Why Facebook News is Shutting Down in Europe: What It Means for Users?

Today, Meta Platforms Inc META announced a significant development regarding Facebook News in the U.K., France, and Germany. The dedicated news tab on Facebook, known as Facebook News, will cease to exist in early December.

The move is part of Meta's ongoing effort to prioritize features that users express interest in, like short-form videos, to maintain its competitive edge versus TikTok. 

Facebook focuses on fostering connections and enabling users to discover new opportunities, passions, and interests rather than being a primary source of news and political content.

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Meta's move marks its protest against the latest laws in the countries compelling tech companies to negotiate commercial deals and pay news publishers for their content. 

Alphabet Inc GOOG GOOGL Google and Facebook struck deals with Australian media companies after they offered amendments to the legislation.

Less than 3% of content in user's Facebook feeds is news-related, underlining the minor role news plays in the overall user experience.

Users can still access news articles via links shared on Facebook. European news publishers will maintain access to their Facebook accounts and Pages, enabling them to share story links and direct users to their websites like any other individual or organization.

While existing deals with publishers in the U.K., France, and Germany will be honored until their expiration, Meta will not pursue new commercial agreements for news content on Facebook News in these countries. Additionally, there are no plans to introduce new Facebook products specifically catering to news publishers in the future.

The company collaborates with independent third-party fact-checkers who review and rate viral misinformation on the platform. 

Price Action: META shares are trading higher by 0.11% at $296.70 on the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.