Stingray to ‘immediately suspend’ all advertising on Meta’s Facebook and Instagram

Montreal-based music and video content company Stingray Group Inc.
STGYF,
+6.95%

RAY.A,
+0.20%
said Tuesday that it has decided to “immediately suspend” all advertising of its products on Meta Platforms Inc.’s
META,
-1.34%
Facebook and Instagram social media platforms in Canada. The move is in response to Meta’s blocking of news content in Canada, following a new law that will require Meta and Alphabet Inc.’s Google to pay media outlets for news. “We cannot tolerate Meta’s recent decision to block news from Canadian news media publishers and their potential implications for Canadian news content,” said Eric Boyko, co-founder and chief executive officer of Stingray. “As a result, we have decided to pause our advertising on Facebook and Instagram.” Meta’s stock slipped 1.1% in afternoon trading and Stingray’s Canada-listed stock edged up 0.2%, while the S&P 500
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-0.54%
shed 0.7%.