Nearly five years after they held joint hearings on the intersection of antitrust and intellectual property, the Federal Trade Commission and Department of Justice have issued a report on the topic. Although touted as providing the first insight into the agencies' views since their 1995 Antitrust Guidelines for the Licensing of Intellectual Property ("Antitrust-IP Guidelines"), the Joint Report on Antitrust Enforcement and Intellectual Property Rights ("Joint Report") breaks relatively little new ground.