I wrote a bit about this in July, when the law was passed, if you want an opinion from a Spaniard: http://cfenollosa.com/blog/spanish-media-just-shot-themselve...

  Let's summarize what is happening here:

  Big media editors AEDE, most of which pro-government, in collusion with the 
  corrupt Spanish politicians have managed a masterstroke which they think will:

  1. Get them free money
  2. Destroy the discoverability of smaller media competitors, usually critical 
  with the government
  3. Hinder the future of Spanish internet tech business, their main competitor
  4. Get more exposure, since readers won't have access to media agreggation and 
  will resort to reading just one or two outlets

  In reality, what is likely to happen is:

  1. Google will close Google News Spain, no big problem
  2. Spanish media aggregators will move their business abroad and won't 
  contribute taxes to the country
  3. Tech enterpreneurs will realize that Spain is a shitty country to invest money on
  4. Without Google, the aggregators, and thanks to the increasing 
  user boycott to AEDE media, those editors will lose traffic and money.