[20200721]IN11462_数字市场的竞争：垂直整合和收购.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Competition in Digital Markets: Vertical Integration and Acquisitions July 21, 2020 Competition in digital markets is drawing attention from Congress, foreign regulators, and antitrust authorities. The House Judiciary Committee opened an investigation of digital markets in 2019. The same year, the Department of Justice (DOJ) and the Federal Trade Commission (FTC) reportedly opened antitrust investigations into four companiesAlphabet, Amazon, Apple, and Facebook. These firms, along with Microsoft, are currently the most valuable publicly traded companies in the United States, and are often referred to as “Big Tech.” Possible issues in the pending investigations may include the effects of vertical integration and acquisitions on competition. On June 30, 2020, the DOJ and FTC released new V ertical Merger Guidelines. The guidelines outline the agencies approach to examining mergers and acquisitions at different stages of a supply chain. The guidelines do not explicitly address digital markets, leaving it unclear how these agencies are examining “Big Tech” in their investigations. This CRS Insight analyzes co