|Bid||12.24 x 800|
|Ask||14.99 x 3000|
|Day's range||14.75 - 14.92|
|52-week range||11.38 - 15.36|
|Beta (5Y monthly)||1.44|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||0.20 (1.33%)|
|Ex-dividend date||09 Mar 2020|
|1y target est||N/A|
(Bloomberg) -- Alphabet Inc.’s Google has reached a settlement with state attorneys general over the states’ use of consultants in their antitrust investigation of the internet search giant.Google in October went to court to restrict the Texas Attorney General’s office from disclosing sensitive information to consultants who have worked for competitors and other companies such as News Corp. and Microsoft Corp that have complained about Google to regulators.Both sides reached a settlement that places some restrictions on how the experts can access confidential business information, Google said on Friday.Google had raised concerns over Texas Attorney General Ken Paxton’s hiring of consultants including Cristina Caffarra, an economist with Charles River Associates. She has worked for Google adversaries News Corp. and Microsoft as well as Russia’s Yandex NV, according to court filings.“We remain concerned with the irregular way this investigation is proceeding, including unusual arrangements with advisers who work for our rivals and vocal critics,” Google said in a statement.Paxton later released a statement saying, “With this agreement, experts retained by the state will not be burdened with the unreasonable prohibitions sought by Google. They will be able to lend their important expertise to the state without fear of being frozen out of other employment within their field.”(Updates with Paxton statement, in final paragraph.)To contact the reporters on this story: David McLaughlin in Washington at email@example.com;Ben Brody in Washington, D.C. at firstname.lastname@example.orgTo contact the editors responsible for this story: Sara Forden at email@example.com, John HarneyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Alphabet Inc.’s Google is in discussions with publishers about paying licensing fees to include excerpts of their articles in Google News search results.The early-stage talks are taking place primarily with French and other European publishers, and may not lead to any agreements, a person familiar with the matter said. A deal would apply only to news products like the Google News vertical, they added, not general web content queries.Google sparked an outcry in France last fall after it said it would show stripped-down French news search results that wouldn’t include article previews or snippets following a new copyright law.It led French publishers and officials, who had hoped to win compensation from platforms as part of the new law, to accuse the search giant of strong-arming them. French antitrust regulators at the time said they would investigate Google over its implementation of the rules.News executives have been calling on Facebook Inc. and Google to pay for the rights to host their articles. They argue that their journalism is what’s drawing users to those platforms, while the two tech giants are capturing most of the online ad dollars.Richard Gingras, Google’s vice president of news, said helping people find quality journalism is “important to informed democracy and helps support a sustainable news industry.”“We’re talking with partners and looking at more ways to expand our ongoing work with publishers,” he added.In Europe, Google’s rocky relationships with publishers have led to legal action, long European Union antitrust investigations and an EU copyright directive that allows news outlets to seek payment from internet sites that display their articles. France was the first country to implement the new rules.In October, Facebook introduced a separate news section in its flagship app and agreed to pay some publishers $1 million to $3 million a year to put their articles in it.In an earnings call last week, News Corp. Chief Executive Officer Robert Thomson mentioned Google by name, saying there are “positive signs” the search company’s CEO Sundar Pichai “has a thoughtful appreciation for the profound social influence of high quality journalism.”The Wall Street Journal reported the discussions earlier.To contact the reporters on this story: Natalia Drozdiak in Brussels at firstname.lastname@example.org;Gerry Smith in New York at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Nate Lanxon, Molly SchuetzFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
News Corp on Wednesday launched a free news aggregation service, Knewz, to address its long-held criticism of how Google and Facebook treat publishers and journalists. The service uses artificial intelligence to scan more than 400 national and local news sources across the political spectrum - including Mother Jones, Washington Examiner, and The Nation - and relies on a small team of editors and technical staff to curate articles.
