal report.