The competition watchdog has asked major media groups to rate their dealings with Meta and reveal how much money they make from Facebook and Instagram, as it prepares to decide whether the tech giant should be forced to the negotiating table.

In confidential documents sent to news outlets late on Friday, the Australian Competition and Consumer Commission demanded extensive details about how media outlets make money, how important social media is, and what would happen if Meta blocked all news. One publisher said a news ban would cut its revenue by 25 per cent.