DIGI, the industry body representing (DIGI) Google, Facebook, and Twitter has rejected proposals for an industry code of conduct on fake news, warning that the recommendation would turn Australia’s media regulator into the truth police, reported The Australian Financial Review.
The recommendation included changes to allow the Australian Competition and Consumer Commission (ACCC) to assess whether an acquisition would result in the removal of a potential competitor in the marketplace. It also recommended new considerations to include the significance of data and technology in accessing M&A.
“Mergers and acquisitions in the technology sector are a crucial driver of innovation and investment, as they offer an incentive for entrepreneurs who start companies, for whom selling their company is commonly the end goal,” DIGI wrote said in its submission to the Treasury ahead of the government’s response to the ACCC’s report.
“Ensuring that start-ups can successfully exit their venture, through acquisition from large technology companies, is key to ensuring growth and development of Australia’s technology sector. Exit fees can create a virtuous cycle, where founders use that capital to create another successful company.”
Google, Facebook, and Twitter are all expected to put in their own submissions to the ACCC’s final report.
Full Content: Financial Review
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile Faces Class-Action Lawsuit Over Sprint Merger After Appeal Denied
May 16, 2024 by
CPI
Google Faces Backlash Over Introduction of AI-Generated Summaries in Searches
May 16, 2024 by
CPI
CMA Launches Phase 2 Probe into AlphaTheta’s Acquisition of Serato
May 16, 2024 by
CPI
NFL Executive Escapes Testifying in High-Stakes Trial Over Televised Games
May 16, 2024 by
CPI
EU Consumers Lodge Complaint Against Chinese Retailer Temu Over Content Rules Breach
May 16, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI