Deals
Tribune’s Bid for California Papers Temporarily Halted
- Justice Department wins restraining order in Freedom purchase
- U.S. cites concern over local monopoly outside Los Angeles
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Tribune Publishing Co., owner of the Los Angeles Times, was temporarily blocked by a judge from acquiring newspaper publisher Freedom Communications Inc. after the U.S said the combination would create a monopoly in southern California.
U.S. District Judge Andre Birotte Jr. in Los Angeles issued a temporary restraining order Friday after the U.S. government sued to prevent the deal. The Justice Department said this week that Tribune would dominate newspaper sales in two counties, allowing it to increase subscription costs and raise advertising rates.