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EU’s Google-Fitbit antitrust decision deadline pushed into 2021

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The deadline for Europe to make a call on the Google -Fitbit merger has been pushed out again — with EU regulators now having until January 8, 2021, to take a decision.

The latest change to the provisional deadline, spotted earlier by Reuters, could be the result of one of the parties asking for more time.

Last month the deadline for a decision was extended until December 23 — potentially pushing the decision out beyond a year after Google announced its intention to buy Fitbit, back in November 2019. So if the tech giant was hoping for a simple and swift regulatory rubberstamping its hopes have been diminishing since August when the Commission announced it was going to dig into the detail. Once bitten and all that.

The proposed Fitbit acquisition also comes as Alphabet, Google’s parent, is under intense antitrust scrutiny on multiple fronts on home turf.

Google featured prominently in a report by the House Judiciary Committee on big tech antitrust concerns earlier this month, with US lawmakers recommending a range of remedies — including breaking up platform giants.

European lawmakers are also in the process of drawing up new rules to regulate so-called ‘gatekeeper’ platforms — which would almost certainly apply to Google. A legislative proposal on that is expected before the end of this year, which means it may appear before EU regulators have taken a decision on the Google-Fitbit deal. (And one imagines Google isn’t exactly stoked about that possibility.)

Both competition and privacy concerns have been raised against allowing Google get its hands on Fitbit users’ data.

The tech giant has responded by offering a number of pledges to try to convince regulators — saying it would not use Fitbit health and wellness data for ads and offering to have data separation requirements monitored. It has also said it would commit to maintain third parties’/rivals’ access to its Android ecosystem and Fitbit’s APIs.

However rival wearable makers have continued to criticize the proposed merger. And, earlier this week, consumer protection and human rights groups issued a joint letter — urging regulators to only approve the takeover if “merger remedies can effectively prevent [competition and privacy] harms in the short and long term”.

One thing is clear: With antitrust concerns now writ large against ‘big tech’ the era of ‘friction-free’ acquisitions looks to be behind Google et al.

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Eric Schmidt, who bought YouTube for a premium, thinks social networks are ‘amplifiers for idiots’

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The Verge used to have a fine tradition of cataloging all of the times when Eric Schmidt stuck his foot in his mouth, and today’s feels like a worthy addition: the former Google CEO and executive chairman has decided that social networks are “amplifiers for idiots.”

The fuller quote, according to Bloomberg: “The context of social networks serving as amplifiers for idiots and crazy people is not what we intended.”

Without knowing who “we” refers to, you might think he’s talking about how the entire tech industry has failed to keep sites like Facebook and Twitter from creating echo chambers and polarizing politics around the world (though some argue we can’t blame social networks alone).

He’s certainly a member of the tech elite, one who had the ear of many other CEOs and even engaged in some extremely shady dealings that way.

But you may recall that Schmidt also personally controlled one of the biggest social networks for many years: YouTube. He presided over the $1.65 billion buyout in 2006 and did it precisely in his role as a visionary, paying as much as $1 billion more than he thought it was worth at the time. He then stayed on as Google’s CEO until 2011 and was Alphabet’s executive chairman until early 2018.

This year, YouTube finally revealed it makes $15 billion a year, so perhaps the purchase has now been justified on purely financial terms. Societally, however, it sounds more like he’s apologizing that the golden age of YouTube is over. It’s “not what we intended.”

Schmidt was also asked about the landmark antitrust case Google’s currently facing down with the Department of Justice, and Bloomberg has this gem of a quote:

“I would be careful about these dominance arguments. I just don’t agree with them,” Schmidt said. “Google’s market share is not 100%.”

I guess antitrust only kicks in once you’ve locked out every competitor and now serve literally every human being on earth?

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Daily Crunch: Quibi is shutting down

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The end is in sight for Quibi, PayPal adds cryptocurrency support and Netflix tests a new promotional strategy. This is your Daily Crunch for October 21, 2020.

The big story: Quibi might be shutting down

The much-hyped streaming video app led by Jeffrey Katzenberg and Meg Whitman, which raised nearly $2 billion in funding, is shutting down, according to reports in The Information and The Wall Street Journal.

Katzenberg, a longtime Hollywood executive, had blamed the coronavirus pandemic for a lackluster launch in May — an app designed for on-the-go viewing didn’t have much appeal when people were largely stuck at home. And whatever the reason, none of Quibi’s shows ever became a breakout hit.

Quibi executives confirmed the news in a post on Medium.

The tech giants

PayPal to let you buy and sell cryptocurrencies in the US — In partnership with Paxos, PayPal plans to support Bitcoin, Ethereum, Bitcoin Cash and Litecoin at first.

Facebook is working on Neighborhoods, a Nextdoor clone based on local groups — Facebook said that Neighborhoods currently is live only in Calgary, Canada.

Netflix to test free weekend-long access in India — The streaming service recently stopped offering a month of complimentary access to new users in the United States.

Startups, funding and venture capital

Syte, an e-commerce visual search platform, gets $30M Series C to expand in the US and Asia — Launched in 2015 to focus on visual search for clothing, Syte’s technology now covers other verticals, like jewelry and home decor.

June’s third-gen smart oven goes up for pre-order, starting at $599 — It’s been two years since the smart oven’s last major update.

Mine raises $9.5M to help people take control of their personal data — Mine scans users’ inboxes to help them understand who has access to their personal data.

Advice and analysis from Extra Crunch

Founders don’t need to be full-time to start raising venture capital — John Vrionis and Sarah Leary of Unusual Ventures told us that lightweight investing matters in the early days of a company.

Dear Sophie: What visa options exist for a grad co-founding a startup? — The latest edition of immigration lawyer Sophie Alcorn’s column answering immigration-related questions about working at tech companies.

Lessons from Datto’s IPO pricing and revenue multiple — How do you value slower, more profitable software growth?

(Reminder: Extra Crunch is our membership program, which aims to democratize information about startups. You can sign up here.)

Everything else

Sam’s Club will deploy autonomous floor-scrubbing robots in all of its US locations — Sam’s Club parent company Walmart is already using robotics to perform inventory in its own stores.

AOC’s Among Us stream topped 435,000 concurrent viewers — The purpose of the stream, which drew a massive crowd, was to get out the vote as we head into the general election.

Coalition for App Fairness, a group fighting for app store reforms, adds 20 new partners — The coalition claims that both Apple and Google engage in anti-competitive behavior.

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 3pm Pacific, you can subscribe here.

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4 quick bites and obituaries on Quibi (RIP 2020-2020)

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A new entry in the greatest collapses of startups ever

In memory of the death of Quibi, here’s a quick sendoff from three of our writers who came together to discuss what we can learn from Quibi’s amazing, instantaneous, billions-of-dollars failure.

Lucas Matney looks at what the potential was for Quibi and how it missed the mark in media. Danny Crichton discusses why billions of dollars in VC funding isn’t enough in competitive markets like video. Anthony Ha discusses the crazy context of Quibi and our interview with the company earlier this year. And Brian Heater looks at why constraints are not benefits in new products.

A Deadpool company before it was even launched by Lucas Matney

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