Governments tax entities to pay for stuff all the time. Why is this agreement requirement in there? Just tax Meta and pay the local news stations.

The government already runs a 24/7 news station as well as 2 primetime news shows and accompanying websites, radio programs, etc. Why it needs to intervene to prop up the private news media is beyond me. But at least if the funding comes from 'agreements' with Google and FB it is a bit more at arm's reach from the government.