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carjang

carjang

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please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/805783797","repostId":"1191057621","repostType":4,"isVote":1,"tweetType":1,"viewCount":731,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802180816,"gmtCreate":1627733048835,"gmtModify":1633756747177,"author":{"id":"3575954804845795","authorId":"3575954804845795","name":"carjang","avatar":"https://static.tigerbbs.com/732d4ecea777f9244e2d24307b0c180f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575954804845795","idStr":"3575954804845795"},"themes":[],"title":"","htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/802180816","repostId":"1154216466","repostType":4,"repost":{"id":"1154216466","kind":"news","pubTimestamp":1627713678,"share":"https://www.laohunote.com/m/news/1154216466?lang=zh_CN&edition=full","pubTime":"2021-07-31 14:41","market":"us","language":"en","title":"Antitrust Activists Want to Go Full Throttle. Here’s a Lesson They Should Consider First<blockquote>反垄断活动家想要全力以赴。这是他们应该首先考虑的一个教训</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154216466","media":"Barron's","summary":"About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson Unive","content":"<p><i>About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson University, and previously served as chief economist of the Federal Communications Commission.&nbsp;His latest book is</i>The Political Spectrum: The Tumultuous Liberation of Wireless Technologies, from Herbert Hoover to the Smartphone.</p><p><blockquote><i>关于作者：托马斯·W·黑兹利特是H.H。麦考利是克莱姆森大学经济学捐赠教授，曾担任联邦通信委员会首席经济学家。他的最新著作是</i>政治光谱：无线技术的动荡解放，从赫伯特·胡佛到智能手机。</blockquote></p><p> Big Tech is in the antitrust hot seat. But before the Department of Justice tries to break up companies likeGoogleorApple,it should recall the history, and eventual outcome, of theAT&amp;T-Time Warner merger.</p><p><blockquote>大型科技公司正处于反垄断的风口浪尖。但在司法部试图拆分谷歌或苹果等公司之前，它应该回顾一下 T&amp;T 与时代华纳合并的历史和最终结果。</blockquote></p><p> The DOJ expended extensive time and resources to stop AT&amp;T’s acquisition of Time Warner, marking the department’s first challenge to a major vertical merger in over 40 years. The government was unsuccessful despite its best efforts, which included an appeal to the D.C. Circuit, and time reveals that its concerns were evidently misplaced all along. The merger did not result in higher prices, program blackouts, or even any appreciable advantage for the companies.</p><p><blockquote>司法部花费了大量时间和资源阻止 AT&amp;T 收购时代华纳，这标志着司法部 40 多年来首次挑战重大垂直合并。尽管政府尽了最大努力，包括向华盛顿巡回法院提出上诉，但还是没有成功，时间表明，它的担忧显然一直是错误的。合并没有导致价格上涨、项目中断，甚至没有给公司带来任何明显的优势。</blockquote></p><p> In October 2016 AT&amp;Tannouncedits plan to buy Time Warner.&nbsp; Donald Trump’s presidential campaign trashed the merger in a statement: &nbsp;“AT&amp;T … is now trying to buy Time Warner and thus the wildly anti-Trump CNN. Donald Trump would never approve such a deal.”&nbsp; With Trump in office, the DOJ moved to block it.</p><p><blockquote>2016 年 10 月，美国电话电报公司宣布计划收购时代华纳。唐纳德-特朗普的总统竞选团队在一份声明中否决了这一合并： “美国电话电报公司.现在正试图收购时代华纳，从而收购狂热反特朗普的 CNN。唐纳德-特朗普绝不会批准这样的交易”。特朗普上任后，司法部采取行动阻止了这一交易。</blockquote></p><p> In 2017, the DOJ went to court tocomplainthat the merger would “substantially lessen competition in video” by allowing AT&amp;T to “use Time Warner’s ‘must have’” networks like CNN, TNT, TBS, and HBO to raise fees charged to rival cable TV distributors like Comcast or DISH. AT&amp;T, which had acquired national satellite operator DirecTV, could threaten “blackouts” depriving rival distributors of key programs—their subscribers would then quit and flock to DirecTV (AT&amp;T) so as to keep watching CNN or the NBA Playoffs on TNT. Not only would major TV and cable systems be hurt, but emerging online streaming services would be crushed.