Showing archive for: “Mergers & Merger Enforcement”
Ajit Pai Brought the FCC’s Media Ownership Rules into the Modern Age
I’m delighted to add my comments to the chorus of voices honoring Ajit Pai’s remarkable tenure at the Federal Communications Commission. I’ve known Ajit longer than most. We were classmates in law school … let’s just say “many” years ago. Among the other symposium contributors I know of only one—fellow classmate, Tom Nachbar—who can make ... Ajit Pai Brought the FCC’s Media Ownership Rules into the Modern Age
Facebook and the Pros and Cons of Ex Post Merger Reviews
The Federal Trade Commission and 46 state attorneys general (along with the District of Columbia and the Territory of Guam) filed their long-awaited complaints against Facebook Dec. 9. The crux of the arguments in both lawsuits is that Facebook pursued a series of acquisitions over the past decade that aimed to cement its prominent position ... Facebook and the Pros and Cons of Ex Post Merger Reviews
The Limits of Rivalry
I am left wondering, however, if he’s misdiagnosed the problem – or at least whether the cure he offers would be seen as sufficient by those most vocally asserting that antitrust is failing. And, of course, I recognize that his objective in writing this book is not to bring harmony to a deeply divided debate, ... The Limits of Rivalry
The Dangerous Implications of Changing Antitrust Presumptions
One of the key recommendations of the House Judiciary Committee’s antitrust report which seems to have bipartisan support (see Rep. Buck’s report) is shifting evidentiary burdens of proof to defendants with “monopoly power.” These recommended changes are aimed at helping antitrust enforcers and private plaintiffs “win” more. The result may well be more convictions, more ... The Dangerous Implications of Changing Antitrust Presumptions
Rising Concentration: Drifters Followup Is Worse Than the Original
Germán Gutiérrez and Thomas Philippon have released a major rewrite of their paper comparing the U.S. and EU competitive environments. Although the NBER website provides an enticing title — “How European Markets Became Free: A Study of Institutional Drift” — the paper itself has a much more yawn-inducing title: “How EU Markets Became More Competitive ... Rising Concentration: Drifters Followup Is Worse Than the Original
How does antitrust measure nonprice effects like political bias?
In the latest congressional hearing, purportedly analyzing Google’s “stacking the deck” in the online advertising marketplace, much of the opening statement and questioning by Senator Mike Lee and later questioning by Senator Josh Hawley focused on an episode of alleged anti-conservative bias by Google in threatening to demonetize The Federalist, a conservative publisher, unless they ... How does antitrust measure nonprice effects like political bias?
Will Montesquieu Rescue Antitrust?
In an age of antitrust populism on both ends of the political spectrum, federal and state regulators face considerable pressure to deploy the antitrust laws against firms that have dominant market shares. Yet federal case law makes clear that merely winning the race for a market is an insufficient basis for antitrust liability. Rather, any ... Will Montesquieu Rescue Antitrust?
EU General Court Sends a Maverick Packing
Last month the EU General Court annulled the EU Commission’s decision to block the proposed merger of Telefónica UK by Hutchison 3G UK. It what could be seen as a rebuke of the Directorate-General for Competition (DG COMP), the court clarified the proof required to block a merger, which could have a significant effect on ... EU General Court Sends a Maverick Packing
Would You Rather: Merger or Nationalization?
While much of the world of competition policy has focused on mergers in the COVID-19 era. Some observers see mergers as one way of saving distressed but valuable firms. Others have called for a merger moratorium out of fear that more mergers will lead to increased concentration and market power. In the meantime, there has ... Would You Rather: Merger or Nationalization?
Uber/Grubhub: Pandemic Profiteering, Merger Moratoriums, and Rising Concentration … Or Not
Earlier this week, merger talks between Uber and food delivery service Grubhub surfaced. House Antitrust Subcommittee Chairman David N. Cicilline quickly reacted to the news: Americans are struggling to put food on the table, and locally owned businesses are doing everything possible to keep serving people in our communities, even under great duress. Uber is ... Uber/Grubhub: Pandemic Profiteering, Merger Moratoriums, and Rising Concentration … Or Not
Let’s (NOT) Stop All the Mergers: The Case for Letting the Agencies Do Their Jobs
Never let a crisis go to waste, or so they say. In the past two weeks, some of the same people who sought to stop mergers and acquisitions during the bull market took the opportunity of the COVID-19 pandemic and the new bear market to call to ban M&A. On Friday, April 24th, Rep. David ... Let’s (NOT) Stop All the Mergers: The Case for Letting the Agencies Do Their Jobs
The Covidien/Newport Merger: Killer Acquisition or Just a Killer Story?
[TOTM: The following is part of a blog series by TOTM guests and authors on the law, economics, and policy of the ongoing COVID-19 pandemic. The entire series of posts is available here. This post is authored by Geoffrey A. Manne, (President, ICLE; Distinguished Fellow, Northwestern University Center on Law, Business, and Economics); and Dirk Auer, (Senior Fellow ... The Covidien/Newport Merger: Killer Acquisition or Just a Killer Story?
