Facebook says it will pay news industry $1 billion over 3 years

• News outlets' push for Facebook and Google to pay for content on their platforms is garnering support in Australia and also Europe — notably in the U.K., where a lawmaker on a media committee described Facebook's move in Australia as "bully boy action."

Of note: The announcement comes days after the tech giant struck a deal with Australian lawmakers to pay local publishers for their news content over the government's new media code, ending Facebook's temporary ban on sharing news links on its platform in the country.

• The law came into effect on Thursday morning local time, after the Australian government agreed to change some of the terms following the deal with Facebook.
• Treasurer Josh Frydenberg and Communications Minister Paul Fletcher said in a joint statement the code "will ensure that news media businesses are fairly remunerated for the content they generate, helping to sustain public interest journalism in Australia."