Tickers mentioned: Alphabet (GOOG), Amazon (AMZN), Apple (AAPL), Facebook (FB), Microsoft (MSFT)

In May we wrote about Amazon potentially acquiring MGM. That deal was subsequently announced and will be reviewed by the FTC (per the WSJ) under new FTC Chair Lina Khan. We recently mentioned Ms. Khan as being tough on Big Tech. The FTC’s review of the Amazon/MGM deal will serve as a litmus test as to how the FTC may treat such transactions under Ms. Khan’s leadership. Our view is that Alphabet, Amazon, Apple, Facebook and Microsoft will find it incrementally more difficult to execute M&A transactions under the current FTC. This would penalize Amazon, Facebook and Microsoft more so than the other Big Tech firms given the former’s penchant for M&A.

• Asset Management
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• M&A
• Media & Entertainment
• Mergers and Acquisitions
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