If you want more in depth review of this, check Techdirt articles on the topic: https://www.techdirt.com/blog/?tag=article+11
But I doubt you would - since you simply will say "it's not that". I see no point in arguing then.
Additionally, "legacy news" are losing money because tech companies are shifting profits from ads on those news sites to their own platforms. Here's a chart showing how Google has shifted the ad revenue balance since 2004: https://twitter.com/jason_kint/status/1055606344559063040
Essentially, it used to be that Google provided a real service to these news companies, by providing an ad network where both news organizations and Google could profit. But over time, they've shifted their ad revenue away from the model that requires they share it to ads that they alone profit from. This has slowly but surely bled journalism dry.
Linking is not infringing anything, and should not be taxable. All this "massive theft" whining is complete bunk.
That's an additional garbage to Article 13, which is a censorship law (upload filters). Above I commented on Article 11 when talking about obsolete industries trying to leech their more successful rivals.