Extract to table

If it fails to make this showing—or if the equities weigh against injunctive relief—the motion must be denied

A relevant market must reflect economic reality and commercial substitutability—it must "correspond to the commercial realities of the industry and be economically meaningful

The relevant market must encompass all products or services that are reasonably interchangeable by consumers and producers

Under well-established principles of market definition, this means that the relevant market must be expanded to include these alternative channels

The Court must assess the merger's competitive effects on a forward-looking basis, taking into account the probable future competitive trajectory of the merging firms

THE EQUITIES WEIGH DECISIVELY AGAINST AN INJUNCTION Even if the Court were to conclude that the FTC has made some showing of likelihood of success on the merits—which Defendants respectfully submit it has not—the Court must still weigh the equities before granting injunctive relief