Showing archive for: “Mergers & Merger Enforcement”
FCC restrictions on joint sales agreements: Yet another FCC rule without basis in evidence or economics
Recently, Commissioner Pai praised the introduction of bipartisan legislation to protect joint sales agreements (“JSAs”) between local television stations. He explained that JSAs are contractual agreements that allow broadcasters to cut down on costs by using the same advertising sales force. The efficiencies created by JSAs have helped broadcasters to offer services that benefit consumers, ... FCC restrictions on joint sales agreements: Yet another FCC rule without basis in evidence or economics
The Ninth Circuit botched its efficiencies analysis in the FTC v St Lukes antitrust case
Earlier this week the International Center for Law & Economics, along with a group of prominent professors and scholars of law and economics, filed an amicus brief with the Ninth Circuit seeking rehearing en banc of the court’s FTC, et al. v. St Luke’s case. ICLE, joined by the Medicaid Defense Fund, also filed an ... The Ninth Circuit botched its efficiencies analysis in the FTC v St Lukes antitrust case
California Dreamin’: California Public Utility Commission must resist extreme regulatory overreach in the recently proposed conditions in Comcast-TWC merger
On February 13 an administrative law judge (ALJ) at the California Public Utility Commission (CPUC) issued a proposed decision regarding the Comcast/Time Warner Cable (TWC) merger. The proposed decision recommends that the CPUC approve the merger with conditions. It’s laudable that the ALJ acknowledges at least some of the competitive merits of the proposed deal. ... California Dreamin’: California Public Utility Commission must resist extreme regulatory overreach in the recently proposed conditions in Comcast-TWC merger
Spicy Documents Serve up a Paltry Antitrust Meal
There is always a temptation for antitrust agencies and plaintiffs to center a case around so-called “hot” documents — typically company documents with a snippet or sound-bites extracted, some times out of context. Some practitioners argue that “[h]ot document can be crucial to the outcome of any antitrust matter.” Although “hot” documents can help catch ... Spicy Documents Serve up a Paltry Antitrust Meal
Antitrust Enforcement in Reverse: Getting Efficiencies Backwards
A century ago Congress enacted the Clayton Act, which prohibits acquisitions that may substantially lessen competition. For years, the antitrust enforcement Agencies looked at only one part of the ledger – the potential for price increases. Agencies didn’t take into account the potential efficiencies in cost savings, better products, services, and innovation. One of the major ... Antitrust Enforcement in Reverse: Getting Efficiencies Backwards
Double secret ex parte meetings at the FCC: Something’s amiss in the agency’s big transaction reviews
The Wall Street Journal dropped an FCC bombshell last week, although I’m not sure anyone noticed. In an article ostensibly about the possible role that MFNs might play in the Comcast/Time-Warner Cable merger, the Journal noted that The FCC is encouraging big media companies to offer feedback confidentially on Comcast’s $45-billion offer for Time Warner ... Double secret ex parte meetings at the FCC: Something’s amiss in the agency’s big transaction reviews
Swimming Against the Tide: The FTC’s Misguided Antagonism to Health Care Integration
There is a consensus in America that we need to control health care costs and improve the delivery of health care. After a long debate on health care reform and careful scrutiny of health care markets, there seems to be agreement that the unintegrated, “siloed approach” to health care is inefficient, costly, and contrary to ... Swimming Against the Tide: The FTC’s Misguided Antagonism to Health Care Integration
A Cost-Benefit Framework for Antitrust Enforcement Policy
Debates among modern antitrust experts focus primarily on the appropriate indicia of anticompetitive behavior, the particular methodologies that should be applied in assessing such conduct, and the best combination and calibration of antitrust sanctions (fines, jail terms, injunctive relief, cease and desist orders). Given a broad consensus that antitrust rules should promote consumer welfare (albeit ... A Cost-Benefit Framework for Antitrust Enforcement Policy
FTC closes Men’s Warehouse/Jos A Bank merger investigation
Credit where it’s due — the FTC has closed its investigation of the Men’s Warehouse/Jos. A. Bank merger. I previously wrote about the investigation here, where I said: I would indeed be shocked if a legitimate economic analysis suggested that Jos. A. Banks and Men’s Warehouse occupied all or most of any relevant market. For the most ... FTC closes Men’s Warehouse/Jos A Bank merger investigation
Getting efficiencies right at the FTC: Commissioner Wright dissents in Ardagh/Saint-Gobain merger
FTC Commissioner Josh Wright pens an incredibly important dissent in the FTC’s recent Ardagh/Saint-Gobain merger review. At issue is how pro-competitive efficiencies should be considered by the agency under the Merger Guidelines. As Josh notes, the core problem is the burden of proof: Merger analysis is by its nature a predictive enterprise. Thinking rigorously about ... Getting efficiencies right at the FTC: Commissioner Wright dissents in Ardagh/Saint-Gobain merger
Why the Antitrust Realities Support the Comcast-Time Warner Cable Merger
I have a new article on the Comcast/Time Warner Cable merger in the latest edition of the CPI Antitrust Chronicle, which includes several other articles on the merger, as well. In a recent essay, Allen Grunes & Maurice Stucke (who also have an essay in the CPI issue) pose a thought experiment: If Comcast can ... Why the Antitrust Realities Support the Comcast-Time Warner Cable Merger
The premium natural and organic men’s apparel market
Last month the Wall Street Journal raised the specter of an antitrust challenge to the proposed Jos. A. Bank/Men’s Warehouse merger. Whether a challenge is forthcoming appears to turn, of course, on market definition: An important question in the FTC’s review will be whether it believes the two companies compete in a market that is ... The premium natural and organic men’s apparel market