(Bloomberg) -- Senate Majority Leader Mitch McConnell is cosponsoring a bipartisan bill that would help news publishers jointly negotiate with internet platforms such as Facebook Inc. and Alphabet Inc.’s Google.The Kentucky Republican added his support to the bill on Monday, according to Congress’s website. The legislation would grant publishers a four-year exemption from antitrust laws so they could negotiate financial terms with the tech giants that often serve as a gateway for readers and online advertisers.McConnell’s support arrives as the companies increasingly come under fire in Washington on issues ranging from privacy to election interference. They have also been accused of controlling too much of the advertising market, to the detriment of news outlets who rely on the companies to reach advertisers and their audiences.The bill, which has seven Senate supporters in total, was introduced by Senators John Kennedy, a Louisiana Republican, and Amy Klobuchar, a Minnesota Democrat. A companion measure in the House was introduced by the chairman of the antitrust subcommittee, Democratic Representative David Cicilline of Rhode Island, and the Judiciary Committee’s top Republican, Representative Doug Collins of Georgia.Last month, two additional senators, Cory Booker, a New Jersey Democrat, and Rand Paul, a Kentucky Republican also signed onto the legislation.David Chavern, president of the News Media Alliance, a trade group for publishers that supports the bill, said the latest sponsorships suggest the proposal is gaining momentum.“There is bipartisan concern about the future of local news,” said Chavern, whose group counts the New York Times, the Washington Post and News Corp. as members. “Local news in particular needs to find its way to a new economic model and that economical model runs through Google and Facebook.”Bloomberg News does not belong to the publishers’ group.In response to criticism in recent years, tech companies have been making changes to the way they handle news content. Last year, Facebook introduced a separate news section in its flagship app, offering users more control over articles they see and providing money to the publishers whose stories are featured. Google has said it drives readers to publishers’ websites and has created new programs to improve advertising and technology practices of media companies.Representatives for Google and Facebook did not immediately comment on McConnell’s move. Both companies have lobbied on the measure, as has News Corp., according to disclosures with Congress.Carl Szabo, vice president of the tech trade group NetChoice, which counts Facebook and Google as members, said the measure would be “absurd” and urged lawmakers to reject it.“If passed, an antitrust exemption would likely only cement media cartels dominated by the likes of Rupert Murdoch, not local journalists,” said Szabo, referring to the founder of News Corp.To contact the reporters on this story: Ben Brody in Washington, D.C. at email@example.com;Naomi Nix in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Sara Forden at email@example.com, Elizabeth Wasserman, Jon MorganFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The London-listed firm said as part of the deal, it would issue about 6.91% of its voting share capital to News Corp, the owner of the Wall Street Journal and The Times. As more people switch to online services, ad dollars are also moving to digital platforms like Facebook and Google, making video advertising a lucrative market. News Corp will be subject to a lock-up period of 18 months and both parties have agreed to spending 30 million pounds ($39.25 million) in ads over three years.
(Bloomberg) -- State officials investigating Alphabet Inc.’s Google met Monday to dive into competition issues surrounding the search giant as they press forward with an investigation into whether the company is violating antitrust laws, according to people familiar with the matter.The officials met privately in Denver with outside experts with the goal of gaining a deeper understanding of Google’s businesses and the dynamics of the markets it operates in, including digital advertising, said one of the people.The gathering comes two months after all but two states opened an antitrust investigation into Google with an initial focus on its advertising practices, according to an investigative demand sent to the company. Publishers have long complained that Google’s dominance in the technology that delivers ads across the web harms competition.The meeting was similar to one held last month in New York where state officials met with experts about Facebook Inc. The social media giant is under investigation by 45 states, Guam and the District of Columbia.One of the aims of the Google meeting was to help state officials prepare for an investigation that will likely present challenging competition issues, said one of the people. The states were also planning to map out a strategy for dividing the workload of the investigation, said two of the people.Among those advising the states is Cristina Caffarra, an economist at Charles River Associates. Google has complained about Caffarra’s work for the state because of her past work for Google adversaries News Corp., Microsoft Corp., and Russia’s Yandex NV.The states are investigating Google in parallel to a Justice Department antitrust probe of the company. The House Judiciary Committee’s antitrust panel is also conducting an inquiry into Google and other large tech companies.(Updates from fifth paragraph with challenges of the antitrust investigation. A previous version of this story was corrected to clarify the number of states and attorneys general investigating.)To contact the reporters on this story: David McLaughlin in Washington at firstname.lastname@example.org;Ben Brody in Washington, D.C. at email@example.com;Naomi Nix in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Sara Forden at email@example.com, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
As streaming has turned the television industry on its head, one media mogul went against the trend this year. He revealed the advice from News Corp. Founder Rupert Murdoch by way of Oracle CEO Larry Ellison that led him to do it.
