Martha Samuelson Joins Antitrust Magazine Panel on the 2023 DOJ/FTC Merger Guidelines
January 3, 2025
Analysis Group Chairman Martha Samuelson joined a panel of competition regulators and antitrust experts for a conversation about the 2023 Merger Guidelines issued by the Department of Justice (DOJ) and Federal Trade Commission (FTC). These guidelines updated previous guidance from the agencies on vertical mergers (2020) and horizonal mergers (2010). In addition to Ms. Samuelson, panelists included Susan Athey, former chief economist at the DOJ Antitrust Division; Bruce Hoffman, former director of the FTC Bureau of Competition; David Lawrence, policy director at the DOJ Antitrust Division; and Nathan Soderstrom, the FTC’s associate director for merger analysis. The panel discussion, hosted by the American Bar Association (ABA) and detailed in Antitrust Magazine, was moderated by Antitrust Magazine editor Ian Simmons.
The panelists’ conversation centered on the notable updates contained in the 2023 Guidelines, as well as the impetus and drafting process for the revisions. In addition to providing a timely update to prior guidance, agency representatives noted that the revised guidelines consolidated review standards for both horizontal and vertical mergers, attempted to bring review standards in line with case law, and offered guidance on trends including mergers involving platforms and multiproduct firms. Panelists spoke favorably about the collaborative drafting process, with Ms. Samuelson praising the agencies’ consideration of public input. “[W]e experienced our discussion as productive and constructive participants,” she said. “I thought it was a wonderful process as…an external stakeholder.” Regarding the substantive changes reflected in the new guidelines, Ms. Samuelson noted a shifting balance in the consideration of merger risks and benefits. In addition to considering this shift in the standard of review, panelists discussed the uncertainty inherent in judgments about the outcomes of potential mergers, especially in those involving nascent competitors.