This is the best summary I could come up with:

Meta informed Australian publishers on Friday that it won’t be renewing the deals it made when the government introduced a highly contentious media bargaining bill.

The Australian government wanted local publishers to benefit when links to their news content appeared on sites like Facebook and Google.

As a threat of what would come if the bill passed, it temporarily blocked users and publishers in Australia from sharing local and international news on Facebook and Instagram.

Dr Burns said if Facebook continues to make news organisations’ content less visible, there’s also a risk that the circulation of disinformation and misinformation will rise.

“The fact that they’re pulling out of the deals with news publishers is appalling … it means around a $200 million loss for public interest journalism,” Professor Martin said.

“We will work constructively with the ACCC [Australian Competition and Consumer Commission] and Treasury to ensure their designation,” Seven West chief executive James Warburton said.

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