I was a co-founder of ITA and can tell you that a second request is not "standard operating procedure". It's a big deal, and it's likely to be a very expensive

I was a co-founder of ITA and can tell you that a second request is not "standard operating procedure". It's a big deal, and it's likely to be a very expensive learning experience for both Facebook and Instagram. Big mergers in spaces of interest to the regulators are always reviewed carefully, but it's simply not the case that every deal this size must endure a second request and a "full monty" regulatory process. Assuming the report of a second request is true, this is quite problematic for Instagram. Once a process like this is underway, the outcome is inherently uncertain. They will be left twisting in the wind for many months. It is an absolutely awful place to be, both strategically and psychologically. For Facebook, as well: expect various "helpful third parties" to work behind the scenes to convince the regulators to impose onerous conditions on Facebook as part of a consent decree to "ensure consumers are not harmed by the deal;" this is one of the few mechanisms by which competitors can damage Facebook without needing to compete with them successfully in the market. (Ironic, isn't it?) This also means that the integration of Instagram's technology into Facebook's platform will not begin for many months. Once such a review is under way, the two teams cannot collaborate other than superficially; doing otherwise is known as "gun-jumping," and can lead to not only the deal being scuttled, but additional penalties as well. (BTW, the DOJ reviewed the acquisition of ITA Software by Google, not the FTC. They are entirely different entities, and often squabble with each other over who gets to prosecute a given case.)