
Unreasonable
The factors that the arbitrator needs to consider to make this "reasonable" determination are defined in the code. However predictably enough given the instigation of this code (Murdoch etc), ALL the factors listed are favourable to the news organisation, while factors favourable to the platforms are ignored.
For example, the cost to produce the content, and the indirect benefit that the platform receives from the content is included, while things like the indirect benefit to the news organisations get in potential increased subscriber count and the increased advertising revenue due to the referral are NOT listed as being a factor that can be considered in deciding the most "reasonable" offer.
This unfairness is what is meant by: "Most perplexing, it would force Facebook to pay news organisations for content that the publishers voluntarily place on our platforms and at a price that ignores the financial value we bring publishers."