</p><p><blockquote>2017 年，司法部向法院投诉称，合并将允许 AT&amp;T “利用时代华纳的 '必备 '网络，如 CNN、TNT、TBS 和 HBO，提高向康卡斯特或 DISH 等竞争对手有线电视分销商收取的费用，从而 “大大减少视频领域的竞争”。收购了国家卫星运营商 DirecTV 的 AT&amp;T 可能会威胁 “停电 ”，剥夺竞争对手分销商的关键节目--他们的用户随后会退出并涌向 DirecTV（AT&amp;T），以便继续在 TNT 上观看 CNN 或 NBA 季后赛。不仅主要的电视和有线电视系统会受到损害，新兴的在线流媒体服务也会受到挤压。</blockquote></p><p> The government’s case focused on “vertical leveraging,” where a company uses two complementary products to make it more difficult for rivals to compete in the individual markets.&nbsp;Here, AT&amp;T was combining video content creation with video program distribution; the allegation was that competitors in either segment might be hurt.&nbsp;Yet there are clear efficiencies to be had, as widely found in studies of vertically integrated firms, with joint operations boosting consumer happiness. Buyers at Costco eagerly snap up Costco-supplied Kirkland products—which the retailer stocks in place of those of some independent producers—if they improve price or quality.&nbsp;So facts, not just a story, are needed.&nbsp; District Court Judge Richard J. Leonfoundthat the DOJ case “falls far short of establishing the validity of its… theory.”</p><p><blockquote>政府的案例集中在 “垂直杠杆”上，即一家公司使用两种互补的产品，使竞争对手更难在各自的市场上竞争。在这种情况下，AT&amp;T 将视频内容创作与视频节目发行相结合；指控称，这两个领域的竞争对手都可能受到伤害。然而，正如在对垂直一体化公司的研究中广泛发现的那样，联合运营提高了消费者的幸福感，这显然会带来效率。好市多（Costco）的买家急于snap好市多（Costco）供应的柯克兰（Kirkland）产品，如果这些产品能提高价格或质量，零售商就会囤积柯克兰（Kirkland）产品。因此，我们需要的是事实，而不仅仅是一个故事。地区法院法官 Richard J. Leon 认为，司法部的案件 “远不能证明其.理论的有效性”。</blockquote></p><p> Aside from the political overtones of the case, there was good historical reason to doubt the official complaint. A cable TV programmer combined with (or split from) a video distributor several times in recent years.&nbsp;Vertical integration did not cause higher prices, as shown by econometric analysis. Nor did vertical integration lead to “blackouts,” as the DOJ conceded. A three-judge panel of the D.C. Circuit confirmed Judge Leon’s opinion, finding that “the industry had become dynamic in recent years with the emergence, for example, of Netflix and Hulu.”</p><p><blockquote>除了此案的政治色彩之外，还有充分的历史理由怀疑官方的投诉。一家有线电视节目主持人近年来多次与一家视频发行商合并（或分拆）。计量经济学分析表明，垂直整合并没有导致更高的价格。正如司法部承认的那样，垂直整合也不会导致 “停电”。华盛顿特区巡回法院的三名法官组成的合议庭确认了莱昂法官的意见，认为 “近年来，随着 Netflix 和 Hulu 等公司的出现，该行业变得充满活力”。</blockquote></p><p> Owning DirecTV and Time Warner together turned out to be not much advantage, let alone a monopoly. Despite a huge boost in pandemic demand for video content, rivals soon dined on AT&amp;T-Time Warner’s lunch. When AT&amp;T bought DirecTV in 2015, it paid $67 billion.&nbsp;In February 2021, with DirecTV’s satellite subscriber base collapsing, the spun-off operation wasvaluedat $16.3 billion.</p><p><blockquote>事实证明，共同拥有 DirecTV 和时代华纳并没有多大优势，更不用说垄断了。尽管大流行病对视频内容的需求大大增加，但竞争对手很快就吃了 AT&amp;T-时代华纳的午餐。AT&amp;T 在 2015 年收购 DirecTV 时支付了 670 亿美元。2021 年 2 月，随着 DirecTV 的卫星用户群崩溃，分拆业务的估值为 163 亿美元。</blockquote></p><p> And AT&amp;Tthen unloaded the video assets of Time Warner. A new enterprise—Warner Bros. Discovery—is being spun off and merged with Discovery (Discovery Channel, Animal Planet, TLC, HGTV, the Food Networkand more). The content-only firm voluntarily severs the link the DOJ critiqued as easy monopoly money. With the allegations of anticompetitive bundling, it has been cast off as not worth the trouble.AT&amp;T shareholders receive $43 billion, less than half the $100 billion AT&amp;T expended (in debt and equity) for Time Warner three years ago. The government’s scenario of anti-competitive vertical integration proved a fantasy.