As we continue to see billion-dollar mergers in big tech and media, diversity must be prioritized not only as a means to be inclusive but also to ensure fair market competition and growth. The National Hispanic Media Coalition (NHMC) knows diversity is a critical tool for the advancement of Latinx and other historically and intentionally marginalized communities. For this reason, NHMC submitted comments to the Federal Trade Commission (FTC) and the U.S. Department of Justice (DOJ) urging the agencies to update their merger enforcement guidelines with an emphasis on how diversity increases competition and innovation in modern markets.
The origins of the merger guidelines, including the Clayton Act of 1914, were developed during a time where white supremacy, civil rights violations, misogyny, ableism, and discrimination against anyone who was not a white cishet male was a standard practice for the government of the United States. Our culture is shifting, and, therefore, NHMC believes the merger guidelines must be updated to consider and rectify that ugly history.
As the Latino community makes up nearly 20 percent of the U.S. population, and with an estimated increase in buying power of $2.6 trillion by 2023, our community’s impact on modern markets can no longer be overlooked. By focusing on diversity and inclusion of historically marginalized communities, such as Latinx, relevant markets will benefit from multiple alternative thoughts that promote growth and innovation. However, despite evidence that diversity enables innovation and increased profits, communities of color, like Latinx, still lack equitable gains in the boardroom and throughout the executive ranks where important decisions are made.
Therefore, NHMC urges the FTC and DOJ to update merger enforcement guidelines with a focus on prioritizing diversity. By realizing the discriminatory negelct of historically and intentionally marginalized people, like the Latino community, the agencies can make reforms to merger enforcement guidelines and achieve diverse leadership, products and content, and a diverse labor market that promotes true competition.