#65 How We Define Markets

Italy's unique approach to restricting foreign investment has evolved from the historic "Golden Shares" regime to the "Golden Power" law, but recent changes are amplifying tensions with the European Commission. ADVANT Nctm's Francesco Mazzocchi joins host Anant Raut to explain the impact of new changes to the "Golden Power" law, examine significant cases like UniCredit’s takeover of Banco BPM, and discuss what this means for international investors navigating Italy's regulatory landscape.With special guest:Francesco Mazzocchi, Partner, ADVANT Nctm Hosted by:Anant Raut

Before you can conclude that a merger will result in a monopoly, you have to first ask a monopoly of what? Market definition is the analytical fulcrum that almost everything else in a merger case rests upon. Kirkland & Ellis LLP's Mike Singer and Cornerstone Research's Nathaniel Hipsman join host Anant Raut to explain how economists use the hypothetical monopolist and SSNIP tests to define markets. They then discuss the strengths and shortcomings of the tests, as well as the famous "cellophane fallacy" where the competitive price may actually be the monopoly price in disguise.With special guests:Michael B. Singer, Partner, Kirkland & Ellis LLP and Dr. Nathaniel E. Hipsman, Principal, Cornerstone ResearchHosted by:Anant Raut

Is AI-generated music really so different from music created by humans? Kellogg Hansen's Josh Branson and George Mason Law School Professor Olufunmilayo Arewa join host Anant Raut to discuss the copyrightability of AI-generated music and the growing wave of copyright cases brought by artists, publishers, and record companies against generative AI companies.The conversation then takes a more philosophical turn: how have humans created music throughout history? If human music is inspired by what came before, is AI training on the same material and generating its own all that different? And what, if anything, is lost when the machine takes our place in creation?With special guests:Joshua D. Branson, Partner, Kellogg, Hansen, Todd, Figel & Frederick, PLLC and Olufunmilayo B. Arewa, Professor, Antonin Scalia Law SchoolHosted by:Anant Raut

Antitrust birthed the arms race of name, image, and likeness money pouring into Division 1 athletics. Now college football has spiraled into a widening gap between haves and have nots, where NIL offers (supposedly distinct from pay-for-play) are driving athletes who have played professionally to try to return to college to play sports for a fifth year. Professor Michael McCann, professor at Harvard Law School and columnist for Sportico and Sports Illustrated, joins host Anant Raut and guest co-host Courtney Armour to discuss the flow of money into college athletics and what it means for amateurism in college sports.With special guest:Michael McCann, Professor, Franklin Pierce School of LawHosted by:Anant Raut and Courtney Armour

In this 100% carbon-neutral episode of Trust and Trade, we talk about greenwashing, the practice of making claims about a product that make it sound more environmentally friendly than it actually is. Taken too far, such claims are illegal and can result in serious penalties for companies that cross that line. In this sustainably sourced episode, host Anant Raut talks to Nestle Health Science US's Greg Fortsch, consumer protection expert Christie Thompson, Kaelah Smith from the Office of the Connecticut Attorney General, and Lemuel Srolovic from the Office of the New York State Attorney General about recent cases brought by their offices and legal standards for environmental claims. Listen now to our most eco-conscious episode ever!With special guests:Greg Fortsch, Assistant General Counsel for Regulatory Affairs, Nestle Health Science U.S.Christie Thompson, Partner, Kelley Drye & Warren LLPKaelah Smith, Assistant Attorney General, Environment Section, Connecticut Office of the Attorney GeneralLemuel Srolovic, Chief, Environmental Protection Bureau, Office of the New York State Attorney GeneralHosted by:Anant Raut

In this heavy metal episode of Trust and Trade, we dive into the landmark case of Ozzy Osbourne vs. AEG, exploring how the Prince of Darkness challenged monopolistic practices in concert ticketing. Gwendolyn Lindsay Cooley and Travis Wheeler join host Anant Raut to talk about the evolution in analyzing unlawful tying claims since this historic case, and whether nimbler approaches are possible. All aboard!With special guests:Gwendolyn Lindsay Cooley, Founder, Taimet and Travis Wheeler, Adjunct Professor, University of South Carolina School of LawHosted by:Anant Raut

When President Trump imposed 25% tariffs on Canada, one of its biggest trading partners, it kicked off a series of back-and-forth tariffs between the two countries. As a result of the ensuing uncertainty, Canadian Prime Minister Mark Carney has emphasized the importance of reducing Canada’s reliance on the United States as a trading partner, announcing a new trade deal with China during a recent visit to Beijing. Does this signal a shift in the Canada-U.S. trade relationship, and create new opportunities for Chinese companies looking to do business in Canada? Canada's former Chief Trade Negotiator Steve Verheul and Blakes' Brian Facey join host Anant Raut to discuss developments in Canada's trade relationship with the U.S., and how this impacts foreign direct investment in Canada.With special guests:Brian A. Facey, Partner, Blake, Cassels & Graydon LLP and Steve Verheul, Principal, GT & CompanyHosted by:Anant Raut

What exactly do we mean by the term “killer acquisitions,” and how are those deals analyzed any differently by antitrust enforcers? In this episode, host Anant Raut talks to economist Dr. Ethel Fonseca of RBB Economics and antitrust attorney Danny Mader of Hogan Lovells LLP about how potential "killer acquisitions" get reviewed by competition agencies, using real-world examples such as Sabre/Farelogix, Visa/Plaid, and Facebook/Instagram. They explore the complexities of merger analysis, the nuances of potential competition, and how the same deal can have different outcomes in the US and the UK.With special guests:Dr. Ethel Fonseca, Partner, RBB Economics and Daniel Mader, Senior Associate, Hogan Lovells LLPHosted by:Anant Raut

How do tariffs redefine product markets? In this episode, economist Dr. Craig Malam and antitrust expert Carla Hine join host Anant Raut to discuss the effect of the Trump Administration's tariff-centric trade policy on how we determine the edges of a product market and what constitutes a substitutable product. Panelists then talk about what economists and defense counsel should take into account when the size and duration of a tariff can change with a social media post.With special guests:Dr. Craig Malam, Partner, Edgeworth Economics and Carla Hine, Weil Gotshal & Manges LLPHosted by:Anant Raut

Enforcers and policymakers have raised concerns that dominant firms like Google, Microsoft, NVIDIA, and Meta are extending their market power into AI by taking stakes in some of the most promising startups. In this episode, economist Dr. Elizabeth Wang and antitrust litigator Daniel Culley join me to discuss how economists measure the risk that a dominant firm could acquire its way into dominance in another market, as well as how to spot flaws in those projections.With special guests:Daniel Culley, Partner, Cleary Gottlieb Steen & Hamilton LLP and Dr. Elizabeth Wang, Partner and Head of the China Practice, Econic Partners, LLCHosted by:Anant Raut