Had a check on the ASX archives and the deal with Meta (Facebook) was for 3 years and the Alphabet (Google) deal was for 5 years from 2021 meaning the Google revenue stream isn't at all under threat. https://sevenwestmedia.com.au/assets/pdfs/Seven-West-Media-signs-Google-and-Facebook-agreements.pdf
In fact the launch of The Nightly (the new free digital only newspaper which is targeting east coast readers of publications like the Financial Review and the Australian) was specifically designed with the cooperation of Google Engineers and will be part of the expansion of the News Media Bargaining Code income for SWM from Google . https://www.copyright link/companies/media-and-marketing/the-three-billionaires-backing-kerry-stokes-new-free-newspaper-20240220-p5f6gu
Google has also publicly recommitted to the News Media Bargaining Code and has already begun renegotiation talks with other publishers who's deals are closer to expiry. https://www.mediaweek.com.au/google-confirms-commitment-to-media-code-laws-after-meta-exits/
Had a check on the ASX archives and the deal with Meta...
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| SWM (ASX) Chart |