Antitrust Chronicle – AT&T/Time Warner… What’s Next for Vertical Mergers?

Antitrust Chronicle – AT&T/Time Warner… What’s Next for Vertical Mergers?

Dear Readers, The July 2019 CPI Antitrust Chronicle features articles on vertical mergers with a focus on the AT&T/Time Warner merger case. Indeed, the AT&T/Time Warner decision was one of the most eagerly anticipated antitrust decisions in recent years. Was this just a one off case or is the Justice Department signaling its intention to […]

CPI Talks…

CPI Talks…

…with Bruce Hoffman –  In this month’s edition of CPI Talks we have the pleasure of speaking with Bruce Hoffman of the Federal Trade Commission (“FTC”). Bruce Hoffman is Director of the Bureau of Competition at the FTC. Mr. Hoffman came to the FTC from Shearman & Sterling, where he was global co-head of the […]

Modernizing the Vertical Merger Guidelines

Modernizing the Vertical Merger Guidelines

By Steven C. Salop –  In this short article, I highlight some key issues in formulating revised guidelines and legal standards for vertical mergers that several co-authors and I have analyzed in recent articles. These are distilled into five principles. These principles flow from a recognition that the harms and benefits from horizontal and vertical […]

AT&T/Time Warner and Antitrust Policy Toward Vertical Mergers

AT&T/Time Warner and Antitrust Policy Toward Vertical Mergers

By Gregory S. Crawford, Robin S. Lee, Michael D. Whinston & Ali Yurukoglu –  The AT&T/Time Warner merger offers a unique opportunity to assess the criteria that in practice may be applied to vertical merger cases when litigated, and also to consider appropriate policy toward such mergers. We first discuss economic theory and evidence regarding […]

Can Vertical Merger Analysis be Salvaged After the AT&T/Time-Warner Merger Decision?

Can Vertical Merger Analysis be Salvaged After the AT&T/Time-Warner Merger Decision?

By Malcolm B. Coate –  The AT&T/Time-Warner decision rejected the Department of Justice’s challenge to AT&T’s vertical acquisition of the cable programmer, Time Warner. The litigation focused on a post-Chicago vertical theory that looked good on paper, but could not be substantiated in practice. As the theoretical model imposed a specific structure on the competitive […]