</p><p><blockquote>美国电话电报公司随后卸载了时代华纳的视频资产。一家新企业——华纳兄弟探索频道——正在分拆并与探索频道（探索频道、动物星球、TLC、HGTV、食品网络等）合并。这家只做内容的公司自愿切断了DOJ批评为容易垄断金钱的链接。由于反竞争捆绑的指控，它已被放弃，因为不值得麻烦。 AT&amp;T 股东获得 430 亿美元，不到三年前 AT&amp;T 为时代华纳花费的 1000 亿美元（债务和股权）的一半。政府提出的反竞争垂直一体化方案被证明是一种幻想。</blockquote></p><p></p><p> AT&amp;T’s maneuvers deserve whatever scorn billions in shareholder losses can buy. A cynic might offer that antitrust laws be beefed up to protect against such corporate errors, ignoring that economic penalties—more reliable and harsher than whatever antitrust enforcers might deal—are visibly in place. But little note has been made of the ironic political saga. Policymakers are moving full throttle to enact statutes to beef up antitrust prosecution in tech for exactly what AT&amp;T so spectacularly failed to do in video.&nbsp; Rep. Pramila Jayapal (D-Wash.) and Rep. Lance Gooden (R-Texas) introduced the “Ending Monopoly Platforms Act” that would restrict vertical mergers in online services, for example. At least five other bills for new antitrust rules have been introduced.</p><p><blockquote>AT&amp;T 的举动值得数十亿股东损失所带来的蔑视。愤世嫉俗者可能会建议加强反垄断法，以防止此类公司错误，而忽略了经济处罚——比反垄断执法者可能处理的任何事情都更可靠、更严厉——显然已经到位。但是很少有人注意到这个具有讽刺意味的政治传奇。政策制定者们正在全力制定法规，以加强对科技领域的反垄断起诉，而美国电话电报公司（AT&amp;T）在视频中却未能做到这一点。众议员普拉米拉-贾亚帕尔（Pramila Jayapal，民主党-华盛顿州）和众议员兰斯-古登（Lance Gooden，共和党-德克萨斯州）提出了 “终止垄断平台法案”，该法案将限制在线服务的垂直合并。至少还有五项新的反垄断规则法案已经出台。</blockquote></p><p> Not only can such policies be expensive legal diversions, they can block the innovations igniting exciting new choices for customers. Netflix has integrated from streaming into movie production, after launching Roku. Hulu was created by News Corp. (Fox) and NBC-Universal (Comcast).&nbsp;Amazon Prime Video, Sling, YouTube TV, Apple TV, Disney Plus, HBO Max and Paramount Plus—each has extended a large media or e-commerce platform. Each evolved from a quest for better products. Treating entrepreneurship as suspect puts the screws to just the disruptions now roiling online entertainment markets. AT&amp;T learned the hard way that owning complementary products is no guarantee of success. </p><p><blockquote>此类政策不仅可能是昂贵的法律转移，还会阻碍为客户点燃令人兴奋的新选择的创新。在推出Roku后，Netflix 已将流媒体整合到电影制作中。Hulu 由新闻集团（Fox）和 NBC-Universal（Comcast）创建。亚马逊 Prime Video、Sling、YouTube TV、苹果电视台、Disney Plus、HBO Max 和派拉蒙 Plus——每个都扩展了大型媒体或电子商务平台。每一个都是从对更好产品的追求演变而来的。将创业视为嫌疑人只会加剧目前扰乱在线娱乐市场的混乱。美国电话电报公司惨痛地认识到，拥有互补产品并不能保证成功。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Antitrust Activists Want to Go Full Throttle. Here’s a Lesson They Should Consider First<blockquote>反垄断活动家想要全力以赴。这是他们应该首先考虑的一个教训</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAntitrust Activists Want to Go Full Throttle. Here’s a Lesson They Should Consider First<blockquote>反垄断活动家想要全力以赴。这是他们应该首先考虑的一个教训</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-31 14:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson University, and previously served as chief economist of the Federal Communications Commission.&nbsp;His latest book is</i>The Political Spectrum: The Tumultuous Liberation of Wireless Technologies, from Herbert Hoover to the Smartphone.</p><p><blockquote><i>关于作者：托马斯·W·黑兹利特是H.H。麦考利是克莱姆森大学经济学捐赠教授，曾担任联邦通信委员会首席经济学家。他的最新著作是</i>政治光谱：无线技术的动荡解放，从赫伯特·胡佛到智能手机。</blockquote></p><p> Big Tech is in the antitrust hot seat. But before the Department of Justice tries to break up companies likeGoogleorApple,it should recall the history, and eventual outcome, of theAT&amp;T-Time Warner merger.</p><p><blockquote>大型科技公司正处于反垄断的风口浪尖。但在司法部试图拆分谷歌或苹果等公司之前，它应该回顾一下 T&amp;T 与时代华纳合并的历史和最终结果。