Australia: Google and Facebook reject ACCC’s code on fake news

DIGI, the industry body representing (DIGI)  Google, Facebook, and Twitter has rejected proposals for an industry code of conduct on fake news, warning that the recommendation would turn Australia’s media regulator into the truth police, reported The Australian Financial Review. 

The recommendation included changes to allow the Australian Competition and Consumer Commission (ACCC) to assess whether an acquisition would result in the removal of a potential competitor in the marketplace. It also recommended new considerations to include the significance of data and technology in accessing M&A.

“Mergers and acquisitions in the technology sector are a crucial driver of innovation and investment, as they offer an incentive for entrepreneurs who start companies, for whom selling their company is commonly the end goal,” DIGI wrote said in its submission to the Treasury ahead of the government’s response to the ACCC’s report.

“Ensuring that start-ups can successfully exit their venture, through acquisition from large technology companies, is key to ensuring growth and development of Australia’s technology sector. Exit fees can create a virtuous cycle, where founders use that capital to create another successful company.”

Google, Facebook, and Twitter are all expected to put in their own submissions to the ACCC’s final report.

Full Content: Financial Review

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