Millionaire Files Antitrust Lawsuit
A millionaire from the San Francisco area has filed an antitrust lawsuit with regards to the sale of a number of Bay Area newspapers. The real estate investor filed his lawsuit in the federal courts, and aims to try and stop the acquisition of the newspapers by MediaNews Group Inc.Clinton Reilly said as part of his lawsuit that the acquisition would eliminate newspaper competition in the area. The three newspapers that were part of the deal made between McClatchy Co. and MediaNews Group Inc. are the San Jose Mercury News, Contra Costa Times and Monterey Herald.
An attorney working on behalf of Reilly stated: "The hope is to convince these very powerful people and influential people that competition is much better than monopoly."
A number of newspapers have been named as part of the lawsuit, and the deal that had been discussed was worth nearly three quarters of a million dollars.
Topic Added July 7th, 2006
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