Google sued for $2.3bn by European media groups over digital ad losses
Google sued for $2.3bn by European media groups over digital ad losses
Lawsuit filed by publishers including Axel Springer allege Google ‘abused its dominant position’ in digital ad-tech
When will punishment stop being attached to a hard number and be a percentage of the company's worth. Shits maddening.
While I'd love a percentage based fee, this is a damages suit, so it should be actual damages these people are owed, as determined by the court. A percentage just doesn't make sense here unless punitive damages were also on the table.
In principle I agree, though, breaking the law should not be an affordable "cost of doing business".
These companies shift gains and losses around so much that they would evade any punishment
“As you can see your honor, we actually lost 400 million last year. Negative profit. It looks like you actually owe us money when you calculate the proposed fine...”
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.
Is this BS or I dont understand something? In what way generative AI is currently an existential threat to online advertising?
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.
The original article contains 404 words, the summary contains 190 words. Saved 53%. I'm a bot and I'm open source!
Let them eat cereal