Mergers and Acquisitions - The Capitol Forum

Ribera: New Merger Guidelines Aren’t ‘Blank Check’ for Deals – ‘On the Contrary’

The EU’s upcoming merger guidelines will not be a blank check for dealmakers, and the European Commission won’t approve deals based on companies’ “wishful thinking,” the top EU official in charge of merger control told The Capitol Forum.   Earlier discussions of a...

Apr 16, 2026 Read Now >

IonQ/SkyWater: Quantum Computing Tie-up Draws Industry Questions Over Foundry Access, Information Firewalls, But DOD Support Could Ease Antitrust Path

Quantum computing chipmaker IonQ’s (IONQ) pending $1.8 billion acquisition of specialty foundry SkyWater Technology (SKYT) raises red flags about post-merger access to SkyWater’s R&D-friendly manufacturing platform, industry sources...

Apr 16, 2026 Read Now >

Paramount Skydance/Warner Bros. Discovery: Top European Cinema Trade Group to Push for In-Depth EC Probe, Sources Say

Europe’s cinema industry is set to escalate its opposition to Paramount’s (PSKY) proposed acquisition of Warner Bros. Discovery (WBD), with one of the sector’s largest trade associationspreparing a formal submission urging EU regulators to open an in-depth investigation into the...

Apr 15, 2026 Read Now >

DOJ Antitrust Chief Assefi and Dhillon, Department’s Civil Rights Head, Consider Leaving for Private Practice; Dhillon’s Departure Hinges on Whether She Gets No. 3 Post

More personnel changes may be in store at DOJ following Attorney General Pam Bondi’s firing. Omeed Assefi, the department’s acting antitrust head, is considering leaving for private practice, sources familiar with the matter said. And Harmeet Dhillon, assistant attorney general for...

Apr 14, 2026 Read Now >

Paramount Skydance/Warner Bros. Discovery: Booker Schedules Wednesday Hearing on Deal Featuring Labor, Media Witnesses

This article has been updated to include Paramount Skydance’s response to Booker’s invitation for CEO David Ellison to testify. Senator Cory Booker, a critic of Paramount Skydance’s (PSKY) proposed acquisition of Warner Bros. Discovery (WBD), has scheduled a hearing today on the $81...

Apr 13, 2026 Read Now >

The European Antitrust Agenda: Divisions Eclipse EU-U.S. Digital Rule ‘Dialogue’; CMA Microsoft Probe Tests Soft Approach on Big Tech

Welcome to The European Antitrust Agenda (…) Ronan Scanlan, partner at Steptoe, told The Capitol Forum that the CMA appears to be taking a pragmatic approach, accepting voluntary commitments instead of imposing remedies or opening a lengthy SMS investigation into the cloud sector....

Apr 07, 2026 Read Now >

Merger Monthly: With FCC, DOJ Aid, Nexstar’s Rush-Close Strategy Worked—Until it Didn’t; Outlook for Key Transactions Including Boston Scientific /Penumbra, Paramount Skydance/Warner Bros. Discovery, and Providence Equity Partners/Cantaloupe

Nexstar’s (NXST) March 19 decision to close its $6.2 billion purchase of Tegna over pending lawsuits from eight state attorneys general and DirecTV was one of the most aggressive maneuvers by an acquiring party in recent memory. But the more consequential story may be what deal...

Apr 01, 2026 Read Now >

Antitrust Agenda: HPE/Juniper Tunney Act Hearing Set for 1pm ET Today; State Attorneys General Group Signals Need for Companies to Cooperate on Merger Investigations; Analysis of Past Comments from Fertilizer Executives Amid Price Spikes; Acting DOJ Antitrust Division AAG Omeed Assefi Talks Press Criticism

Preview of HPE/Juniper hearing. U.S. District Judge P. Casey Pitts of the Northern District of California will hear arguments today on whether to approve under the Tunney Act DOJ’s motion to finalize its settlement in the Hewlett Packard Enterprise/Juniper Networks case. At 1:00 p.m....

Mar 24, 2026 Read Now >

Paramount Skydance/Warner Bros. Discovery: EC Asks Questions Related to Foreign Subsidies Probe, Sources Say

The European Commission has sent fresh requests for information (RFIs) to Paramount Skydance (PSKY) as part of its foreign subsidies investigation into the company’s proposed $81 billion acquisition of Warner Bros. Discovery (WBD), according to two sources familiar with the probe. The...

