Google and Facebook draft laws – yes, a tawdry government mates deal for News and Nine

The legislation introduced into Parliament this week is designed to force Google and Facebook to share some of their online advertising revenue with Australian media companies. According to both Rod Sims of the Australian Competition and Consumer Commission (ACCC) and Treasurer John Frydenberg, the ideal outcome is for the media companies to come to a commercial agreement; but if they can’t, the umpire will step in and force an arbitrated outcome.

It all started a year ago when Nine Entertainment Co and News Corp did what so many corporations do when the “hidden hand of the market” slaps them down; they run to the government for help. They complained to the ACCC that the big, bad global behemoths were stealing their advertising…