this post was submitted on 29 Feb 2024
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This is the best summary I could come up with:
Alphabet’s Google was hit with a €2.1bn ($2.3bn) lawsuit by 32 media groups including Axel Springer and Schibsted on Wednesday, alleging that they had suffered losses due to the company’s practices in digital advertising.
The move by the groups – which include publishers in Austria, Belgium, Bulgaria, the Czech Republic, Denmark, Finland, Hungary, Luxembourg, the Netherlands, Norway, Poland, Spain and Sweden – comes as antitrust regulators also crack down on Google’s ad-tech business.
“The media companies involved have incurred losses due to a less competitive market, which is a direct result of Google’s misconduct,” a statement issued by their lawyers, Geradin Partners and Stek, said.
“Without Google’s abuse of its dominant position, the media companies would have received significantly higher revenues from advertising and paid lower fees for ad tech services.
“If there is follow through to the regulatory scrutiny, Google may need to curtail its practices and provide more consistent, predicable pricing to its advertising customers,” DA Davidson & Co analyst Gil Luria said.
The lawsuit comes at a time when Google’s core advertising business is facing an existential threat from the shift to generative AI chat, Luria added.
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