Tech Wars: Return of the Conglomerate ―Throwback or Dawn of a New Series for Competition in the Digital Era?―
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The conglomerate model, once thought of as a past relic, has begun to stage an astonishing comeback in a seemingly unlikely place—none other than the high-flying and perennially evolving tech industry. This comeback has coincided with an intriguing change in the nature of competition for the high-tech industry in the digital era, morphing into a multi-contact war between conglomerate-like businesses, with clashes ensuing on multiple battlefields. While this phenomenon has yet to receive proper attention in antitrust circles, multi-contact competition is not completely novel for antitrust. Antitrust has grappled with these aspects in the past, mostly in conglomerate mergers. But, there has not yet been a proper analysis of the recent rise of multicontact competition waged by conglomerate businesses (either in substance or true form) in today’s tech industry. This paper provides a foray into certain key aspects of multi-contact competition waged by conglomerate tech businesses with implications for antitrust law and analysis. Analysis shows it would be wrong to consider emerging conglomerate competition in the digital era as a throwback from the past. Careful consideration of a firm’s strategy is required to properly analyze this phenomenon, as should be for antitrust analysis generally.
Abstract
The conglomerate model, once thought of as a past relic, has begun to stage an astonishing comeback in a seemingly unlikely place—none other than the high-flying and perennially evolving tech industry. This comeback has coincided with an intriguing change in the nature of competition for the high-tech industry in the digital era, morphing into a multi-contact war between conglomerate-like businesses, with clashes ensuing on multiple battlefields. While this phenomenon has yet to receive proper attention in antitrust circles, multi-contact competition is not completely novel for antitrust. Antitrust has grappled with these aspects in the past, mostly in conglomerate mergers. But, there has not yet been a proper analysis of the recent rise of multicontact competition waged by conglomerate businesses (either in substance or true form) in today’s tech industry. This paper provides a foray into certain key aspects of multi-contact competition waged by conglomerate tech businesses with implications for antitrust law and analysis. Analysis shows it would be wrong to consider emerging conglomerate competition in the digital era as a throwback from the past. Careful consideration of a firm’s strategy is required to properly analyze this phenomenon, as should be for antitrust analysis generally.
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