Texas Attorney General Ken Paxton announced a settlement with Meta Platforms, Inc. that he says will provide more than $1 billion to the state while requiring the company to implement new safeguards aimed at protecting children on its platforms.

According to the Texas Attorney General's Office, the settlement is designed to strengthen protections for children and teens using Meta's platforms.

The agreement includes several new requirements, including stricter age-assurance measures and a two-hour daily limit for teen users, according to the attorney general's office.