Mar 24, 2026 Read Now >

Paramount/Warner Bros. Discovery: Democratic AGs Seek Outside Counsel for Anticipated Suit Against Merger

A group of Democratic state attorneys general preparing an antitrust suit to block Paramount Skydance’s (PSKY) proposed $81 billion acquisition of Warner Bros. Discovery is searching for outside counsel to litigate the case, sources familiar with the matter said. The search is ongoing,...

Mar 20, 2026 Read Now >

Skyworks/Qorvo: SAMR Expresses Bundling Concerns; Overlaps in Key Components Could Also Drive Review

China’s antitrust authority has expressed some initial concerns that Skyworks Solutions’ (SWKS) proposed acquisition of rival electronic components maker Qorvo (QRVO) could lead to illegal bundling practices and unfair disadvantages for home-grown competitors, sources familiar with...

Mar 20, 2026 Read Now >

Paramount/Warner Bros. Discovery: Democratic AGs Seek Outside Counsel for Anticipated Suit Against Merger

A group of Democratic state attorneys general preparing an antitrust suit to block Paramount Skydance’s (PSKY) proposed $81 billion acquisition of Warner Bros. Discovery is searching for outside counsel to litigate the case, sources familiar with the matter said. The search is ongoing,...

Mar 20, 2026 Read Now >

Paramount Skydance/Warner Bros. Discovery: California Closely Scrutinizing Deal After Failure of Trump Administration Enforcement, State AG Bonta Says

California Attorney General Rob Bonta today said that his office is conducting a vigorous review of Paramount Skydance’s (PSKY) proposed $81 billion acquisition of Warner Bros. Discovery (WBD) to ensure a vital state industry remains competitive because the Trump administration has...

Mar 13, 2026 Read Now >

Paramount Skydance/Warner Bros. Discovery: A Closer Look at Potential State AG Theories of Harm, Litigation Risk

Paramount Skydance (PSKY) in the days since inking its $81 billion agreement to acquire Warner Bros. Discovery (WBD) has projected “absolute” confidence in the deal’s closing prospects. But that confidence is in some tension not only with the politics surrounding the transaction,...

Mar 09, 2026 Read Now >

Nexstar/Tegna: States Poised to Sue to Block TV Station Merger That Would Create Overlaps in Dozens of Broadcast Markets

A group of state attorneys general are poised to sue to block Nexstar’s (NXST) proposed acquisition of rival television station operator Tegna (TGNA) once the $6.2 billion deal receives its anticipated clearances from DOJ and the Federal Communications Commission, sources familiar with...

Feb 27, 2026 Read Now >

Tech/Media/Telecom Weekly: Profit Boom for Memory Chip Oligopoly Set to Continue in Short Term as Sources in National Security Community Say Policymakers are Unlikely to Soften Stance Toward Chinese Memory Chip Companies

The TMT Weekly is a forward-looking tipsheet that covers tech policy across The Capitol Forum’s U.S. policy coverage universe, from Congress to the Courts. In this edition: National Security Outlook: Profit boom for memory chip oligopoly set to continue in short term: Sources in...

Feb 25, 2026 Read Now >

Nexstar/Tegna: FCC Chairman Carr Considers Keeping 39% Cap for Largest Networks, Lifting It for Smaller Rivals

Federal Communications Commission Chairman Brendan Carr—eager to clear Nexstar’s (NXST) proposed $6.2 billion acquisition of rival broadcaster Tegna (TGNA)—is considering lifting the national limit on TV station ownership for most companies but retaining it for the four largest...

Feb 18, 2026 Read Now >

Antitrust Agenda: Warner Reopens Merger Talks with Paramount; Cattle Ranchers Decry Trump EO Raising Argentina’s Beef Imports; Ohio AG Alleges Cannabis Cartel in Antitrust Suit; Maryland Moves Toward Algorithmic Pricing Ban

Warner Brothers re-opens merger negotiations with Paramount; experts and enforcers weigh in. Warner Brothers-Discovery (WBD) reentered deal talks with Paramount-Skydance (PSKY) this morning, asking for a “best and final” offer with a February 23 deadline to outbid Netflix’s (NFLX)...

Feb 17, 2026 Read Now >

Kimberly-Clark/Kenvue: Rivals Expected to Raise Portfolio Concerns but Clearance Still Likely, Sources Say

Kimberly-Clark’s (KMB) proposed $48.7 billion acquisition of Kenvue (KVUE) is expected to face pushback from rival suppliers in Europe, who are concerned that the combined group’s broad portfolio in key consumer categories could strengthen its bargaining leverage with retailers and...

