Facebook To Launch News Service In UK In January, With Major Outlets Onboard

Facebook Inc FB said Monday it will launch Facebook News in the United Kingdom in January 2021 and that it plans to pay publishers for content not already on the platform.

What Happened: With the inclusion of the first wave of publishers, Facebook News would carry content from The Guardian, The Independent, The Economist, The London Evening News, The Mirror, and The Scotsman.

The social media giant said that the January launch of the service in the U.K. would “build on the success Facebook News has seen in the [U.S.] where we’ve found more than 95% of the traffic Facebook News delivers to publishers is new audiences that have not interacted with those news outlets in the past.”

Why It Matters: The Mark Zuckerberg-led company said it is also negotiating to bring a similar service to the French and German markets.

“We will continue to work with publishers in countries where market conditions and regulatory environments invite this kind of investment and innovation,” said Facebook.

The Menlo Park, California-based company has taken a diametrically opposite stance in Australia where it said it would have to “reluctantly” stop locals from sharing local and international news on its platforms.

Both Facebook and Alphabet Inc GOOGL GOOG would be required to pay Australian media for news content or risk facing hefty fines under a draft law.

Price Action: Facebook shares closed 0.3% lower at $276.97 on Monday and gained 0.52% in the after-hours session.