Facebook set to finance regional Australia newspaper fund

FILE PHOTO: The Facebook logo is displayed on a mobile phone in this picture illustration taken December 2, 2019. REUTERS/Johanna Geron/Illustration/File Photo

SYDNEY (Reuters) - Facebook Inc will provide money for an "innovation fund" for 170 regional Australian newspapers as part of a planned licensing deal, the parties said on Friday, calling the move a show of co-operation between the social media giant and local publishers.

The move brings a grassroots element to a string of deals announced by Facebook in Australia since the country legislated to make it and Alphabet Inc's Google negotiate content payments to media outlets or risk government arbitration.