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KKR - KKR & Co Inc News Story

$53.11 1.1  2.1%

Last Trade - 14/04/21

Large Cap
Market Cap £21.82bn
Enterprise Value £61.45bn
Revenue £3.30bn
Position in Universe 426th / 6848

UPDATE 1-Facebook signs up partners for German news product, but Springer baulks

Mon 1st March, 2021 2:08pm
(Adds Springer not joining)
    By Nadine Schimroszik and Klaus Lauer
    BERLIN, March 1 (Reuters) - Facebook  FB.O  signed up a
string of German media partners on Monday to provide content for
a local news product, but the publisher of the country's
best-selling newspaper said it would not take part on terms it
dismissed as derisory.
    Described as a "dedicated venue for journalistic content",
Facebook News will feature reporting from heavyweight weeklies
Die Zeit and Der Spiegel, and daily newspapers including the
Frankfurter Allgemeine Zeitung, Handelsblatt and Tagesspiegel.
    "Part of our user base wants to read more news," Jesper
Doub, Facebook's director of news partnerships in Europe, told
    But Axel Springer, the publisher backed by private equity
house KKR  KKR.N  that puts out the Bild tabloid and
conservative broadsheet Die Welt said it would not be joining.
    "Attempts by some platforms on the one hand to position
themselves as news media, and on the other to fob off publishers
with inadequate remuneration, are problematic," a spokesman for
Axel Springer said.
    Springer said it preferred to rely on European copyright
rules that allow all publishers to receive an appropriate share
of remuneration.
    The broadside comes shortly after an unprecedented week-long
news blackout by Facebook for its users in Australia over
legislation that requires tech platforms to pay traditional news
publishers to show their content.
    Facebook agreed to restore its Australian news pages after
wringing concessions on the legislation, including a mechanism
to take disputes to arbitration.
    It has since said it will invest $1 billion in news over the
next three years.  urn:newsml:reuters.com:*:nL4N2KU3KJ
    Facebook News has already launched in the United States and
Britain, and will follow soon in France, added Doub.
    He did not disclose financial terms for the partnerships
backing the German launch of Facebook News, which will also
feature several regional newspaper partners as well as fashion,
motoring and sports publishers.
    "We are delighted to try out new ways to reach our readers
with quality journalism in close partnership with platforms like
Facebook," Spiegel Group Managing Director Stefan Ottlitz said
in a statement.

 (Reporting by Nadine Schimroszik, Writing by Douglas Busvine,
Editing by Timothy Heritage, Kirsten Donovan)
 ((douglas.busvine@tr.com; +49 30 220 133 562;))
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