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
Turkey Fines Meta $10.4 Million for Abusing Market Dominance
May 6, 2024 by
CPI
Canadian Watchdog Launches Inquiry into Lululemon’s Greenwashing Practices
May 6, 2024 by
CPI
Massachusetts Supreme Court Deliberates Ballot Redefining Gig Worker Status
May 6, 2024 by
CPI
European Commission Approves Nippon Steel’s $14.9 Billion Buyout of U.S. Steel
May 6, 2024 by
CPI
Banco Sabadell Rejects Rival BBVA Merger Proposal
May 6, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI