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Alphabet hit with $2.3 billion lawsuit by 32 media groups - Reuters

Published 02/28/2024, 12:04 PM
Updated 02/28/2024, 12:07 PM
© Reuters.  Alphabet (GOOGL) hit with $2.3 billion lawsuit by 32 media groups - Reuters

Google, owned by Alphabet (NASDAQ:GOOGL), is facing a $2.3 billion lawsuit filed by 32 media groups, including Axel Springer and Schibsted. The complaint alleges that the companies suffered losses due to Google's digital advertising practices.

According to the report by Reuters, the group includes publishers in Austria, Belgium, Bulgaria, the Czech Republic, Denmark, Finland, Hungary, Luxembourg, the Netherlands, Norway, Poland, Spain and Sweden.

Reuters said a statement issued by their lawyers reads: "The media companies involved have incurred losses due to a less competitive market, which is a direct result of Google's misconduct."

Furthermore, the lawyer's statement claims that 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."

Google told Reuters in a statement that the company opposes the lawsuit, adding that it is "speculative and opportunistic."

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