Facebook signs letter of intent with three Australian media firms

SYDNEY (Reuters) - Facebook Inc on Friday said it had signed letters of intent with three Australian media firms, a day after the country's Parliament passed a law forcing it to pay media companies for using content on its platform. Facebook said it had signed partnership agreements with Private Media, which owns online magazines, Schwartz Media and Solstice Media. Commercial agreements will become effective within 60 days if a full deal is signed.

from http://www.firstpost.com/tech/news-analysis/facebook-signs-letter-of-intent-with-three-australian-media-firms-9348721.html