Comcast Corporation and its outside counsel, Willkie Farr & Gallagher and Davis Polk & Wardwell, retained Cornerstone Research to work on regulatory and competition issues related to the $30 billion joint venture between Comcast Corporation and NBC Universal (NBCU).
Cornerstone Research provided economic analysis during the regulatory review process at the Federal Communications Commission (FCC) and the Department of Justice (DOJ), which focused on the competitive implications of the combination of NBCU’s content with Comcast’s distribution platforms. We worked with two economic experts, Professor Gregory Rosston of Stanford University and Dr. Michael Topper, a vice president of Cornerstone Research, who submitted reports to the reviewing agencies. Professor Rosston and Dr. Topper analyzed the implications of the transaction for competition in national and local advertising markets; analyzed the likely procompetitive effects of the transaction on the quantity, quality, and convenience of video viewing by consumers; and responded to theories of competitive harm. Cornerstone Research also contributed to several other submissions to and meetings with the FCC and DOJ, and worked with counsel for Comcast and NBCU to respond to economic issues advanced by parties opposing the transaction or seeking the imposition of conditions. After an extensive review process, the FCC and DOJ approved the joint venture with certain conditions.