Facebook to invest $1 billion in news industry after Australia row

FILE PHOTO: The Facebook logo is displayed on their website in an illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau

(Reuters) - Facebook Inc on Wednesday pledged to invest at least $1 billion in the news industry over the next three years, days after a high-profile stand-off with the Australian government over paying news outlets for content.

The social network's commitment to the news industry follows Google's $1 billion investment last year, as technology giants come under scrutiny over their business model as well as the proliferation of misinformation on their platform.