Facebook is prepping the launch of a “news tab” that could see media outlets paid millions of dollars in exchange for their content.
News of the plan first appeared in the Wall Street Journal on Thursday and was later confirmed by Facebook to Digital Trends, though the social networking giant declined to offer any specific details about the initiative.
Sources claiming to have knowledge of the matter told the Journal that Facebook has so far approached the likes of ABC News, Dow Jones, The Washington Post, and Bloomberg to offer up to $3 million a year in exchange for their news content.
But it’s not currently clear if this figure is per media outlet or a payment to be shared across the companies.
Either way, it marks a move away from the payment model used by Facebook’s Instant Articles, which gives publishers a cut of the revenue generated by ads shown with the stories.
The new section will reportedly allow media outlets to decide how much of an article shows on the site.