</blockquote></p><p> The DOJ expended extensive time and resources to stop AT&amp;T’s acquisition of Time Warner, marking the department’s first challenge to a major vertical merger in over 40 years. The government was unsuccessful despite its best efforts, which included an appeal to the D.C. Circuit, and time reveals that its concerns were evidently misplaced all along. The merger did not result in higher prices, program blackouts, or even any appreciable advantage for the companies.</p><p><blockquote>司法部花费了大量时间和资源阻止 AT&amp;T 收购时代华纳，这标志着司法部 40 多年来首次挑战重大垂直合并。尽管政府尽了最大努力，包括向华盛顿巡回法院提出上诉，但还是没有成功，时间表明，它的担忧显然一直是错误的。合并没有导致价格上涨、项目中断，甚至没有给公司带来任何明显的优势。</blockquote></p><p> In October 2016 AT&amp;Tannouncedits plan to buy Time Warner.&nbsp; Donald Trump’s presidential campaign trashed the merger in a statement: &nbsp;“AT&amp;T … is now trying to buy Time Warner and thus the wildly anti-Trump CNN. Donald Trump would never approve such a deal.”&nbsp; With Trump in office, the DOJ moved to block it.</p><p><blockquote>2016 年 10 月，美国电话电报公司宣布计划收购时代华纳。唐纳德-特朗普的总统竞选团队在一份声明中否决了这一合并： “美国电话电报公司.现在正试图收购时代华纳，从而收购狂热反特朗普的 CNN。唐纳德-特朗普绝不会批准这样的交易”。特朗普上任后，司法部采取行动阻止了这一交易。</blockquote></p><p> In 2017, the DOJ went to court tocomplainthat the merger would “substantially lessen competition in video” by allowing AT&amp;T to “use Time Warner’s ‘must have’” networks like CNN, TNT, TBS, and HBO to raise fees charged to rival cable TV distributors like Comcast or DISH. AT&amp;T, which had acquired national satellite operator DirecTV, could threaten “blackouts” depriving rival distributors of key programs—their subscribers would then quit and flock to DirecTV (AT&amp;T) so as to keep watching CNN or the NBA Playoffs on TNT. Not only would major TV and cable systems be hurt, but emerging online streaming services would be crushed.</p><p><blockquote>2017 年，司法部向法院投诉称，合并将允许 AT&amp;T “利用时代华纳的 '必备 '网络，如 CNN、TNT、TBS 和 HBO，提高向康卡斯特或 DISH 等竞争对手有线电视分销商收取的费用，从而 “大大减少视频领域的竞争”。收购了国家卫星运营商 DirecTV 的 AT&amp;T 可能会威胁 “停电 ”，剥夺竞争对手分销商的关键节目--他们的用户随后会退出并涌向 DirecTV（AT&amp;T），以便继续在 TNT 上观看 CNN 或 NBA 季后赛。不仅主要的电视和有线电视系统会受到损害，新兴的在线流媒体服务也会受到挤压。</blockquote></p><p> The government’s case focused on “vertical leveraging,” where a company uses two complementary products to make it more difficult for rivals to compete in the individual markets.&nbsp;Here, AT&amp;T was combining video content creation with video program distribution; the allegation was that competitors in either segment might be hurt.&nbsp;Yet there are clear efficiencies to be had, as widely found in studies of vertically integrated firms, with joint operations boosting consumer happiness. Buyers at Costco eagerly snap up Costco-supplied Kirkland products—which the retailer stocks in place of those of some independent producers—if they improve price or quality.&nbsp;So facts, not just a story, are needed.&nbsp; District Court Judge Richard J. Leonfoundthat the DOJ case “falls far short of establishing the validity of its… theory.”</p><p><blockquote>政府的案例集中在 “垂直杠杆”上，即一家公司使用两种互补的产品，使竞争对手更难在各自的市场上竞争。在这种情况下，AT&amp;T 将视频内容创作与视频节目发行相结合；指控称，这两个领域的竞争对手都可能受到伤害。然而，正如在对垂直一体化公司的研究中广泛发现的那样，联合运营提高了消费者的幸福感，这显然会带来效率。好市多（Costco）的买家急于snap好市多（Costco）供应的柯克兰（Kirkland）产品，如果这些产品能提高价格或质量，零售商就会囤积柯克兰（Kirkland）产品。因此，我们需要的是事实，而不仅仅是一个故事。地区法院法官 Richard J. Leon 认为，司法部的案件 “远不能证明其.理论的有效性”。</blockquote></p><p> Aside from the political overtones of the case, there was good historical reason to doubt the official complaint. A cable TV programmer combined with (or split from) a video distributor several times in recent years.