PUBMATIC SUES GOOGLE OVER DIGITAL ADVERTISING MONOPOLY

How has PubMatic’s business been harmed?

• The U.S. District Court ruling from April 2025 is clear and unambiguous: Google illegally established and maintained monopolies in the open-web display publisher ad server and open-web display ad exchange markets, including by implementing policies that incentivized both advertisers and publishers to use its AdX platform.
• Google’s strategic control of both the buy-side and the sell-side enabled them to lock in a substantial share of the ad exchange market, access valuable user and market data that others did not have access to, unfairly get increased opportunities to bid, and receive priority bidding slots.
• Removing these advantages would undoubtedly have leveled the playing field and allowed independent SSPs, including PubMatic, to win advertising auctions at a much higher rate.
• It is undeniable that PubMatic lost business opportunities as a result of these anticompetitive practices.

What are the specific anticompetitive practices / tactics used by Google to establish and maintain a monopoly?

The District Court ruling from April highlighted the following Google actions as anticompetitive and improper:

• Google required publishers to use DFP as their ad server if they wanted to access real-time bids from AdX.
• Google implemented “First Look,” which gave Google’s AdX a first right of refusal on each impression, so AdX could buy before rival exchanges even got to bid.
• Google implemented “Last Look,” which enabled AdX to view competing bids in what should have been a sealed auction, then outbid by a small increment (e.g., 1 cent).
• Google implemented Unified Pricing Rules, which prohibited publishers from setting price floors for various ad exchanges in ways that would favor ad exchanges other than Google’s AdX. In other words, Google prohibited publishers from exercising choice vis a vis ad exchanges.

Why is PubMatic filing this complaint now?

• The recent antitrust ruling against Google in April 2025 laid a strong foundation for further legal action as the Court found that Google “deprived rivals of the ability to compete.”
• PubMatic, as a direct competitor that has been impacted by this conduct, is now taking action to seek redress for the harm we have suffered.

What is the scale of the damages will you be seeking as part of this litigation?

• Our complaint states that PubMatic expects that its awardable damages in this case, once trebled pursuant to relevant antitrust law, could reach into the billions of dollars.
• We are unable to quantify the full extent of the damages at this stage since discovery has not yet commenced.

How does this lawsuit relate to or differ from the DOJ’s AdTech antitrust case against Google?

• PubMatic’s litigation uses the facts established by the DOJ and confirmed by the Honorable Leonie Brinkema in the DOJ’s antitrust case. It will also rely on additional facts and evidence, including PubMatic financial data indicating the extent of the harm to PubMatic.
• The DOJ’s antitrust case established that Google unlawfully acted as a monopolist, and the remedies phase of that trial is expected to commence on September 22, 2025. The prior case did not address or seek to compensate industry players harmed by Google’s illegal actions. This aspect of the case is being left to the individual companies to pursue, as we are now doing.

Will this lawsuit change how customers access / buy / sell inventory through PubMatic?

• No. PubMatic’s day-to-day operations, customer relationships, and integrations will remain uninterrupted. Publishers and media buyers will continue to transact programmatic media as they do today.
• This lawsuit is about ensuring long-term growth and restoring a competitive market, with no disruption to customers.