Showing archive for: “Mergers & Merger Enforcement”
Commissioner Wright takes the FTC to task for its dangerous technocratic mindset in his Nielsen merger dissent
Commissioner Wright makes a powerful and important case in dissenting from the FTC’s 2-1 (Commissioner Ohlhausen was recused from the matter) decision imposing conditions on Nielsen’s acquisition of Arbitron. Essential to Josh’s dissent is the absence of any actual existing market supporting the Commission’s challenge: Nielsen and Arbitron do not currently compete in the sale ... Commissioner Wright takes the FTC to task for its dangerous technocratic mindset in his Nielsen merger dissent
Welcome new TOTM bloggers Gus Hurwitz and Ben Sperry
We’re delighted to welcome two new bloggers to Truth on the Market: Gus Hurwitz and Ben Sperry. Gus is an assistant professor of law at the University of Nebraska. His work looks at the interface between law and technology and the role of regulation in high-tech industries. He has a particular expertise in telecommunications law and ... Welcome new TOTM bloggers Gus Hurwitz and Ben Sperry
Commissioner Wright Responds to Section 5 Symposium
I’d like to thank Geoff and Thom for organizing this symposium and creating a forum for an open and frank exchange of ideas about the FTC’s unfair methods of competition authority under Section 5. In offering my own views in a concrete proposed Policy Statement and speech earlier this summer, I hoped to encourage just ... Commissioner Wright Responds to Section 5 Symposium
Tad Lipsky on Lessons From the Section 2 Context
The FTC’s struggle to provide guidance for its enforcement of Section 5’s Unfair Methods of Competition (UMC) clause (or not – some oppose the provision of forward guidance by the agency, much as one occasionally heard opposition to the concept of merger guidelines in 1968 and again in 1982) could evoke a much broader long-run ... Tad Lipsky on Lessons From the Section 2 Context
Paul Denis on Implementing a Policy Statement on UMC
Deterrence ought to be an important objective of enforcement policy. Some might argue it should be THE objective. But it is difficult to know what is being deterred by a law if the agency enforcing the law cannot or will not explain its boundaries. Commissioner Wright’s call for a policy statement on the scope of ... Paul Denis on Implementing a Policy Statement on UMC
David Balto on Economic Evidence and Section 5
One must applaud the efforts of Commissioners Ohlhausen and Wright to begin the dialogue about the proper use of Section 5 as a tool of antitrust enforcement. It was 99 years ago that Congress was debating the creation of the Federal Trade Commission and increased guidance on the Commission’s thinking on Section 5 is in ... David Balto on Economic Evidence and Section 5
Commissioner Wright goes down swinging over amendments to the FTC’s HSR rules
Last week, over Commissioner Wright’s dissent, the FTC approved amendments to its HSR rules (final text here) that, as Josh summarizes in his dissent, establish, among other things, a procedure for the automatic withdrawal of an HSR filing upon the submission of a filing to the U.S. Securities and Exchange Commission announcing that the notified transaction has been terminated. I discussed the proposed amendments ... Commissioner Wright goes down swinging over amendments to the FTC’s HSR rules
Behavioral Merger Remedies and the Hippocratic Principle
Last Thursday, the FTC settled a challenge to a company’s acquisitions of two key rivals. The two acquisitions, each of which failed to meet the threshold for required reporting under Hart Scott Rodino, occurred in 2005 and 2008. Because the acquired companies have been fully integrated into the acquirer and all distinct operations have been ... Behavioral Merger Remedies and the Hippocratic Principle
Commissioner Wright lays down the gauntlet on Section 5
As Thom noted (here and here), Josh’s speech at the ABA Spring Meeting was fantastic. In laying out his agenda at the FTC, Josh highlighted two areas on which he intends to focus: Section 5 and public restraints on trade. These are important, even essential, areas, and Josh’s leadership here will be most welcome. I’m ... Commissioner Wright lays down the gauntlet on Section 5
Josh Wright begins making his mark at the FTC by pushing cost-benefit analysis
Although it probably flew under almost everyone’s radar, last week Josh issued his first Concurring Statement as an FTC Commissioner. The statement came in response to a seemingly arcane Notice of Proposed Rulemaking relating to Hart-Scott-Rodino Premerger Notification Rules: The proposed rules also establish a procedure for the automatic withdrawal of an HSR filing when ... Josh Wright begins making his mark at the FTC by pushing cost-benefit analysis
Ending Transaction ‘Mission Creep’ at the FCC
by Larry Downes and Geoffrey A. Manne Now that the election is over, the Federal Communications Commission is returning to the important but painfully slow business of updating its spectrum management policies for the 21st century. That includes a process the agency started in September to formalize its dangerously unstructured role in reviewing mergers and ... Ending Transaction ‘Mission Creep’ at the FCC
Let The Music Play: Critics Of Universal-EMI Merger Are Singing Off-Key
There are a lot of inaccurate claims – and bad economics – swirling around the Universal Music Group (UMG)/EMI merger, currently under review by the US Federal Trade Commission and the European Commission (and approved by regulators in several other jurisdictions including, most recently, Australia). Regulators and industry watchers should be skeptical of analyses that ... Let The Music Play: Critics Of Universal-EMI Merger Are Singing Off-Key
