This isn't just a surface-level report, either. The Commission will have the authority to demand info and hold hearings if the existing information isn't enough to gauge the level of competition.

It'll be a while before there are answers. The ACCC's preliminary report isn't due until early December in 2018, and a finished report will have to wait until June 2019. A lot could change in that space of time -- Facebook alone has made rapid changes to its relationship with publishers. Still, the investigation could increase pressure on search companies to please traditional outlets and avoid government action.