&nbsp;Vertical integration did not cause higher prices, as shown by econometric analysis. Nor did vertical integration lead to “blackouts,” as the DOJ conceded. A three-judge panel of the D.C. Circuit confirmed Judge Leon’s opinion, finding that “the industry had become dynamic in recent years with the emergence, for example, of Netflix and Hulu.”</p><p><blockquote>除了此案的政治色彩之外，还有充分的历史理由怀疑官方的投诉。一家有线电视节目主持人近年来多次与一家视频发行商合并（或分拆）。计量经济学分析表明，垂直整合并没有导致更高的价格。正如司法部承认的那样，垂直整合也不会导致 “停电”。华盛顿特区巡回法院的三名法官组成的合议庭确认了莱昂法官的意见，认为 “近年来，随着 Netflix 和 Hulu 等公司的出现，该行业变得充满活力”。</blockquote></p><p> Owning DirecTV and Time Warner together turned out to be not much advantage, let alone a monopoly. Despite a huge boost in pandemic demand for video content, rivals soon dined on AT&amp;T-Time Warner’s lunch. When AT&amp;T bought DirecTV in 2015, it paid $67 billion.&nbsp;In February 2021, with DirecTV’s satellite subscriber base collapsing, the spun-off operation wasvaluedat $16.3 billion.</p><p><blockquote>事实证明，共同拥有 DirecTV 和时代华纳并没有多大优势，更不用说垄断了。尽管大流行病对视频内容的需求大大增加，但竞争对手很快就吃了 AT&amp;T-时代华纳的午餐。AT&amp;T 在 2015 年收购 DirecTV 时支付了 670 亿美元。2021 年 2 月，随着 DirecTV 的卫星用户群崩溃，分拆业务的估值为 163 亿美元。</blockquote></p><p> And AT&amp;Tthen unloaded the video assets of Time Warner. A new enterprise—Warner Bros. Discovery—is being spun off and merged with Discovery (Discovery Channel, Animal Planet, TLC, HGTV, the Food Networkand more). The content-only firm voluntarily severs the link the DOJ critiqued as easy monopoly money. With the allegations of anticompetitive bundling, it has been cast off as not worth the trouble.AT&amp;T shareholders receive $43 billion, less than half the $100 billion AT&amp;T expended (in debt and equity) for Time Warner three years ago. The government’s scenario of anti-competitive vertical integration proved a fantasy.</p><p><blockquote>美国电话电报公司随后卸载了时代华纳的视频资产。一家新企业——华纳兄弟探索频道——正在分拆并与探索频道（探索频道、动物星球、TLC、HGTV、食品网络等）合并。这家只做内容的公司自愿切断了DOJ批评为容易垄断金钱的链接。由于反竞争捆绑的指控，它已被放弃，因为不值得麻烦。 AT&amp;T 股东获得 430 亿美元，不到三年前 AT&amp;T 为时代华纳花费的 1000 亿美元（债务和股权）的一半。政府提出的反竞争垂直一体化方案被证明是一种幻想。</blockquote></p><p></p><p> AT&amp;T’s maneuvers deserve whatever scorn billions in shareholder losses can buy. A cynic might offer that antitrust laws be beefed up to protect against such corporate errors, ignoring that economic penalties—more reliable and harsher than whatever antitrust enforcers might deal—are visibly in place. But little note has been made of the ironic political saga. Policymakers are moving full throttle to enact statutes to beef up antitrust prosecution in tech for exactly what AT&amp;T so spectacularly failed to do in video.&nbsp; Rep. Pramila Jayapal (D-Wash.) and Rep. Lance Gooden (R-Texas) introduced the “Ending Monopoly Platforms Act” that would restrict vertical mergers in online services, for example. At least five other bills for new antitrust rules have been introduced.</p><p><blockquote>AT&amp;T 的举动值得数十亿股东损失所带来的蔑视。愤世嫉俗者可能会建议加强反垄断法，以防止此类公司错误，而忽略了经济处罚——比反垄断执法者可能处理的任何事情都更可靠、更严厉——显然已经到位。但是很少有人注意到这个具有讽刺意味的政治传奇。政策制定者们正在全力制定法规，以加强对科技领域的反垄断起诉，而美国电话电报公司（AT&amp;T）在视频中却未能做到这一点。众议员普拉米拉-贾亚帕尔（Pramila Jayapal，民主党-华盛顿州）和众议员兰斯-古登（Lance Gooden，共和党-德克萨斯州）提出了 “终止垄断平台法案”，该法案将限制在线服务的垂直合并。至少还有五项新的反垄断规则法案已经出台。</blockquote></p><p> Not only can such policies be expensive legal diversions, they can block the innovations igniting exciting new choices for customers. Netflix has integrated from streaming into movie production, after launching Roku. Hulu was created by News Corp. (Fox) and NBC-Universal (Comcast).&nbsp;Amazon Prime Video, Sling, YouTube TV, Apple TV, Disney Plus, HBO Max and Paramount Plus—each has extended a large media or e-commerce platform. Each evolved from a quest for better products. Treating entrepreneurship as suspect puts the screws to just the disruptions now roiling online entertainment markets. AT&amp;T learned the hard way that owning complementary products is no guarantee of success. </p><p><blockquote>此类政策不仅可能是昂贵的法律转移，还会阻碍为客户点燃令人兴奋的新选择的创新。