Profit incentives for streaming services are “very much out of sync” with those of artists, DOJ Antitrust Division Chief Jonathan Kanter said Wednesday: Enforcers will take it into account during its merger guideline review with the FTC (see 2204220056). He and FTC Chair Lina Khan heard from several musicians, content creators and consumer advocates about the effects of consolidation in media and entertainment during the third listening session. The FTC is taking note of the “significant transformation” in the media and entertainment sector over the past decade, Khan said.
Pandemic-related Senate absences could mean further delay in Democrats' bid to confirm FTC nominee Alvaro Bedoya to the FTC, but Senate Majority Leader Chuck Schumer, D-N.Y., and Senate Commerce Committee Chair Maria Cantwell, D-Wash., said Tuesday they’re determined to move forward. Three Democratic senators, meanwhile, still hadn’t committed Tuesday to supporting or opposing FCC nominee Gigi Sohn. The lack of unified Democratic Senate support for Sohn means the nominee’s confirmation prospects remain murky since all 50 caucus members will need to vote to overcome what’s expected to be unified GOP opposition.
Elon Musk will buy Twitter for $44 billion and take it private (see 2204210038), the company announced Monday to Republican cheers and Democratic concerns. Unanimously approved by Twitter’s board, the deal is expected to close this year, the company said. Stockholders will receive $54.20 cash for each share of Twitter common stock, a 38% premium to Twitter's closing stock price April 1, the company said. Musk disclosed his 9% stake in Twitter on March 31. Stock dropped 5.66% Monday, closing at $51.70.
The FTC appears to be taking too broad of an approach to its potential privacy rulemaking (see 2204180049), Commissioner Noah Phillips told us Monday. He spoke at a George Mason University event the day after Senate Majority Leader Chuck Schumer, D-N.Y., announced the Senate plans to confirm Alvaro Bedoya as fifth commissioner this week.
The FTC and DOJ are relying on faulty antitrust theories to single out digital platforms, tech industry groups told the agencies in comments on enforcers’ review of merger guidelines (see 2204080056). Sector-specific antitrust laws are appropriate due to the unprecedented control companies like Amazon, Facebook and Google have over digital markets, consumer groups told the agencies.
The Senate Judiciary Committee is eyeing a markup for the Journalism Competition and Preservation Act (S-673) during the upcoming work period, industry officials told us Wednesday (see 2202280066). New bipartisan language under consideration for S-673 would ensure print and broadcast journalism outlets aren’t discriminated against based on viewpoints expressed in content.
Expect the FTC to quickly initiate a comprehensive privacy rulemaking after nominee Alvaro Bedoya is confirmed (see 2204150063), former officials and advocates said in interviews.
Elon Musk offered to buy Twitter Thursday and take it private, saying he wants to transform the platform and defend free speech. The Tesla CEO and Twitter shareholder announced his bid through an SEC filing, in which he offered to buy 100% of Twitter at $54.20 per share, estimating the value of the company at $43.4 billion.
The U.S. Privacy Shield ombudsperson reviewed zero European complaints about U.S. surveillance practices during two years under the agreement (see 2203250002 and 2104070058), U.K. Information Commissioner John Edwards said Wednesday.
The FTC’s Democratic leadership set “very high” expectations for expanding the agency’s authority that aren’t in line with legal realities, Commissioner Noah Phillips said Tuesday. He spoke at the International Association of Privacy Professionals’ global privacy summit the day after Chair Lina Khan opened the conference, telling attendees the agency is considering new marketwide rules to provide clear notice and more efficient enforcement.