That rejection will likely cause Amazon to focus on acquiring start-ups that fly under regulators' radar. 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. A potential option includes its business partner, Paramount Global (PARA -9.34%), or Warner Bros. Discovery (WBD -0.03%) if an antitrust lawsuit brought by 12 state attorneys general is successful.
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 +1.48%). There are some interesting potential synergies, as with Amazon's acquisition of Whole Foods. Buying a pharmacy operator would give it a physical retail footprint to combine with its PillPack and One Medical operations.