07:39 AM EST, 12/12/2024 (MT Newswires) -- Alphabet (GOOG, GOOGL) and Meta Platforms ( META ) , along with other tech giants, are set to face new regulations in Australia that would require them to partner with local media and pay for news shared on their respective platforms, according to reports published Thursday.

The companies could be charged taxes or fines if they refuse to form agreements with local media groups in Australia, the reports said.

According to The Telegraph, Australian Communications Minister Michelle Rowland noted that digital platforms' recent growth has disrupted the media landscape and is "threatening" public interest journalism.

The Telegraph said the new rules will tax social media platforms with an annual revenue of over 250 million Australian dollars ($159.9 million), with exception of those that will voluntarily sign commercial agreements with Australian media companies. The regulations will take effect in 2025, the report added.

Meta, Alphabet, and Australia's Communications Minister did not immediately respond to MT Newswires' requests for comments.