Match Group gains amid store concessions from Google
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Match Group (NASDAQ:MTCH) is up 4.3% and among the very top gainers in communications stocks as it says it's won some concessions from Google (NASDAQ:GOOG) (NASDAQ:GOOGL), and withdrawn a request for a temporary restraining order in response.
That's related to long-simmering disputes over payment policies in the Google Play app store.
A temporary agreement between the two prevents Google from forcing mandatory use of Google Play billing, removing Match Group apps that offer alternate billing, and from gaining "unfettered" access to consumer data, Match Group says.
Meanwhile, Match Group will put up to $40 million into an escrow account rather than paying Google directly for Android OS billing transactions outside of Google Play billing - while maintaining that the fees Google is demanding in those instances are illegal. That issue is set for trial in April 2023.
"Match Group believes that Google's behavior will be found to be anticompetitive, in violation of federal and state antitrust laws, and the funds in the escrow account will be returned to Match Group for reinvestment in the business and benefit of consumers," the company says.
GOOG is up 0.5%; GOOGL
up 0.4%.
Match sued Google in early May, alleging monopolistic behavior in the Play Store, saying it was facing threats that its apps would be removed from the store by June.