Feb 13, 2026 Read Now >

Live Nation: New DOJ Antitrust Head Assefi Tells Company Representatives Case Is Strong, He Favors Trial, Even as Settlement Talks Continue

Omeed Assefi, the acting head of DOJ’s antitrust division, told representatives of Live Nation Entertainment (LYV) today that the department believes it has a strong antitrust case against the company and that he favors going to trial on March 2, sources familiar with the matter...

Feb 13, 2026 Read Now >

Deutsche Boerse/Allfunds: Deutsche Boerse Chief Makes Case in Brussels for Landmark EU Deal, Sources Say

Deutsche Boerse (DBKG) chief executive Stephan Leithner has recently met senior officials from the European Commission’s Directorate-General for Competition in Brussels to argue that its planned merger with Allfunds (ALLFUN) is essential to creating a ‘European champion’ in the...

Feb 11, 2026 Read Now >

Nexstar/Tegna: Appeals Court Stay Risk Looms Over Potential FCC Local, National Ownership Cap Waivers

President Donald Trump gave his stamp of approval to Nexstar’s (NXST) proposed $6.2 billion acquisition of Tegna (TNGA) in a Saturday social media post that FCC Chairman Brendan Carr quickly re-shared, providing a clear signal that the agency plans to grant Nexstar waivers of the local...

Feb 11, 2026 Read Now >

Mark Hamer, One of DOJ Antitrust Head Gail Slater’s Top Deputies, Plans to Leave Department For Private Practice

Mark Hamer, one of DOJ antitrust head Gail Slater’s top deputies, is set to leave the department’s antitrust division to return to private practice, a source familiar with the matter said. The source said Hamer will be returning to Baker McKenzie, where he served as global antitrust...

Feb 09, 2026 Read Now >

Netflix/Warner Bros. Discovery: Paramount’s Ellison Offers to Submit Written Testimony as Answers Sought on Possible Donations and Lee Plans Second Hearing on Streaming Deal

Paramount Skydance (PSKY) Chairman and CEO David Ellison has offered to submit written testimony to the Senate Judiciary antitrust subcommittee on Netflix’s (NFLX) competing $72 billion bid for Warner Bros. Discovery (WBD) after declining to answer questions in person, according to a...

Feb 06, 2026 Read Now >

Smithfield Foods/Nathan’s Famous: MAGA Food Supply Concerns, Past Alleged Violations Could Foil Plan for Quick CFIUS Clearance

Chinese-owned Smithfield Foods’ (SFD) attempt to fast track national security approval for its proposed $450 million acquisition of iconic U.S. hot dog brand Nathan’s Famous (NATH) could be derailed by administration concerns over China’s involvement in the U.S. food supply, the...

Feb 05, 2026 Read Now >

SoftBank/DigitalBridge: Deal Could Test Treasury’s Fast-Track Pilot Program for U.S. Allies

Japan’s SoftBank Group (TSE:9984) has filed its proposed $4 billion acquisition of DigitalBridge Group (DBRG) with the Committee on Foreign Investment in the United States (CFIUS), according to sources familiar with the matter, setting up what could be an early test of a Treasury...

Jan 26, 2026 Read Now >

Major UK Phase 2 Will Push CMA Analysis on Economic Growth Claims and Market Definitions, Sources Say

The UK Competition and Markets Authority’s fast-tracked phase 2 review of Associated British Foods’ (LON: ABF) proposed acquisition of Hovis will likely broaden the enforcer’s willingness to accept economic-growth focused arguments about failing firms, rivalry-enhancing...

Jan 26, 2026 Read Now >

Netflix/Warner Bros.: Senator Mike Lee Raises Concerns About ‘Killer Non-Acquisition,’ Abuse of Review Process

Netflix’s (NFLX) proposed takeover of Warner Bros. Discovery’s (WBD) studio and streaming businesses has triggered a powerful senator’s concerns that the $72 billion transaction is a “killer non-acquisition”: a pretense to secure business-sensitive information and weaken a...

Jan 26, 2026 Read Now >

Paramount/Warner Bros. Discovery: Paramount to File Hostile WBD Bid in Brussels, Seeking Early Clearance Before Netflix Vote

Paramount (PSKY) is preparing to file its hostile bid for Warner Bros. Discovery (WBD) with the European Commission as early as this month to potentially get the deal cleared by the EC before Warner’s shareholders vote for the competing Netflix deal in April, according to two people...

