Discussion
AT&T's acquisition of TCI is an example of:
(I) Horizontal merger
(II) Vertical merger
(III) Conglomerate merger
(IV) Cross-border merger
Answer: B
Correct answer: II only
AT&T provided telephone service and TCI owned cable systems reaching into homes, so the acquisition bought AT&T the last mile of distribution it lacked - a vertical merger, integrating backwards into the network that would carry its service. Both were American, so it was not cross-border, and the two were not competitors, so it was not horizontal.
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