在推出Roku后，Netflix 已将流媒体整合到电影制作中。Hulu 由新闻集团（Fox）和 NBC-Universal（Comcast）创建。亚马逊 Prime Video、Sling、YouTube TV、苹果电视台、Disney Plus、HBO Max 和派拉蒙 Plus——每个都扩展了大型媒体或电子商务平台。每一个都是从对更好产品的追求演变而来的。将创业视为嫌疑人只会加剧目前扰乱在线娱乐市场的混乱。美国电话电报公司惨痛地认识到，拥有互补产品并不能保证成功。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/antitrust-activists-want-to-go-full-throttle-heres-a-lesson-they-should-consider-first-51627509048?mod=hp_COMMENTARY_3\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/antitrust-activists-want-to-go-full-throttle-heres-a-lesson-they-should-consider-first-51627509048?mod=hp_COMMENTARY_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154216466","content_text":"About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson University, and previously served as chief economist of the Federal Communications Commission. His latest book isThe Political Spectrum: The Tumultuous Liberation of Wireless Technologies, from Herbert Hoover to the Smartphone.\nBig Tech is in the antitrust hot seat. But before the Department of Justice tries to break up companies likeGoogleorApple,it should recall the history, and eventual outcome, of theAT&T-Time Warner merger.\nThe DOJ expended extensive time and resources to stop AT&T’s acquisition of Time Warner, marking the department’s first challenge to a major vertical merger in over 40 years. The government was unsuccessful despite its best efforts, which included an appeal to the D.C. Circuit, and time reveals that its concerns were evidently misplaced all along. The merger did not result in higher prices, program blackouts, or even any appreciable advantage for the companies.\nIn October 2016 AT&Tannouncedits plan to buy Time Warner.  Donald Trump’s presidential campaign trashed the merger in a statement:  “AT&T … is now trying to buy Time Warner and thus the wildly anti-Trump CNN. Donald Trump would never approve such a deal.”  With Trump in office, the DOJ moved to block it.\nIn 2017, the DOJ went to court tocomplainthat the merger would “substantially lessen competition in video” by allowing AT&T to “use Time Warner’s ‘must have’” networks like CNN, TNT, TBS, and HBO to raise fees charged to rival cable TV distributors like Comcast or DISH. AT&T, which had acquired national satellite operator DirecTV, could threaten “blackouts” depriving rival distributors of key programs—their subscribers would then quit and flock to DirecTV (AT&T) so as to keep watching CNN or the NBA Playoffs on TNT. Not only would major TV and cable systems be hurt, but emerging online streaming services would be crushed.\nThe government’s case focused on “vertical leveraging,” where a company uses two complementary products to make it more difficult for rivals to compete in the individual markets. Here, AT&T was combining video content creation with video program distribution; the allegation was that competitors in either segment might be hurt. Yet there are clear efficiencies to be had, as widely found in studies of vertically integrated firms, with joint operations boosting consumer happiness. Buyers at Costco eagerly snap up Costco-supplied Kirkland products—which the retailer stocks in place of those of some independent producers—if they improve price or quality. So facts, not just a story, are needed.  District Court Judge Richard J. Leonfoundthat the DOJ case “falls far short of establishing the validity of its… theory.”