Google antitrust probe, Spielberg’s Netflix deal, SCOTUS sides with college athletes
Julie Hyman breaks down Monday’s business headlines, including: The EU opening an antitrust probe into Google, The U.S. Supreme Court siding with college athletes over allowing benefits that include cash or cash-equivalent awards, Steven Spielberg signing a deal with Netflix to produce multiple films, and the U.S. housing market reaching record-high prices.
Video Transcript
JULIE HYMAN: Just about 20 minutes to go. We got the latest existing home sales data in the month of May. They fell by 0.9% to 5.8 million on an annual pace. That is above what analysts had been estimating. That's according to the National Association of Realtors. What really stands out from this report is the median home price, up 23.6% on a year over year basis to a median of $350,300. That is the highest on record for existing homes, as we have seen a lot of upward price pressures around the country.
Google is being investigated by the European Commission over whether it violated antitrust laws. The new probe will assess whether Google abuses its role in the advertising tech industry by favoring its own ad buying tools and auctions or allegedly excluding rivals from brokering ad buys on YouTube, for example. This is the official beginning to an informal inquiry that's been going on since at least 2019.
The Supreme Court ruled yesterday that the NCAA violated antitrust law with its strict limits on payments to student athletes. In a victory for those athletes, the National Collegiate Athletic Association cannot bar modest payments and education-based benefits to them. It doesn't directly open the door to athletes' sponsorships or other moneymaking activities, a question that was not before the court. But it could be the beginning of bigger changes for NCAA compensation.
And Steven Spielberg is teaming up with Netflix. His Amblin Partners signed a multi-year, multi-film agreement with the streaming giant. Financial terms were not disclosed. Amblin will also continue to make movies for the Comcast-owned Universal Pictures. But this is a big feather in Netflix's cap in terms of producing original content. Spielberg, by the way, Myles, has made a movie or two for-- or a program or two for Netflix. But this is sort of the longest formalized agreement between the two.
MYLES UDLAND: Well, and everyone digging up his comments on Netflix that weren't so positive. But honestly, is there anyone in Hollywood who hasn't taken a crap on Netflix over the last five years and then turned around and taken their money? I don't think so, because you know what? Everyone is annoyed by them and all their checks clear. So that's the way of the world. And it's fine. No one begrudges Spielberg for his prior comments or for this latest agreement.
