Facebook has approached several major media companies with an offer to pay millions per year to host their content on a new news section of the social media platform.
Facebook has offered ABC News, the Wall Street Journal, the Washington Post, and Bloomberg up to $3 million annually to license articles, according to the Wall Street Journal.
The social media giant has offered to license whole articles, previews, or just headlines from the news services. Facebook could host the articles on its site or direct users to the sites of the news organizations. The decision will be up to each individual news service.
Facebook is expected to roll out the new service this fall.
Each license would last three years before having to be renewed. With its new section launch, Facebook offers a competitive solution to a primary complaint news companies have had with Google, namely that the search engine does not compensate news organizations for showing previews of their articles.