Jan 21, 2026 Read Now >

Charter/Cox: Alleged Price Gouging for High-Speed Broadband May Influence California Merger Review

Charter Communications (CHTR) charges higher prices for high-speed broadband in markets without rivals than in places with competition, a California agency said in a study that may prod state regulators to demand pricing caps in exchange for clearing the cable company’s proposed $34.5...

Jan 14, 2026 Read Now >

Senate Commerce Committee Plans Hearing on FCC National Ownership Cap Rule

This article has been updated with a statement from Newsmax CEO Chris Ruddy. The Senate Commerce, Science and Transportation Committee is planning to hold a February 10 hearing on lifting the cap prohibiting a company from owning television stations that reach more than 39% of U.S....

Jan 12, 2026 Read Now >

Capitol Forum’s Tech Policy 2026 Predictions: Brinkema Will Break Up Google’s Ad Tech Monopoly, DOJ and/or States Will Appeal Google Search Remedy, Open AI Will Take Feud with Google to Europe, Big Tech Will Push for Trade Policy ‘Get Out of Jail Free Card’

As part of our tech policy coverage, we are launching our annual predictions on some of the most meaningful events expected to take place in 2026, which we will track regularly throughout the year. To discuss these predictions with Executive Editor Teddy Downey, please join us for a...

Jan 08, 2026 Read Now >

AkzoNobel/Axalta: Merger Likely to Face In-Depth EU Antitrust Probe, Sources Say

AkzoNobel’s (AKZA) $25 billion acquisition of rival coatings manufacturer Axalta (AXTA) could well be facing an in-depth European Union antitrust investigation and potential structural remedy demands due to the combined company’s likely dominance in the powder coating market,...

Jan 06, 2026 Read Now >

Compass/Anywhere: Residential Brokerage Deal Creates Potentially Illegal Overlaps in a Dozen States, Analysis Shows

Compass’ (COMP) proposed $1.6 billion acquisition of rival Anywhere Real Estate (HOUS) could create concentrations in at least a dozen states’ urban real estate brokerage markets that are well above presumptively illegal thresholds, according to a Capitol Forum analysis of RealTrends...

Dec 23, 2025 Read Now >

Health Care Weekly: Zynex Files for Bankruptcy; Most FTC-Challenged Patents Delisted; TX AG Sues Epic; UnitedHealth Contract Dispute; Analysis of FDA Draft Guidance on Animal Testing; Report on Utilization Management in Traditional Medicare

Zynex files for bankruptcy. Yesterday, Zynex Medical (ZYXI) announced that it was filing for Chapter 11 bankruptcy in the Southern District of Texas. The announcement comes after a turbulent year for the company during which the Defense Health Agency (DHA), Zynex’s largest source of...

Dec 17, 2025 Read Now >

Senate Judiciary Antitrust Panel Chairman Vows Hearing on Netflix/Warner Bros. Deal if Streaming Service Prevails in Bidding Process

Senator Mike Lee (R-UT), chairman of the Senate Judiciary antitrust subcommittee, said today he would hold a hearing on Netflix’s (NFLX) attempted takeover of Warner Bros. Discovery (WBD) if the No. 1 streaming service prevails over rival bidders. “If that’s the direction they end...

Dec 04, 2025 Read Now >

Getty/Shutterstock: DOJ Hears from Industry Players About Stock Photo Sector Dominated by Merging Parties and Adobe

DOJ staff reviewing Getty Images’ (GETY) proposed $3.7 acquisition of rival Shutterstock (SSTK) has recently questioned multiple industry participants who said the stock photography market is dominated by the two merging parties, especially for large corporate customers, according to...

Nov 14, 2025 Read Now >

Boeing/Spirit Aerosystems: FTC Leans Toward Clearing Deal Subject to Behavioral Remedies; DOD’s Final Views Still Pending

The FTC is leaning toward clearing Boeing’s (BA) proposed $8.3 billion acquisition of Spirit Aerosystems (SPR) with behavioral remedies to ensure the buyer’s military contractor rivals would retain post-merger access to Spirit’s aircraft parts, sources familiar with the matter said....

Nov 14, 2025 Read Now >

Skyworks/Qorvo: Deal to Create U.S. Computer Chip Giant in RF Technology Likely to Face Rigorous SAMR Review

Skyworks Solutions’ (SWKS) proposed acquisition of rival components maker Qorvo (QRVO) to create a $22 billion U.S. powerhouse in critical radio frequency technology used in smartphones is set to undergo a rigorous investigation by China’s antitrust authority, legal practitioners...

