"Magnite said today it has filed a lawsuit against Alphabet's Google unit in Virginia and is seeking monetary damages. Direct Harm It said in the lawsuit that Google's business of open-web display advertising has hampered growth and innovation in the sector for over 10 years, and that the tech giant's strategies "directly harmed" Magnite's operations. It added that it continues to face the consequences of Google's actions."
"Magnite, which is an advertising platform that connects publishers with advertisers, claims that Google has engaged in an "exclusionary scheme to lock publishers into its ad server and to preference its own exchange." It said that Google had prevented Magnite from competing fairly to grow its business. Magnite Chief Executive Michael Barrett said Google "favored its own business over the health of the open web, causing harm to publishers, advertisers and partners like us.""
Magnite filed a lawsuit in Virginia against Alphabet's Google unit seeking monetary damages, alleging an unlawful monopoly in advertising technology. The company alleges that Google's open-web display advertising business hampered growth and innovation for over ten years and directly harmed Magnite's operations. Magnite claims Google engineered an exclusionary scheme to lock publishers into its ad server and preference its own exchange, preventing fair competition. CEO Michael Barrett accused Google of favoring its business over the health of the open web, harming publishers, advertisers, and partners. The company's shares fell nearly 6% on the news.
Read at TipRanks Financial
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