I don't believe your premise that the media need Facebook more than Facebook need the media. Essentially Facebook is like the Ramora, feeding and growing off it's host. The issue with media, in particular Australia, is that they don't have a huge market to compete in, and TV news, like the US, is massive. Their is poor uptake of online news, as it's either full of ad's 'news.com.au' or in the case of the only platform that could be considered to provide 'news' in a style befitting the great publications of the world 'The Australian' choose to charge large fees for subscriptions. My local newspaper, charges a month, what the The Times London, and the NYT charge a year.
Fortunately; The Australian has picked up on this story, and lowered it's subs, and increased it's discounted period.
Facebook seem to think that; I don't have a right to privacy, that my data is theirs to sell. Australia is very much a user pays society, if you want something, you have to pay for it.