On 18 January 2022 the Department of Justice (DOJ) and Federal Trade Commission (FTC) held a press conference to announce a joint effort to modernize the horizontal and vertical federal merger guidelines “to better detect and prevent illegal, anticompetitive deals in today’s modern markets.” [1] FTC and DOJ Stress Need for Merger Guidelines to Reflect Realities of the Modern Economy In her opening statement, FTC Chair Lina Khan noted that a review of the federal merger guidelines is especially timely given the “major technological and economic changes [that] have led to shifts in how businesses compete and grow . . ." [2] Echoing these sentiments, Assistant Attorney General Jonathan Kanter noted that the “digital revolution” has transformed the economy “on a level that rivals the

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