By Ketki Saxena
Investing.com -- Prime Minister Justin Trudeau does not appear ready to compromise with Google (NASDAQ:GOOGL) and Meta over Bill C-18, which will require the companies to compensate Canadian media companies for making news content available on their platforms.
At a press conference in Ottawa, Justin Trudeau amped up the rhetoric, phrasing the conflict in terms of Canada's dedication to protecting its democracy from being undermined by these tech giants, who he says are threatening the country's domestic media industry.
In response to proposed legislation known as Bill C-18, both Meta and Google have claimed that news does not constitute a significant source of revenue for their platforms. As such, they are contemplating discontinuing local news services altogether if the bill becomes law.
The online news bill has already been passed by the House of Commons and could potentially receive approval from the Senate later this month.
If enacted, Bill C-18 would mandate that both companies enter into agreements with news publishers to compensate them for any content displayed on their sites which contributes to generating income.
"The fact that these internet giants would rather cut off Canadians' access to local news than pay their fair share is a real problem, and now they're resorting to bullying tactics to try and get their way. It's not going to work," Trudeau said at a news conference.
"We will continue to make sure that these incredibly profitable corporations contribute to strengthening our democracy, not weakening it."