News publishers benefit from tie-ups with Facebook and others but there needs to be more transparency about how such platforms operate, the CEO of Reach, the publisher of Britain's Daily Mirror, said today.
Facebook's recent media blackout in Australia illustrated the power wielded by tech companies and sent shockwaves through the news industry.
"We would obviously think that the publishers need to get a better deal and a far more transparent look at how platforms operate," said Reach CEO Jim Mullen, whose company has tie-ups with such platforms.
"Both the platforms and the news publishers are better together, so we are constantly working with them," he said.
"But also we will lobby and speak to government about having at least a fair and transparent process with regards to media and advertising," he added.
Reach today posted a 12.8% decline in annual adjusted operating profit, slightly better than analysts expected.
Profit fell to £134m on revenue down 14.6% to £600m.
A recovery in print revenue and digital demand delivered a stronger second half.
The company said online registered users, who are more valuable to advertisers, rose to 5.8 million, more than halfway towards its end-2022 target. It wants to double digital revenue in the medium term.
Print circulation, which dipped when shops were closed in Britain's first lockdown, had rebounded, Mullen said.
"Resilience in print circulation is the foundation for the strong cash generation which underpins strategic investment, our pension commitments and growing returns to shareholders," he said.
The publisher of the Daily Mirror, Daily Express and a host of regional titles said it will pay a final dividend of 4.26 pence per share.
