"European Union regulators on Friday hit Google with a 2.95 billion euro ($3.5 billion) fine for breaching the bloc's competition rules by favoring its own digital advertising services, marking the fourth such antitrust penalty for the company. The European Commission, the 27-nation bloc's executive branch and top antitrust enforcer, also ordered the U.S. tech giant to end its "self-preferencing practices" and take steps to stop "conflicts of interest" along the advertising technology supply chain."
"The Commission said its investigation found that Google "abused its power" by favoring its own online display advertising technology services to the detriment of competitors, online advertisers and publishers. The company has 60 days to come up with proposed remedies. If it doesn't come up with "a viable plan, the Commission will not hesitate to impose an appropriate remedy," Teresa Ribera, the European Commission's executive vice-president overseeing competition affairs, said in a statement posted online."
European Union regulators fined Google €2.95 billion for breaching competition rules by favoring its own digital advertising services. The European Commission ordered Google to end self-preferencing practices and to take steps to stop conflicts of interest across the advertising technology supply chain. The Commission found that Google abused its power to the detriment of competitors, advertisers and publishers and gave the company 60 days to propose remedies. Teresa Ribera said a structural remedy, such as selling part of Google's Adtech business, may be the only effective solution. Google called the decision wrong, vowed to appeal and warned the changes would harm European businesses.
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