On August 31st, 2009, it was announced that the Walt Disney Company would acquire Marvel Entertainment. Marvel and Disney’s primary assets are intellectual properties, especially in the form of fictional characters. Questions arise as to how these character properties can be analyzed by the antitrust authorities, particularly in order to identify markets and competition given both the similarities and significant differences between Disney and Marvel’s properties. This article will consider whether the Horizontal and Vertical Merger Guidelines as currently drafted properly provide for a merger of this type and identify those provisions that do not appear flexible enough for a full consideration of the issues involved.
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