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Change of heart from DOJ
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August 8, 1997: 1:22 p.m. ET
Justice Department won't object to Heritage Media deal, News Corp. says
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NEW YORK (CNNfn) - Despite objections from its San Francisco field office, the Justice Department doesn't plan to object to Rupert Murdoch's proposed acquisition of Heritage Media Corp., News Corp. said on Friday.
News Corp. agreed on March 17 to buy the media and marketing services company for $754 million in stock and the assumption of $600 million in debt. The transaction was designed to strengthen its own in-store marketing business with Heritage's ActMedia unit -- the world's largest provider of in-store marketing products and services.
The Justice Department's antitrust division in San Francisco on July 28 recommended against the acquisition.
The latest indication from regulators means the acquisition will now proceed as planned. Heritage Media will hold a special shareholders meeting on Monday, Aug. 11, to vote on the matter. If approved, a closing of the transaction is expected shortly thereafter.
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