Nov 03, 2025 Read Now >

EU’s €234 billion Bid to Close Investment Gap in Strategic Sectors Progressing Smoothly, Leaked Draft Shows

The Capitol Forum has obtained the latest version of the European Union’s proposal for a €234 billion “Competitiveness Fund” to boost the bloc’s digital, defense, clean energy and biotech industries, ahead of political negotiations on the draft next month. The latest draft was...

Oct 31, 2025 Read Now >

Merger Lobbying Picks Up as ‘MAGA Lobbyists’ Cash in on Trumpworld Connections

Merger-related lobbying ticked up slightly in the third quarter as lobbyists connected to President Donald Trump worked to boost support for pending deals involving Nexstar (NXST), Tegna (TGNA), Norfolk Southern (NSC) and other clients. So-called “MAGA lobbyists” have been in high...

Oct 22, 2025 Read Now >

Gildan/HanesBrands: Paperwork Pulled and Refiled, Giving FTC More Time to Conduct Initial Review

Gildan Activewear (GIL) pulled and refiled the HSR form for its planned acquisition of HanesBrands (HBI), according to a company spokesperson, giving the FTC 30 additional days to conduct an initial review of the $2.2 billion deal. The companies initially filed their HSR forms on...

Oct 21, 2025 Read Now >

Saudi Role in Electronic Arts Takeover Likely to Face EU Scrutiny Under Foreign Subsidies Rules, Sources Say

The European Commission is expected to assess whether Saudi Arabia’s role in a consortium to acquire Electronic Arts (EA) for $55 billion will give the country outsized influence over the EU gaming sector, multiple sources told The Capitol Forum. The U.S.-based videogames company is...

Oct 21, 2025 Read Now >

CMA Faces First Major Test of Labour’s Pro-Consumer Agenda with Food Retail Tie-Ups

Greencore’s (LON: GNC) $1.6 billion proposed purchase of Bakkavor (LON: BAKK) and Kingsmill’s (LON: ABF) $100 million planned merger with Hovis are likely to test the Competition and Markets Authority’s appetite to intervene in UK-specific mergers following clear messaging from the...

Oct 17, 2025 Read Now >

Paramount Skydance/Warner Brothers Discovery: Paramount Considers Hostile Bid, Not Planning Equity Financing

Paramount Skydance (PSKY) is considering a hostile bid for Warner Brothers Discovery (WBD), a source familiar with the matter said. The move comes after Paramount and Warner executives have discussed a potential deal for weeks but remain far apart on the contours of a final agreement,...

Oct 11, 2025 Read Now >

UK Merger Review in Retreat: Lawyers Declare ‘Open Season’ as They Tell Companies to Skip Notifying Deals

Deal advisors in the UK are starting to see a window of opportunity for completing more complicated global mergers without intervention from the antitrust agency, as the Competition and Markets Authority sticks to the government’s economic growth agenda. Some lawyers view the CMA’s...

Oct 02, 2025 Read Now >

Mars/Kellanova: EC Leaning Towards Clearing Deal, Sources Say

The European Commission is leaning towards clearing Mars’s $36 billion proposed acquisition of Kellanova (K) without remedies because it’s struggling to back up the concerns that motivated its in-depth review, according to sources familiar with the probe. The enforcer last week...

Oct 02, 2025 Read Now >

Anglo American/Teck Resources: Merger Set to Face ‘Canada Strong,’ ‘America First’ Agendas in Foreign Investment Reviews

London-based Anglo American (LSE: AAL) and Teck Resources’ (TECK) plan to create a $50 billion-plus copper-mining behemoth will likely encounter regulatory scrutiny driven by “Canada Strong” and “America First” agendas. In Ottawa, the main focus will be on whether the deal...

Oct 01, 2025 Read Now >

ADNOC/Covestro: Remedies Expected to be Filed as Early as Wednesday, Sources Say

Abu Dhabi National Oil Company (ADNOC) is set to file remedies with the European Commission as early as tomorrow in a bid to clear its €14.7 billion acquisition of German chemicals company Covestro (COV: ETR), sources said. The proposed remedies will address the major concerns raised...

Sep 30, 2025 Read Now >

GTCR/Surmodics: Private Equity Firm’s Economist Disputes FTC’s Contention That Merged Company Would Dominate Hydrophilic Coatings Market

The FTC’s estimate that GTCR’s acquisition of Surmodics (SRDX) would create a company that produces 60% of the hydrophilic coatings for medical devices in the U.S. is far too high, the private equity firm’s economics expert said in court today. Instead, the market share would be...

Sep 29, 2025 Read Now >

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