12:12 PM EST, 12/12/2024 (MT Newswires) -- (Updates with Meta's comment starting in the fifth paragraph.)

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 said 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.

In an emailed statement to MT Newswires, Meta said, "We agree with the government that the current law is flawed and continue to have concerns about charging one industry to subsidize another."

"The proposal fails to account for the realities of how our platforms work, specifically that most people don't come to our platforms for news content and that news publishers voluntarily choose to post content on our platforms because they receive value from doing so," Meta said.

Alphabet and Australia's communications minister didn't immediately respond to requests for comments from MT Newswires.

Alphabet shares fell 0.1% in recent Thursday trading, and Meta rose 0.3%.

Price: 196.45, Change: -0.25, Percent Change: -0.13