In today’s Digest, we look at Meta’s FTC antitrust trial drawing to a close, PDD Holdings’ income dropping amid price wars and tariffs, and YouTube topping TV viewing among media companies for the third month in a row.

Meta Awaits Ruling as FTC Antitrust Trial Draws to a Close

Meta Platforms’ long running antitrust battle with the US Federal Trade Commission (FTC) has entered its final phase, as a seven week trial wrapped up on Tuesday (27th May). The fate of the tech giant now rests with US District Judge James Boasberg, who will determine whether Meta maintains an illegal monopoly in the social media market.

The FTC argues that Meta acquired Instagram in 2012 and WhatsApp in 2014 to eliminate competition and solidify its dominance in personal social networking. The agency contends that these acquisitions were not driven by innovation but by a strategic effort to neutralise emerging rivals. If Judge Boasberg sides with the FTC, Meta could be ordered to divest Instagram, WhatsApp, or both.

YouTube Tops TV Viewing Among Media Companies for Third Month in a Row

YouTube has once again taken the lead  in television viewership among the largest media companies, holding the top spot in Nielsen’s April 2025 Media Distributor Gauge. The platform accounted for 12.4% of total TV watch time, marking not only its third consecutive month at number one, but also its largest share to date.

April marked a milestone for the Media Distributor Gauge, as it was the first time company rankings remained unchanged month over month since Nielsen began tracking in November 2023. Disney maintained its second place position with a 10.7% share, while Paramount followed at 8.9%, recording the largest month-over-month increase among media companies (+0.4 points). Warner Bros. Discovery sustained a 6.7% share, driven by a 58% surge in TNT viewership and coverage of 18 first round NBA Playoff games through 27 April.

PDD Holdings Income Drops as Price Wars and Tariffs Weigh

Temu-owner PDD Holdings reported a 47% drop in its first quarter net income, falling from 28bn yuan (£2.88bn) to 14.74bn yuan (£1.61bn), as the Chinese e-commerce giant grapples with intensifying domestic competition and global trade uncertainties. The company's US listed shares dropped more than 17% following the earnings release.

On a post earnings call, PDD chairman and co CEO Chen Lei acknowledged the broader challenges, stating “Radical change in external policy environments such as tariffs has created significant pressure for our merchants.” The uncertainty has also clouded the outlook for Temu, PDD’s international platform, which continues to navigate shifting geopolitical and regulatory conditions.