Right. The question is what would be paid to the news publishers in a voluntary negotiation, absent the power imbalance, for access to their content so that Google and Facebook can do all the wonderful things that they do with the content today. What we can do to get at that question is see how much value is created on the platform by the news publishers, and we can go backwards in time and say if Google and Facebook would have had to pay for that in a voluntary negotiation, absent the power imbalance, what would they have paid. They pay something approximating the value that is being created. That's what the fight is going to be about when we get to the arbitration panel. It's going to be about who can demonstrate credibly the value that's being appropriated by the platforms created collectively by all news publishers.
On November 1st, 2022. See this statement in context.