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Google (NASDAQ:GOOGL) has signed a deal with Australia’s largest news media business, Seven West Media to pay for journalism. The deal announced on Monday comes ahead of the country’s vote of draft laws that will force tech giants to pay media outlets for news.

Seven West Media signs pay deal with Google

The Australian print, broadcast television, and online publishing company and Google signed the long-term partnership with Google following discussions over the weekend between ministers and media executives. Australian ministers held discussions with Alphabet CEO Sundar Pichai and Facebook Inc. CEO Mark Zuckerberg.

Seven West Media CEO, Kerry Stokes thanked the Australian competition regulator and the government for the draft law that parliament expects to consider on Tuesday. In a statement, Stokes said that the outstanding leadership on the implementation of the draft proposal on journalism bargaining code helped the company to conclude discussions with Google which will lead to fair payment and sustainability of the company’s digital future. He added that the partnership with Google acknowledges the value of original and quality journalism in the country and specific regional areas.

Google signs deal under News Showcase model

The companies signed the deal under Google’s News Showcase model. Since the launch of News Showcase in October, Google has signed pay deals with over 450 publishers globally. Last week the search engine giant indicated that it had started paying seven smaller Australian websites.

Mel Silva, Google’s regional director stated that they are delighted to support trusted, quality, and original journalism. Silva said that are excited to have Seven West media on board as a leading Australian publisher joining News Showcase. She added that the deal was a massive investment for the company in journalism beyond metro areas to smaller communities.

However, neither company has confirmed the value of the deal but rival media firm Nine Entertainment indicated that it is worth around $23 million per year. Medial lecturer at Swinburne University Belinda Barnet said that the News Showcase deal is a consolation price as it does not include Google search engine linked news.

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Steve Kanaval
Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg, Equities.com, Hacked.com, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.