If tech giants Google and Meta were paying a fair share of the revenues generated by their use of content from U.S. news organizations, they’d be paying out as much as $14 billion annually.

That is according to a new study from the Boston-based Brattle Group, which analyzed the financial benefits online platforms Google and Facebook receive by leveraging excerpts of content from news outlets in search results and social media postings.

Researchers derived “fair payment” values for ad revenues generated by online platforms’ use of news content, based on a 50-50 split of that income, and using that formula found Google would owe U.S. news publishers $10 billion to $12 billion every year and Facebook would owe $1.9 billion annually.

“As a percentage of total advertising revenue, we estimate that 6.6% of Facebook advertising revenues and 17.5% of Google Search advertising revenues should be paid to news publishers on an annual basis,” Brattle researchers wrote.