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February 11, 2020 06:47 pm

FTC Will Review Past Mergers by Facebook, Google and Other Big Tech Companies

The new effort by the Federal Trade Commission will require all five big technology companies to provide information about the smaller players they've purchased over the past 10 years, including documents for deals that may not have been large enough to warrant deep, closer inspection by government watchdogs at the time. From a report: The records the FTC amasses could ultimately influence its thinking about Silicon Valley and its size, sparking investigations, resulting in tough punishments or prompting the commission to seek further enforcement powers from Congress once it concludes its work. "This initiative will enable the Commission to take a closer look at acquisitions in this important sector, and also to evaluate whether the federal agencies are getting adequate notice of transactions that might harm competition," FTC Chairman Joe Simons said in a statement. The inquiry announced Tuesday differs from a traditional investigation: Using its so-called 6(b) authority, the FTC can embark on wide-ranging reviews of entire industries without necessarily bringing a law-enforcement action. The agency in the past has invoked such powers to delve deep into drug prices, alcohol ads and gas gouging, experts said, often ushering about major changes in the markets and companies it studies. With big tech, the FTC is particularly interested in the smaller startups purchased by Apple, Amazon, Facebook, Google and Microsoft. Such deals typically aren't large enough to require companies under law to report them to agencies like the FTC, which would then review them for competition concerns. The document demands sent to all five tech giants require them to demystify these transactions, explaining their acquisition strategies and the ways they ingested startups -- and the data they amassed -- into their own services.

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