The week was marked by shifting power plays between governments, platforms, and advertisers. MSQ rejected a merger deal which never was with S4 Capital, Google eased Play Store restrictions in Europe whilst simultaneously being hit by regulatory action in Australia, whilst scrutiny into AI continues to sharpen.

MSQ Partners has dismissed speculation of a merger with S4 Capital. While S4 confirmed it had received a formal proposal, MSQ said its board had “not been involved in discussions” and “not considered any proposal.”

Meanwhile, Google found itself adjusting course, easing Play Store restrictions under the Digital Markets Act to allow developers more freedom to direct users to outside offers. But regulatory pressure didn’t end there in Australia, Google was hit with a AUS$55m (£28.6m) fine for anti-competitive deals with telcos Telstra and Optus.

Back in the US, regulators turned their attention to AI. Texas attorney-general Ken Paxton launched an investigation into Meta and Character.ai, probing whether their chatbots misled children by posing as mental health tools without proper qualifications.

And while scrutiny over AI grows, Netflix had a far brighter week, announcing that its US Upfront commitments more than doubled year-on-year. The company highlighted growth across retail, CPG, and telecoms, while showcasing new ad-tech advances including programmatic integration with Yahoo DSP and expanded measurement partnerships.