Nine Entertainment, Australia's largest media conglomerate, is cutting 200 jobs citing a weak advertising market, the non-renewal of a news content deal with Meta, and staff misbehavior scandals.
News Corp. Australia and Seven Media also implementing cost-saving measures, job cuts, and restructuring due to similar issues with Meta and the commercial environment.
Amid economic headwinds, Nine CEO acknowledged challenges, citing global business impacts. Australian economy shows stalling signs despite low unemployment rates.
Australia's News Media bargaining Code impacts major social media groups like Meta and Google, requiring payment to local media for news content use. Meta refusing to renegotiate current deal.
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