{Update:  The largest independent mobile ad network Millennial Media put out their response.  It’s from their CEO Paul Palmieri. }

After months of speculation, debate, and analysis the FTC approves of the Google acquisition of Admob by unaninmous vote 5-0.

SiliconANGLE was first to provide critical analysis of the FTCs argument that there was no competition. Soon the rest of the blogosphere (like Techcrunch and others) followed our lead.

We wrote about it Mobile Ad Networks – Big Three Google, Apple, & Millennial Media And More and More Developing

DC Showdown with FTC On AdMob- Glenn Manishin Argues Against FTC Blocking Google Buyout of Admob

It’s a good decision in that mobile is moving too fast for any government regulation. As they say “it’s a moving train” – hell the companies in the industry have a hard enough time to keep up. It’s a great opportunity in mobile advertising and online advertising in general.

Evidence Things Are Competitive – News Just This Week Is Just An Example

Look no further than Yahoo’s desperate move to by Associated Content known in the industry as a “content mill”. A content mill is “slave labor” for text content only to do one thing – game the search results. Furthermore, Google’s recent developer conference called Google I/O. Google is providing free tools to an ecosystem of developers an in two short years have changed the game in mobile. Now Google is looking to change the game with TV.

There is so many more examples that show massive competition. This was an easy decision a lay up, and FTC agrees 5-0.

The FTC Decision

The Federal Trade Commission has closed its investigation of Google’s proposed acquisition of mobile advertising network company AdMob after thoroughly reviewing the deal and concluding that it is unlikely to harm competition in the emerging market for mobile advertising networks.

In a statement issued today, the Commission said that although the combination of the two leading mobile advertising networks raised serious antitrust issues, the agency’s concerns ultimately were overshadowed by recent developments in the market, most notably a move by Apple Computer Inc. – the maker of the iPhone – to launch its own, competing mobile ad network. In addition, a number of firms appear to be developing or acquiring smartphone platforms to better compete against Apple’s iPhone and Google’s Android, and these firms would have a strong incentive to facilitate competition among mobile advertising networks.

“As a result of Apple’s entry (into the market), AdMob’s success to date on the iPhone platform is unlikely to be an accurate predictor of AdMob’s competitive significance going forward, whether AdMob is owned by Google or not,” the Commission’s statement explains.

The Commission stressed that mergers in fast-growing new markets like mobile advertising should get the same level of antitrust scrutiny as those in other markets. The statement goes on to note that, “Though we have determined not to take action today, the Commission will continue to monitor the mobile marketplace to ensure a competitive environment and to protect the interests of consumers.”

Mobile ad networks, such as those provided by Google and AdMob, sell advertising space for mobile publishers, who create applications and content for websites configured for mobile devices, primarily Apple’s iPhone and devices that run Google’s Android operating system. By “monetizing” mobile publishers’ content through the sale of advertising space, mobile ad networks play a vital role in fueling the rapid expansion of mobile applications and Internet content.

According to the FTC’s statement, evidence gathered by the agency raised important questions about the transaction. Google and AdMob have competed head-to-head for the past few years, with a notable increase in intensity during the past year. This competition has spurred innovation and allowed mobile publishers to keep a large share of the revenue generated from the sale of their ad space. The companies also have economies of scale that give them a major advantage over smaller rivals in the business, the statement says.

These concerns, however, were outweighed by recent evidence that Apple is poised to become a strong competitor in the mobile advertising market, the FTC’s statement says. Apple recently acquired Quattro Wireless and used it to launch its own iAd service. In addition, Apple can leverage its close relationships with application developers and users, its access to a large amount of proprietary user data, and its ownership of iPhone software development tools and control over the iPhone developers’ license agreement.

The Commission vote to close the investigation was 5-0.

Google Apple War – Don’t Forget The Independents Like Millennial Media

With Google and Apple having proprietary ad networks dedicated to their devices, the only big company that stands alone and independent is Millennial Media. Millennial Media is the largest independent mobile ad network on the planet.

With respect to the FTC it is clear that although of the “Big Three” only one remains independent – Millennial Media, there is big time competition in the mobile advertising space being driven by startups and big companies pivoting to mobile.

Although there are the big three mobile advertisers in Millennial Media, Google, and Apple, there are more options developing everyday. Even today developer can get massive reach and monetization with Apple, Google, and Millennial Media.

If you want to get a deeper read from me on what is going on around new venture opportunities and innovation in mobile read this story that I wrote about last month called the Mobile Innovation Cycle.

It’s all about new user experience, data, and developers.

[Editor’s Note: As a disclosure, AdMob’s main competitor, Millennial Media, sponsors SiliconANGLE. –mrh]