Google To Be Hit With EU Antitrust Fine Over Adtech Practices On Friday: Report

Alphabet’s (GOOG/GOOGL) Google is reportedly set to be hit with a European Union antitrust fine over its adtech practices later on Friday.

Alphabet’s stock edged 0.5% higher in midday trade on Friday. On Stocktwits, retail sentiment around the shares surged higher with the ‘extremely bullish’ zone amid ‘extremely high’ levels of chatter.

Sources familiar with the matter told Reuters that the European Commission had initially planned to announce the fine on Monday. However, the timing was pushed back after EU trade chief Maros Sefcovic raised objections, citing heightened tensions with Washington over U.S. tariffs on European cars. That delayed the plans of EU antitrust chief Teresa Ribera. 

Moments later, Bloomberg reported the Commission had imposed a €2.95 billion ($3.27 billion) penalty, finding that Google favored its own advertising services. “Google abused its dominant position in adtech, harming publishers, advertisers, and consumers. This behaviour is illegal under EU antitrust rules,” Ribera said. 

“When markets fail, public institutions must act to prevent dominant players from abusing their power,” she added. “True freedom means a level playing field, where everyone competes on equal terms and citizens have a genuine right to choose.”

The report said Google would appeal. “The decision imposes an unjustified fine and requires changes that will hurt thousands of European businesses by making it harder for them to make money,” stated Lee-Anne Mulholland, Google’s vice president for regulatory affairs.

The ruling comes at a time when the relationship between the EU and the U.S. is fraught with tension, with Trump repeatedly blasting the European Union’s clampdown on big tech. However, its adtech operations are also under scrutiny in the U.S. The Justice Department is expected to file proposed remedies later Friday, ahead of a September 22 hearing. One of the options previously discussed is forcing Google to divest its Ad Manager platform to curb alleged anticompetitive risks.

Read also: Jobs Report Sends Bitcoin Above $113K, Altcoins Edge Higher

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