"This agreement represents a major breakthrough in ensuring the survival of newsrooms and bolstering local journalism across California - leveraging substantial tech industry resources without imposing new taxes on Californians," Gov. Gavin Newsom said.
"The deal not only provides funding to support hundreds of new journalists but helps rebuild a robust and dynamic California press corps for years to come, reinforcing the vital role of journalism in our democracy," he added.
The deal effectively marks the end of a yearlong fight between tech giants and lawmakers over Wicks' proposal to require companies like Google, Facebook and Microsoft to pay a certain percentage of advertising revenue to media companies for linking to their content.
The bill, modelled after a legislation in Canada aiming at providing financial help to local news organizations, faced intense backlash from the tech industry, which launched ads over the summer to attack the bill.
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