Quick Jump Daily Digest
Thank you for your interest in the Quick Jump Daily Digest. Get notified of all new content on QJ in our free Daily Digest. To subscribe, enter your email address below and click the subscribe button.
Take-Two: new FTC requests too broad and costly |
Listed in: News, Titles Tags: Electronic Arts, FTC, Take-Two Interactive
Ó
While Electronic Arts has so far been complying with information requests from the Federal Trade Commission (FTC), Take-Two Interactive has reacted rather strongly to new information requests from the FTC.The FTC has recently issued Take-Two a subpoena and civil investigative demand (CID) requesting more info in connection with EA's hostile bid for the company. Take-Two has yet to comply with these new requests.
In an explanation sent to a Washington D.C. U.S. District Court, Take-Two called the subpoena and CID "unnecessarily broad". Take-Two also said that although it will comply with the FTC's prior requests, it would fight against these new ones which would "entail unacceptable additional expense to the Company."
A hearing has been assigned by the D.C. Court for June 24. There, a judge will have to decide if Take-Two is indeed required to comply with the FTC's requests. Take-Two has stated that if they can't come to a settlement with the FTC, they intend to oppose the FTC's petition.
Via Reuters
| This story sucks? This story rocks! |
|
|
Comments
A rather sickening 'system of government' we've raised over time: you have all the right in the world to defend yourself. ...Just make sure you're ready to pay for that right, or the Govt will steamroll you with the very method of defense --leaving you financially strapped to fight off the thieving wolves (mega conglomerates like EA) from walking right in afterward and acquiring you for far less than at the beginning of the fight.
Reply
Get a clue man.
(though, I do agree with your first statement)
Reply
Reply
http://www.qj.net/EA-submits-second-info-request-from-FTC-about-Take-Two-acquisition/pg/49/aid/118394
EA of course asked for this review only because they're required to by law.
Why? Because there's an act against acquisitions leading to monopolies inside a 'economic area' that could be harmful to the 'national economic landscape'. Probes like these are reasons why anti-trust suites of 'the state' against giants such as Microsoft have been successful.
The FTC just want to make sure that once the merger is complete (though it will likely never happen), Electronic Arts will still be providing fair competition to its other companies.
This is why EA cannot make any more advances or even attempt to close a deal. The FTC has told them to hold off, and demands that it be kept that way until the probe is complete.
The Activision Blizzard merger was looked into by government agencies concerned over monopoly as well, so why shouldn't the FTC be entitled to look into this one?
http://www.qj.net/European-Commission-gives-Vivendi-and-Activision-deal-a-thumbs-up/pg/49/aid/118307/page/19
Reply