Facebook’s parent company Meta could soon face major fines for breaching the news media bargaining code.

This comes after the tech giant walked away from commercial deals with Australian news outlets last week.

The deals – worth around $250 million a year for Australian news publishers – were due to expire later this year.

A fine for Meta would depend on which sections of the code it breaks.

However, the company could face fines of more than a billion dollars if it is found to break all sections of the code.

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