ANTITRUST REGULATION Should new media giants be broken up?

Google, Facebook not playing by the rules, News Corp tells ACCC

https://www.theguardian.com/media/2018/may/04/google-facebook-not-playing-by-the-rules-news-corp-tells-accc?CMP=Share_AndroidApp_Copy_to_clipboard

TERMINOLOGY - very useful neologism/mnemonic below: GAFA...

UPDATE: MURDOCH'S FOX RAIDED BY EU ANTI-TRUST AUTHORITY OVER SPORTS RIGHTS
The Murdoch press enjoys a dominant market position in the UK with no hint of any regulatory action (unless left-wing Labour leader wins the next election) from government or the self-'regulator' IPSO. Yet his corporation's handling of sport rights once more sees clear evidence of the tough regulatory environment for broadcast media compared to 'print' media.
Guardian: 21st Century Fox's London office raided in market abuse inquiry.

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A useful primer, including a quote from Adam Smith, on the history of and current clamour for enforcement of antitrust laws.

In a nutshell these exist to combat market dominance by single companies (or colluding cartels), seen as to the detriment of customers.

Elliot, the Guardian Economics editor, references historical cases of oil, and 1980s action on AT+T (US equivalent of BT in the UK or Post in Luxembourg), but he could also have referenced action against a forerunner of the modern cinema big six, forced to vertically DE-integrate before gradual deregulation allowed this dominance to return.

Microsoft were desperate for Apple to survive during its 90s crises, as it helped put off antitrust action against them.

Elliot cites the GAFA crew, Google, Apple, Facebook, Amazon, but Comcast and Disney also are worthy of such consideration as they clamber above even global media barons such as Murdoch, who faces Disney buying his film empire and Comcast his prized TV empire.

(See Guardian article, Is it time to break up the tech giants such as Facebook?, for more on this)

The argument goes like this. Data is as vital to the modern digital economy as oil was a century ago. The tech giants have the same sort of monopoly power that Standard Oil once had (Google and Facebook accounted for two-thirds of online advertising spending in the US last year and Amazon was responsible for 75% of online book sales). Mark Zuckerberg might wear chinos rather than the top hat sported by Rockefeller but a robber baron is a robber baron. It is time for anti-trust legislation to be used to break up Facebook, Google and Amazon.

The charge sheet is a long one: the tech giants are exploiting their monopoly power to stifle competition; they are spreading fake news; their fantastically rich owners portray themselves as right-on yet go to a great deal of trouble to minimise their corporate tax bills; they are ripping the heart out of communities through the closure of bricks-and-mortar retailers. To the list can now be added (in Facebook’s case) the harvesting of the personal data of 50 million Americans and its use for political purposes. 

No question, Big Tech is more vulnerable to a backlash from Washington than it has ever been. Companies have outgrown management systems that were not designed for systemically important businesses and have used their market power to gobble up rivals. It is this charge – that the disruptive startup companies of yesteryear are today’s anti-capitalists – that creates the biggest risk of anti-trust action.