That rejection will likely cause Amazon to focus on acquiring start-ups that will fly under the radar of regulators. However, that doesn't mean Amazon won't try to find a deal that's a good strategic fit and can pass regulatory scrutiny.
One potential path it could take is to buy more content for its Prime Video streaming service. Potential options include Paramount Global (NASDAQ:PARA) and Warner Bros. Discovery (WBD -0.11%).
Paramount is a leading entertainment company with several notable brands, including CBS and Nickelodeon. It also has live sports expertise and a streaming service (Paramount+). Meanwhile, Warner Bros. Discovery has a large portfolio of brands, including CNN, HBO, HGTV, and Discovery. In addition, it has a streaming service, HBO Max.
Another option Amazon could consider is getting deeper into the healthcare industry by acquiring a pharmacy chain like CVS Healthcare (CVS +5.94%). There are some interesting potential synergies, like when Amazon bought Whole Foods. Acquiring a pharmacy operator would give it a physical retail footprint to combine with its PillPack and One Medical operations.