U.S. antitrust agencies, in a flurry of recent actions, have reinvigorated vertical merger enforcement, claiming competitive harm from what, in the past, would potentially have been viewed as efficiency-enhancing vertical integration. The Department of Justice (“DOJ”), in particular, has challenged three mergers – Ticketmaster/Live Nation; Comcast/ NBC Universal, and Google/ITA, in each case imposing an array of conduct remedies in addition to, or in lieu of, traditional structural remedies. Much has already been written about the renewed interest by the DOJ in conduct remedies, but there has been far less discussion of the potential impact of the DOJ’s approach on a key element of competition – incentives for innovation. Behind the DOJ’s appetite for conduct remedies lies a potential
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The US District Court for the District of Columbia conditionally approves a joint-venture under behavioral remedies in the online video distribution and video programming industries (Comcast / NBC Universal)
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