\nAside from the political overtones of the case, there was good historical reason to doubt the official complaint. A cable TV programmer combined with (or split from) a video distributor several times in recent years. Vertical integration did not cause higher prices, as shown by econometric analysis. Nor did vertical integration lead to “blackouts,” as the DOJ conceded. A three-judge panel of the D.C. Circuit confirmed Judge Leon’s opinion, finding that “the industry had become dynamic in recent years with the emergence, for example, of Netflix and Hulu.”\nOwning DirecTV and Time Warner together turned out to be not much advantage, let alone a monopoly. Despite a huge boost in pandemic demand for video content, rivals soon dined on AT&T-Time Warner’s lunch. When AT&T bought DirecTV in 2015, it paid $67 billion. In February 2021, with DirecTV’s satellite subscriber base collapsing, the spun-off operation wasvaluedat $16.3 billion.\nAnd AT&Tthen unloaded the video assets of Time Warner. A new enterprise—Warner Bros. Discovery—is being spun off and merged with Discovery (Discovery Channel, Animal Planet, TLC, HGTV, the Food Networkand more). The content-only firm voluntarily severs the link the DOJ critiqued as easy monopoly money. With the allegations of anticompetitive bundling, it has been cast off as not worth the trouble.AT&T shareholders receive $43 billion, less than half the $100 billion AT&T expended (in debt and equity) for Time Warner three years ago. The government’s scenario of anti-competitive vertical integration proved a fantasy.\nAT&T’s maneuvers deserve whatever scorn billions in shareholder losses can buy. A cynic might offer that antitrust laws be beefed up to protect against such corporate errors, ignoring that economic penalties—more reliable and harsher than whatever antitrust enforcers might deal—are visibly in place. But little note has been made of the ironic political saga. Policymakers are moving full throttle to enact statutes to beef up antitrust prosecution in tech for exactly what AT&T so spectacularly failed to do in video.  Rep. Pramila Jayapal (D-Wash.) and Rep. Lance Gooden (R-Texas) introduced the “Ending Monopoly Platforms Act” that would restrict vertical mergers in online services, for example. At least five other bills for new antitrust rules have been introduced.\nNot only can such policies be expensive legal diversions, they can block the innovations igniting exciting new choices for customers. Netflix has integrated from streaming into movie production, after launching Roku. Hulu was created by News Corp. (Fox) and NBC-Universal (Comcast). Amazon Prime Video, Sling, YouTube TV, Apple TV, Disney Plus, HBO Max and Paramount Plus—each has extended a large media or e-commerce platform. Each evolved from a quest for better products. Treating entrepreneurship as suspect puts the screws to just the disruptions now roiling online entertainment markets. AT&T learned the hard way that owning complementary products is no guarantee of success.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":519,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167310920,"gmtCreate":1624246597460,"gmtModify":1634008936054,"author":{"id":"3575954804845795","authorId":"3575954804845795","name":"carjang","avatar":"https://static.tigerbbs.com/732d4ecea777f9244e2d24307b0c180f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575954804845795","idStr":"3575954804845795"},"themes":[],"title":"","htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/167310920","repostId":"1154249454","repostType":4,"isVote":1,"tweetType":1,"viewCount":552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}