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After falling out with Kassan, UTA may think twice about buying another agency. The media and ad industry will be watching to see what, if any, leadership changes UTA makes at MediaLink. The end of the ad industry schmoozefest? One industry veteran said they saw Kassan's exit as an opportunity to change how ad industry consultants operate and charge for services. At the center of the dispute between UTA and Kassan is the MediaLink founder's $950,000 annual expense account.
Persons: Michael Kassan, MediaLink, Kassan, Jeremy Zimmer, Kassan wasn't, Vianney Tisseau, headhunting, Jon Miller, Sanford Michelman, Michelman, Robinson, Ethan Miller, Julian Jacobs, David Anderson, WME, Kassan's, Wenda Harris Millard, wasn't, what's, There's, Lou Paskalis, Marc Sternberg's, Lady Gaga, Elton John, Mariah Carey, Tom Brady, Rob Norman, WPP's Organizations: UTA, Cannes Lions, Consumer, Business, Los Angeles Superior Court, Los, Judicial, Mediation Services, Variety Cannes Lions Studio, Integrated Media, Getty, Talent, Accenture, General Motors, Netflix, JUV Consulting, Madison, Endeavor, Writers Guild of America, Zimmer, Western Initiative Media Worldwide, Interpublic Group, Bank of America, AJL, Marc Sternberg's Brand, Kassan, Southwest, NFL Locations: MediaLink, Cannes, France, Madison, Droga5, Hollywood, Kassan, California, South, Austin
The European Commission, the executive arm of the EU, reached a preliminary conclusion that Google is dominant in the European market for publisher ad servers and for programmatic ad-buying tools for the open web. The commission also said Google has abused this dominant position since at least 2014. "The Commission's preliminary view is therefore that only the mandatory divestment by Google of part of its services would address its competition concerns," EU competition chief Margrethe Vestager said in a statement. "Our preliminary concern is that Google may have used its market position to favour its own intermediation services. If confirmed, Google's practices would be illegal under our competition rules,"Google was not immediately available for comment when contacted by CNBC.
Persons: Margrethe Vestager, Vestager Organizations: European Union, European Commission, EU, Google, CNBC Locations: Brussels, Belgium
US current account deficit narrows in fourth quarter
  + stars: | 2023-03-23 | by ( ) www.reuters.com   time to read: +2 min
WASHINGTON, March 23 (Reuters) - The U.S. current account deficit narrowed in the fourth quarter amid an improvement in secondary income receipts as well as an increase in the services surplus, data showed on Thursday. The Commerce Department said the current account deficit, which measures the flow of goods, services and investments into and out of the country, contracted 5.6% to $206.8 billion last quarter. The current account gap represented 3.2% of gross domestic product, the smallest share since the second quarter of 2020 and down from 3.4% in the third quarter. The deficit peaked at 6.3% of GDP in the fourth quarter of 2005. For all of 2022, the current account gap widened to a record $943.8 billion, down from $846.4 billion in 2021.
A dispute arose over the price Fox would pay for a stake in the market-leading FanDuel app, leading to arbitration that began in the spring of 2021. The sports betting app Fox Bet is available in four states, with just 0.2% share of the U.S. market, according to researcher Vixio. A free version called Fox Bet Super 6 has attracted some 6 million users whom Fox hopes to eventually convert to betters. The growth of Fox Bet has stagnated since Flutter acquired Stars Group, the company that helped launch Fox Bet and owns and operates the app. Fox claimed that Flutter failed to provide reasonable resources behind Fox Bet, a claim Flutter said the arbitrator rejected, finding that Flutter had agreed to commit "commercially reasonable" resources behind the offering.
Nov 4 (Reuters) - Fox Corp (FOXA.O) said an arbitrator on Friday reaffirmed its right to acquire a nearly one-fifth stake in FanDuel, settling a longstanding dispute with the betting app's owner, Flutter Entertainment Plc (FLTRF.L). The New York-based Judicial Arbitration and Mediation Services also settled a dispute over the price to exercise that option. Fox has a 10-year option to acquire an 18.6% stake of FanDuel for $3.7 billion. In April 2021, Fox filed its lawsuit against the Irish gaming company, seeking to secure its option to buy an stake in the market-leading FanDuel app. The arbitrator Friday settled on an option price based on a $20 billion valuation for FanDuel.
FanDuel is the market-share leader in online sports betting in the U.S.An arbitrator has ruled that Fox Corp. has the option to buy a stake in sports-betting operator FanDuel Group from parent company Flutter PLC for about $3.7 billion, the companies said Friday, settling a more than yearlong dispute over one of the biggest brands in U.S. online gambling. Fox filed a lawsuit with Judicial Arbitration and Mediation Services in April 2021 against Flutter arguing that the gambling giant was demanding too high a price for an option to buy an 18.6% stake in FanDuel.
Italian court suspends decision on Amazon's record fine appeal
  + stars: | 2022-10-28 | by ( ) www.reuters.com   time to read: +1 min
ROME, Oct 28 (Reuters) - An Italian court has suspended a decision on a request by e-commerce giant Amazon (AMZN.O) to annul a record 1.13 billion euro ($1.12 billion) fine imposed by Italy's antitrust watchdog for alleged abuse of market dominance, a court ruling showed on Friday. Italian administrative court TAR del Lazio said it had suspended judgment pending a ruling by the European Union Court of Justice over the case. Last year Italy's competition watchdog ruled that Amazon had used its dominant position in the Italian market for intermediation services on marketplaces to favour the adoption of its own logistics service by sellers active on Amazon.it. Amazon said at the time it "strongly disagreed" with the Italian regulator's decision and would appeal. ($1 = 1.0054 euros)Reporting by Marco Carta, writing by Elvira Pollina Editing by Federico Maccioni and Keith WeirOur Standards: The Thomson Reuters Trust Principles.
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