3/20/2019, 12:07 PM (Source: TeleTrader)
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Google fined €1.49B by EU for blocking ad competitors

European Commissioner for Competition Margrethe Vestager said on Wednesday the European Union decided to fine United States tech giant Google LLC €1.49 billion for abusing its position on the online advertising market. The commissioner explained that, through Search AdSense, Google acted as a broker between website owners and advertisers seeking to use the search space to generate income. As a result, the tech giant's market share in the European Economic Area (EEA) jumped to over 70% between 2006 and 2016.

"Today the Commission has fined Google €1.49 billion for illegal misuse of its dominant position in the market for the brokering of online search adverts. Google has cemented its dominance in online search adverts and shielded itself from competitive pressure by imposing anti-competitive contractual restrictions on third-party websites. This is illegal under EU antitrust rules," Vestager asserted.

Google shares fell 0.32% during premarket trading.

Breaking the News / SS