07:25 AM EDT, 06/28/2024 (MT Newswires) -- Meta Platforms ( META ) is open to blocking news content from its Facebook social media platform in Australia to avoid licensing fees, Reuters reported Friday citing a company representative's statements during a parliamentary hearing.

A 2021 regulation allows the Australian government to set the fees that US tech companies pay local media outlets for links. Meta already has existing deals with certain Australian media firms to comply with the law but the company has no plans to renew the arrangements after 2024, Reuters reported.

During the parliamentary hearing, Meta's regional policy director Mia Garlick said "all options are on the table" for the company, Reuters reported.

Meta Platforms ( META ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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