"The European Commission, which is the executive body of the EU, accused Google of distorting competition in the so-called adtech market by unfairly favoring its own display advertising technology services to the detriment of rival adtech providers, advertisers and online publishers. It also ordered Google to "bring these self-preferencing practices to an end" and "implement measures to cease its inherent conflicts of interest along the adtech supply chain.""
""Today's decision shows that Google abused its dominant position in adtech harming publishers, advertisers, and consumers. This behaviour is illegal under EU antitrust rules," EU competition chief Teresa Ribera said in a statement Friday. "Google must now come forward with a serious remedy to address its conflicts of interest, and if it fails to do so, we will not hesitate to impose strong remedies.""
"Google's global head of regulatory affairs, Lee-Anne Mulholland, said the EU decision is "wrong" and the firm will appeal. "It imposes an unjustified fine and requires changes that will hurt thousands of European businesses by making it harder for them to make money," Mulholland said. "There's nothing anticompetitive in providing services for ad buyers and sellers, and there are more alternatives to our services than ever before.""
The European Commission fined Google 2.95 billion euros for anti-competitive practices in its advertising technology business, finding that Google unfairly favored its own display advertising technology services. Regulators concluded that these self-preferencing actions harmed rival adtech providers, advertisers and online publishers and ordered Google to end the practices and implement measures to remove conflicts of interest across the adtech supply chain. Google has 60 days to respond. EU competition chief Teresa Ribera demanded serious remedies or stronger action. Google said the decision is wrong, will appeal, and argued the changes would harm thousands of European businesses. The probe began in 2021.
Read at www.cnbc.com
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