Google (GOOGL) seems uncomfortable with experts and critics' involvement in the ongoing state-led antitrust problem of its business practices.
(Bloomberg) -- Google says its confidential business information is at risk in the nationwide antitrust probe of the company because the Texas attorney general’s office, which is leading the investigation, hired two consultants that have worked for Google adversaries.Parent company Alphabet Inc. went to court Thursday to restrict Texas’s ability to disclose sensitive information to consultants who have worked for competitors and other companies such as News Corp. and Microsoft Corp. that have complained about Google to regulators.Google specifically cited the hiring of Cristina Caffarra, an economist with consulting firm Charles River Associates who has worked for Google adversaries News Corp., Microsoft, and Russia’s Yandex NV, according to the court filing in Texas.Caffarra is providing Texas Attorney General Ken Paxton’s office with “expert examinations, observations, opinions, consultations, analyses, reports, testimony, and other services,” according to a contract released by the state. She is working for free, according to her contract.The arrangement, Google said in court papers, “creates a significant risk that Google’s confidential business information could be inappropriately disclosed to and used by its adversaries.”“We’ve provided millions of pages of documents in response to regulatory inquiries, and we’re committed to cooperating,” Google said in a statement. “But this is an extraordinarily irregular arrangement and it’s only fair to have assurances that our confidential business information won’t be shared with competitors or vocal complainants.”A spokesman for the attorney general said the office has been engaged in “good-faith” negotiations with Google to protect the company’s sensitive business information.“While these negotiations were ongoing, Google, without any notice, made a lengthy court filing challenging our right to employ many of the most knowledgeable in this complex field,” Marc Rylander, the Texas AG’s spokesman, said in an email. “Google is not entitled to choose the states’ expert or run the states’ investigation.”The fight over the consultants comes after Paxton’s office issued a civil investigative demand to Google in September seeking detailed information about the company’s advertising business.Google said in court papers it’s not seeking to bar disclosure of business information to any Texas consultant who has worked for a rival or complaining company, only those who are currently employed by them. Consultants who are likely to work for Google competitors should not be able to work for them during the states’ investigation and one year afterward, Google said.The company is also unhappy with Paxton’s hiring of Eugene Burrus, a former assistant general counsel at Microsoft who is now an adviser at McKinsey & Co. Microsoft was a longtime foe of Google and advocated in the U.S. and Europe for antitrust action against the company. Burrus also represented clients in antitrust cases against Google, the company said. His maximum fee is $75,000, according to his contract.“Absent appropriate limitations, Mr. Burrus likely will attempt to use his experience on this investigation, including his access to confidential Google information, to market himself to prospective clients with interests adverse to Google,” the company said.Caffarra, News Corp. and Microsoft declined to comment. Burrus didn’t immediately respond to a message sent to him on LinkedIn.Google is asking the Texas court for a protective order including advance notice of third parties accessing its confidential information and limits to Texas’s ability to disclose company information to competitors and consultants.The company was due to begin delivering documents to Texas in early November, according to a person familiar with the matter. The request, which will go to a judge, could delay that, said the person, who asked not to be named discussing sensitive matter.Google may offer to start handing over documents as long as Paxton’s office doesn’t share the material with third parties until the matter is resolved, the person added.(Updates with comments from Texas AG’s spokesman in the seventh paragraph.)\--With assistance from Gerry Smith.To contact the reporters on this story: David McLaughlin in Washington at firstname.lastname@example.org;Ben Brody in Washington, D.C. at email@example.com;Mark Bergen in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Sara Forden at email@example.com, Mark Niquette, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Facebook Inc. introduced a separate news section in its flagship app, offering users more control over articles they see and providing money to the publishers whose stories are featured.The section, called Facebook News, helps the social-media giant stem criticism on two fronts: It’s an effort to combat misinformation and could improve relationships with media companies, which have complained that Facebook profits from selling advertising alongside their articles.Facebook News debuts Friday to some users in the U.S. It will feature articles chosen partly by Facebook employees who “will be free from editorial intervention by anyone at the company.” The section also will be personalized based on news that users prefer and they can hide articles, topics or publishers they don’t want to see.The section will include stories from about 200 publishers, including national outlets like the Washington Post, Wall Street Journal, NBC News and ABC News, and local outlets in big cities such as the Chicago Tribune and Dallas Morning News. It also will feature conservative-leaning sites, including Breitbart News.