Sanoma Corporation, Press Release, 28 February 2024 at 17:05 EET
Sanoma participates in joint claim of European media companies against Google in relation to anticompetitive practices in ad tech
Sanoma Media Finland, together with more than 30 European media groups, have initiated a damages claim against Google in relation to its anticompetitive practices in "ad tech", the various technologies behind online advertising. According to the claim by the media companies, Google has abused its dominant position in ad tech by favouring its own tools over those of its rivals. With healthy competition on the market, the media companies would have paid lower fees for ad tech services and received significantly higher revenues from advertising.
Google has faced similar legal proceedings in the UK and U.S. In 2021, the French competition authority found comparable practices by Google as an abuse of its dominant market position. Google was issued a penalty of EUR 220 million.
The claim was filed in the Netherlands. Altogether, the participating media companies claim for damages of EUR 2.1 billion from Google. The judicial process is expected to take several years.
More information on the joint claim is available at adtechclaim.eu/press-release.
Additional information
Investors: Kaisa Uurasmaa, Head of Investor Relations and Sustainability, tel. +358 40 560 5601
Media: Hanna Johde, Communications Director, Sanoma Media Finland, tel. +358 40 673 8977
Sanoma
Sanoma is an innovative and agile learning and media company impacting the lives of millions every day. Our Sustainability Strategy is designed to maximise our positive 'brainprint' on society and to minimise our environmental footprint. We are committed to the UN Sustainable Development Goals and signatory to the UN Global Compact.
Our learning products and services enable teachers to develop the talents of every child to reach their full potential. We offer printed and digital learning content as well as digital learning and teaching platforms for primary, secondary and vocational education, and want to grow our business.
Our Finnish media provide independent journalism and engaging entertainment also for generations to come. Our unique cross-media position offers the widest reach and tailored marketing solutions for our business partners.
Today, we operate in twelve European countries and employ more than 5,000 professionals. In 2023, our net sales amounted to approx. 1.4bn€ and our operational EBIT margin excl. PPA was 12.6%. Sanoma shares are listed on Nasdaq Helsinki. More information is available at sanoma.com.
