In the recently published Universal/EMI decision, the European Commission developed a novel theory of harm based on the impact of the transaction on the merging parties’ bargaining power. This memo explains the economic reasoning behind the Commission’s bargaining theory and presents a critical view of its application to the recorded music industry. In particular, the memo argues that the theory did not fit the facts of the case, and highlights some of the pitfalls to be avoided when testing such bargaining theories of harm.
CRA engagements win in 2024 GCR Awards
The high-profile acquisition of Activision by Microsoft, which CRA Competition’s teams advised on was named overall Matter of the Year, as well as Matter of...