Murdoch's News Corp reaches 3-year deal with Facebook in Australia

"The agreement with Facebook is a landmark in transforming the terms of trade for journalism, and will have a material and meaningful impact on our Australian news businesses," News Corp Chief Executive Officer Robert Thomson said.

News Corp reached a three-year agreement with Facebook Inc in Australia, the Rupert Murdoch-controlled media company said on Monday, declaring victory in a battle over how news organizations are compensated by big tech.

Last month, Australia's parliament passed a law requiring Alphabet Inc's Google and Facebook Inc to pay media companies for using their content, after robust negotiations during which Facebook chose to block news content in the 13th-largest economy.