Broker says CMA ruling on Google shifts power balance towards UK publishers

The Competition and Markets Authority's decision to impose a conduct requirement on Google over its use of publisher content in artificial intelligence search marks a meaningful shift in the balance of power between the technology giant and content owners, according to Panmure Liberum. The broker said it takes a positive view of the ruling, which was announced on 3 June following a consultation process that began in January 2026, after the CMA designated Google as having strategic market status in October 2025.