Warner Bros. (“Warner”), a prized and consequential media company, is once again on the auction block, and both Netflix and Paramount Skydance are competing to buy it. Barak Orbach observes that bidders’ appetites for prized media enterprises often foster undue optimism about the feasibility of successfully integrating them. He argues that antitrust scrutiny of any acquisition of Warner would likely underscore the need to modernize certain antitrust doctrines and analytical frameworks.

In a new volume chapter, Shai Agmon and Samuel Bagg argue that academic and policy references to “competition” often fail to distinguish between competition’s many forms. Their disaggregation of competition into two complementary processes—parallel and friction competition—helps to clarify the neo-Brandeisian approach to competition policy and its advantages over the traditional consumer welfare approach.