Steven Davidoff Solomon writes for The New York Times, July 22, 2014
This test of competition is rooted in notions of how companies competed more than 100 years ago. Even after a merger of Time Warner and 21st Century Fox, there would still be three or four big competitors. Indeed, it may even be that the competition among them for consumers is fierce. This calculus, however, excludes the political and other power that a concentrated industry can wield with government and regulators.