Biden becomes dealmakers’ no fun police
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Biden becomes dealmakers’ no fun police
• Biden becomes dealmakers’ no fun police
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*About This Video*
U.S. President Joe Biden was meant to bring predictability to the antitrust environment after a tumultuous four years. But the government agencies who patrol mergers and acquisitions are wielding some big sticks, and it’s hard to tell where they will strike next.
On Monday, the Department of Justice crowed that Hollywood power brokers Ari Emanuel and Mark Shapiro of Endeavor (EDR.N) left the board of Live Nation Entertainment (LYV.N) after it raised concerns the two companies competed too closely in the sports and entertainment markets. The rebuke isn’t unheard of – regulators probed the boards of Alphabet (GOOGL.O) and Apple (AAPL.O) in 2009 and found director overlap. Yet it’s rare, and the target in this case, with a market capitalization of just $19 billion, is relatively small.
Other agencies have been putting companies on notice. Earlier this month, the Justice Department sued to block Aon’s (AON.N) $30 billion acquisition of Willis Towers Watson to prevent two of the big three global insurance brokers from combining. The Federal Trade Commission is challenging the $7.1 billion merger of biotechnology firms Illumina (ILMN.O) and Grail (GRAL.O).
Biden’s recent appointment of Lina Khan to head the FTC is another totem that the administration is keen to push the boundaries in novel ways. Khan has been vocal about broadening the definition of anti-competitive behavior, looking beyond just how consolidation affects prices to other factors, like control over consumer data.
Credit to: https://www.reuters.com/
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