“We worked really hard to honor their business model and recognize the importance of original reporting,” Campbell Brown, who oversees news partnerships at Facebook, said in an interview.At an event hosted by Twitter on Thursday, New York Times Chief Operating Officer Meredith Kopit Levien said “it’s a welcome development for any platform to be compensating the publisher for use of the content in any form.”A Times spokeswoman confirmed the newspaper’s participation in Facebook’s news section early Friday by email. “Facebook News should make quality news easier to find in the Facebook environment and easier to distinguish from other forms of content,” said the spokeswoman, Danielle Rhoades Ha.Bloomberg also is participating in Facebook News.Facebook executives say they chose the publishers based on surveys that found users want more articles on entertainment, health, business and sports. It also picked outlets that adhere to Facebook’s guidelines, weeding out those that serve misinformation, hate speech or clickbait. News articles will still appear in Facebook’s main News Feed.Peace Offering?To some publishers, Facebook’s new initiative amounts to a goodwill gesture after years of tensions. In the past, Facebook has asked them to dedicate resources to produce work for a new initiative like Facebook Live, then left them frustrated when the social-media company shifted strategies.“This is the first time we’re going to be forming long-term, stable relationships with publishers,” Facebook Chief Executive Officer Mark Zuckerberg said. “For the first time we’re making multi-year financial commitments.”Facebook is paying some publishers $1 million to $3 million a year to put their articles in the new section. In most cases, links in the new section will take readers back to publishers’ websites, which helps them attract advertising and subscriptions. That’s different from other Facebook initiatives, like Instant Articles, which kept readers on the main site.Zuckerberg spoke at an event in New York at the Paley Center for Media, where he was in friendly conversation with Robert Thomson, CEO of News Corp. Thomson and his boss, News Corp. Executive Chairman Rupert Murdoch, have been among Facebook’s loudest critics, calling on the company to pay media companies for articles the way that a cable-TV company pays Walt Disney Co. to carry ESPN.Facebook users want to see their friends and family in their news feeds, Zuckerberg said, and that they don’t have a lot of room there for high-quality news content. That’s why it’s better to have a separate tab, which will definitely draw a smaller audience, maybe 10% to 20% of the main feed, but that will still be significant. Facebook is working on similar partnerships around the world.One challenge for Facebook will be getting people to visit the news tab, which will appear at the bottom of the app. It can be hard to change users’ habit of scrolling the News Feed, rather than clicking on a separate tab. Facebook’s streaming video tab, called Facebook Watch, has struggled to gain traction.The news team will have editorial independence when it comes to stories about the company, Brown said. That means they can feature news about Facebook if warranted.“There is a clear separation with regards to the editorial team,” she said. “They have independence and they can curate Facebook and would curate Facebook the way they would any other story.”(Updates with comments from Zuckerberg in 11th paragraph.)To contact the reporters on this story: Gerry Smith in New York at firstname.lastname@example.org;Sarah Frier in San Francisco at email@example.comTo contact the editors responsible for this story: Nick Turner at firstname.lastname@example.org, John J. Edwards IIIFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The WSJ, which first reported about the deal, said news publications Washington Post, BuzzFeed News, and Business Insider have also reached a similar deal with Facebook. The news organizations will be paid a licensing fee to supply headlines, the WSJ reported.
According to an EU court ruling, Google (GOOGL) will not have to pay a $1.1 billion copyright fee that a German publishing group demanded.
Alphabet has been busy thwarting the Hong Kong influence campaign, opening up Waymo data for licensing, suggesting privacy standards, dealing with kids and outdoing other personal assistants.
It will draw from hundreds of news sources, including national outlets such as The Wall Street Journal, New York Times, the Washington Post and NBC News, digital-native players, magazine publishers and local newspapers, the Journal said. News Corp, which owns Dow Jones Newswires, HarperCollins book publishing business and the Wall Street Journal, did not immediately respond to a request for comment.