Meta Platforms Blocks News Content In Canada - InvestingChannel

Meta Platforms Blocks News Content In Canada

Social media giant Meta Platforms (META) has confirmed that it plans to permanently block news on its Facebook and Instagram sites for users in Canada as federal legislation that forces technology companies to pay to publish news content is set to become law.

Meta announced the changes to Instagram and Facebook immediately after Canada’s Senate passed the “Online News Act,” paving the way for it to receive royal assent and become law.

Several technology companies, including Alphabet (GOOGL), have publicly opposed the law and trialed blocking news content in Canada as the legislation was reviewed and debated in Parliament.

Now that the Online News Act is set to become law, Meta Platforms said it plans to remove all news content from its social media sites in Canada. Instagram and Facebook will not otherwise be impacted, the company said.

Meta’s stock has gained 80% in the last 12 months to trade at $284.88 U.S. per share.

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