FTC/DOJ inquiry escalates: HSR filings hit 235, new rules, state AGs, Meta appeal, Microsoft probe, acquihire debate, export controls, Amazon ad probe, SEC PE CV probe, Warren push, quick look win, Candeub appointment, DOJ trial avoidance, SCOTUS ruling
Key Questions
What was the record number of HSR filings in May 2026?
HSR filings reached 235 in May 2026, the highest monthly total recorded. This surge coincides with new HSR rules adding over 60 hours of work per deal and a pause in rulemaking.
What is the status of the Paramount-WBD merger?
The DOJ approved the $111B Paramount-WBD merger despite internal dissent from career staff. State AGs from California, New York, and Oregon continue to investigate, requesting delays over withheld records.
How did the Supreme Court rule on FTC commissioner removal protections?
In a 6-3 decision on June 29, 2026, the Supreme Court struck down FTC removal protections as unconstitutional. This allows future administrations greater control over FTC leadership and increases regulatory unpredictability.
What new antitrust probes is Microsoft facing?
Microsoft now faces an FTC probe into its cloud licensing and AI practices. The company has also launched an incubator for Chinese tech startups amid heightened regulatory scrutiny.
What is happening with Meta's antitrust appeal?
29 states are backing the FTC in Meta's antitrust appeal, while Texas has filed a separate suit over WhatsApp encryption. The appeal remains active alongside broader enforcement efforts.
What concerns exist around acquihires in tech deals?
Enforcement debate is intensifying around acquihires, with examples like Google DeepMind's $80-90M deal for Contextual AI flagged via licenses. Elizabeth Warren is pushing Congress to crack down on reverse acquihires by firms like Nvidia and Meta.
What penalties could Amazon face in its ad probe?
Amazon faces an FTC advertising probe that could result in billions in penalties, with potential state AG involvement. The investigation adds to ongoing regulatory friction for the company.
How are export controls affecting AI deals?
US export controls on Anthropic's newest models have created openings for competitors like Mistral while adding friction to cross-border AI transactions. This reflects broader tightening of regulatory oversight in AI.
HSR filings surged to 235 in May 2026 (highest monthly total). New HSR rules add 60+ hrs/deal; HSR rulemaking pause announced. IonQ-SkyWater second request; acquihires via licenses flagged (Google DeepMind $80-90M Contextual AI); Arm FTC probe; Google remedies active. DOJ warns on algorithmic pricing collusion. Yelp antitrust case against Google gains traction. State AGs ramp subpoenas/investigations, including California and New York probing Paramount-WBD merger post-DOJ approval (DOJ career staff dissented; new details reveal political leadership curbed staff review, blocking depositions, data demands, and third-party engagement). Oregon now requests 60-day delay citing withheld lobbying records. New Antitrust Collaboration Guidelines. Meta antitrust appeal: 29 states back FTC, Texas sues over WhatsApp encryption. Microsoft now faces FTC probe into cloud licensing and AI practices. Acquihire enforcement debate intensifies; EU/UK divergence. Midyear regulatory report indicates narrowing priorities; Sidecar article warns on document risks. EU moves to lock US tech giants out of sensitive cloud market. DOJ approved Paramount-WBD $111B merger as bellwether, but state AGs and EU still looming. US export controls on Anthropic's newest models create opening for Mistral, adding regulatory friction in cross-border AI deals. Amazon faces FTC ad probe with potential billions in penalties, state AG involvement. Microsoft launches incubator for Chinese tech startups, adding to regulatory friction and competitive dynamics. New: FTC steps up early detection of acqui-hires pre-close; HSR form legal battle continues (Chamber argues vacated form can't be baseline); EU/UK draft merger guidelines shift affecting cross-border deals. SEC probes PE continuation vehicles, adding regulatory friction for tech M&A exits. Elizabeth Warren pushes Congress to crack down on reverse acqui-hires by Nvidia, Meta, Google. FTC wins 'quick look' in Zillow-Redfin case, providing procedural roadmap for merger challenges. FTC amicus brief challenges monopolization intent requirement. Trump expected to pick Candeub as DOJ Antitrust Chief, signaling potential shift. Top DOJ official signals desire to avoid antitrust trials, reinforcing dovish enforcement. Warren also targets algorithmic pricing collusion. SCOTUS ruling: Supreme Court struck down FTC removal protections as unconstitutional, allowing future administrations direct control over FTC leadership, increasing regulatory unpredictability but also potential for faster policy shifts. Current Republican-controlled FTC with only two commissioners signals potential easing of tech deal scrutiny.