Today's CMA decision is welcome news for news publishers and other content businesses exposed to the impact of Meta's proposed terms and conditions.
But this should be the start of the conversation, not the end of it. While the investigation is underway, the CMA should make sure Meta can't quietly push ahead with the terms under scrutiny. And while Meta may be talking to some industry groups, those discussions should not substitute for an open and independent regulatory process.
Local publishers, civil society groups and other affected organisations must be heard as part of the investigation, and any revised terms should be properly assessed by the CMA before they come into force.
This case is a clear example as to why it's essential to bring Meta into the Strategic Market Status regime as soon as possible. Individual investigations matter, but lasting protections will come from clear rules that prevent these kinds of concerns arising in the first place.