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Quebecor Pulls Advertisements From Facebook And Instagram

Canadian telecommunications firm Quebecor (QBR.B) has withdrawn its advertisements from social media sites Facebook and Instagram following Meta Platforms' (META) decision to block access to news in Canada.

Meta Platforms has moved to block access to Canadian news on its social media platforms in retaliation against the “Online News Act,” a new law requiring technology companies to pay local news publishers for content.

Bill C-18 forces companies such as Meta and Alphabet (GOOGL), owner of online search engine Google, to pay Canadian news publishers for their content. It is seen as a way to boost revenue at struggling media outlets across Canada.

Google and Meta are now blocking access to news articles in Canada in retaliation against the legislation.

Quebecor, which owns media outlets and newspapers across the province of Quebec, has now pulled its advertisements from Facebook and Instagram, which Meta Platforms owns.

Canada's media industry has called for tighter regulation of internet companies to allow news outlets to recover financial losses incurred as Facebook and Google have gained a greater share of the online advertising market in this country.