Legislation introduced at the federal and state levels aims to help local news publications through tax credits and antitrust policy.
"It is truly local news that reports on the issues that people face in their everyday lives," said Sen. Amy Klobuchar at the start of a hearing held by the Senate Subcommittee on Competition Policy, Antitrust, and Consumer Rights in February.
Klobuchar, a Democrat from Minnesota, and Sen. John Kennedy, a Republican from Louisiana, are two key cosponsors of a bipartisan bill called the The draft law resembles an approach taken by Australia and some European countries that seeks to give content creators a share of the ad-revenue swallowed by large tech companies including Google and Meta, the parent company of Facebook.
The antitrust legislation is one of multiple bills that have been introduced at the federal and state level aimed to help ailing local news organizations. would use tax credits to incentivize companies to advertise with, and people to subscribe to, local news outlets. It also includes a payroll tax deduction to support reporter salaries. Portions of the proposed act were included in the Build Back Better bill that passed the in the U.S. House of Representatives but stalled in the Senate.
This Sunday on 60 Minutes, correspondent Jon Wertheim reported on another threat to local newspapers, financial firms that have bought newspapers across the country and gutted newsrooms. You can watch Wertheim's report below.
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