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Table of contents

1

INTRODUCTION ..................................................................................................... 4

2

THE PARTIES ........................................................................................................... 5

3

THE CONCENTRATION......................................................................................... 6

4

COMMUNITY DIMENSION ...................................................................................6

5

MARKET DESCRIPTION ......................................................................................6

6

RELEVANT MARKETS......................................................................................... 17 6.1. Relevant product markets ............................................................................17

      • 6.1.1.

        Provision of online advertising space.............................................17

      • 6.1.2.

        Intermediation in online advertising .............................................20

      • 6.1.3.

        Provision of online display ad serving technology........................23

    • 6.2.

      Relevant geographical market ......................................................................24

      • 6.2.1.

        Provision of online advertising space.............................................24

      • 6.2.2.

        Intermediation in online advertising .............................................25

      • 6.2.3.

        Provision of online display ad serving technology........................26

7.1.1. 7.1.2.

Google ............................................................................................... 26 DoubleClick......................................................................................35

Horizontal effects........................................................................................... 52

7.2.1. 7.2.2.

Actual competition........................................................................... 52 Potential Competition .....................................................................60

Non-horizontal effects ...................................................................................74

7.3.1. Foreclosure strategies based on DoubleClick's market position in ad serving.......................................................................74

7.3.2.

Foreclosure strategies based on Google's market position in search advertising and ad intermediation services ......................86

7.3.3.

Foreclosure based on the combination of Google and DoubleClick's assets ........................................................................95

7.3.

7.2.

7

COMPETITIVE ASSESSMENT ............................................................................ 26 7.1. Position of the parties in the relevant markets ...........................................26

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