News Corp agrees to $280 mn settlement in US antitrust case
New York (AFP)
Media group News Corp. has agreed to pay $280 million to settle accusations brought by consumer packaged goods companies that it has a monopoly on in-store advertising in the United States.
The settlement ended a trial in the class action lawsuit that began the same day in a New York courtroom.
News America Marketing, a News Corp subsidiary, has faced accusations since 2012 from companies such as Dial Corp and Kraft Foods -- now Kraft Heinz -- that it abused its dominant position for in-store advertising that includes coupon dispensers and electronic signs.
In a statement, News Corp said News America Marketing has "consistently denied any wrongdoing in this case," which involves allegations that date back to 1997.
It said the settlement was "in the best interests of our company and our stockholders."
News Corp settled a similar case in 2010 for $500 million involving competitor Valassis.
The direct marketing and newspaper coupon company has since been acquired by MacAndrews and Forbes Holdings.
© 2016 AFP