Updated, with Klobuchar comment: Amazon’s planned $8.45 billion acquisition of MGM got a chilly reception from some Capitol Hill lawmakers, but there may not be much that they can do to stop it.
The opposition largely centers on Amazon, already with a market cap of more than $1.6 trillion, getting even bigger. But it’s not up to Congress to give the greenlight to mergers, but the Justice Department and perhaps the Federal Trade Commission. On this score, there are doubts as to what grounds the government could challenge a transaction given existing antitrust law and the state of the marketplace.
“Another day. Another mega merger. Amazon’s proposed purchase of MGM reinforces what we already know — they are laser-focused on expanding and entrenching their monopoly power,” wrote Rep. David Cicilline (D-r.I.), who chairs the House antitrust subcommittee. “That’s bad for workers, consumers, and small businesses.”
His sentiment was shared by Rep.
The opposition largely centers on Amazon, already with a market cap of more than $1.6 trillion, getting even bigger. But it’s not up to Congress to give the greenlight to mergers, but the Justice Department and perhaps the Federal Trade Commission. On this score, there are doubts as to what grounds the government could challenge a transaction given existing antitrust law and the state of the marketplace.
“Another day. Another mega merger. Amazon’s proposed purchase of MGM reinforces what we already know — they are laser-focused on expanding and entrenching their monopoly power,” wrote Rep. David Cicilline (D-r.I.), who chairs the House antitrust subcommittee. “That’s bad for workers, consumers, and small businesses.”
His sentiment was shared by Rep.
- 5/26/2021
- by Ted Johnson
- Deadline Film + TV
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