Google acquired an Australian business that was being run as a charity and it was not disclosed to investors.
The company, a media consulting firm called Media Matters, had a number of issues that were not well understood by investors.
Google did not have an audited financial statement and it did not explain its financial position, including its revenue and profit.
The news broke on the same day that the ABC and News Corp Australia broke stories about a separate Australian business run by a charity called St Vincent de Paul, which had received $1.9 million in donations from Google.
The media industry has been grappling with the rising cost of media subscriptions, which has seen many pay more than they can afford to and cut back on news.
A number of companies have announced plans to buy up news companies.
But Google’s acquisition was unusual, as it was a charity, not a company.
The Business Insider website has a look at the issues surrounding Google’s deal.
Topics:business-economics-and-finance,business-news,internet-technology,media,technology-and_communications,applied-technology-industry,apparel,advertising,community-and-(people-and-)groups,technology,education,australiaFirst posted September 09, 2018 13:21:58Contact the author