GOOG Alphabet Inc

By Denny Jacob

Match Group and Alphabet-unit Google reached a binding term sheet for a settlement regarding their claims against each other in their legal battle.

The online dating company said in a letter to shareholders that $40 million placed in escrow will be returned to Match and no other amount will be owed by the Match plaintiffs to Google. The parties agreed that by March 31, Match's apps, which include Tinder and Hinge, will implement Google's user choice billing.

As a result, Match's brands will pay standard rates of 15% on subscriptions and 30% for a la carte purchase for in-app transactions processed through Google's payment system, and 11% on subscriptions and 26% on a la carte purchase for in-app purchases processed through its payment systems.

Match said it expects the new partnership agreement will essentially offset the additional costs that its brands expect to incur over the three years starting in 2024 associated with implementation and continued use of user choice billing in compliance with Google's payment policy during that period.

"This ensures we can continue to provide our shared users the secure, seamless and high quality experience people expect from apps on Google Play while maintaining Google's ability to invest in the Android ecosystem and deliver value across an app's full lifecycle," a Google spokesperson said.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

October 31, 2023 17:14 ET (21:14 GMT)

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