| News Corp
Was Sued by Valassis Now Jury Trial in
SDNY Looms Amid COVID Rules
By Matthew
Russell Lee, Patreon
BBC
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SDNY COURTHOUSE,
June 9 – It was late on a
Friday night, on May 12, when
News Corporation sued CB
Neptune Holdings, LLC.
In the
docket of the U.S. District
Court for the Southern
District of New York, found by
Inner City Press, there is
was: a complaint filed by
Gibson Dunn, seeking a
declaratory judgment,
News
Corporation
sued CB
Neptune
Holdings, LLC,
et al.,
21-cv-4610.
Quick
research found in a News Corp
SEC filing: "Item
2.01
Completion of Acquisition or
Disposition of Assets. On May
5, 2020, News Corporation (the
“Company”) completed the
previously announced sale of
its News America Marketing
business (“NAM”) to CB Neptune
Holdings, LLC and CB Neptune
Canada Sub Inc., affiliates of
Charlesbank Capital Partners
(the “Transaction”). The
aggregate purchase price for
the Transaction consists of
(a) up to approximately $235
million, comprised of (i) $50
million in cash at closing,
subject to working capital and
other adjustments, less cash
reinvested to acquire a 5%
equity interest in the
business at closing, and (ii)
additional deferred cash
payments payable on or before
the fifth anniversary of
closing in an aggregate amount
of between $125 million and
approximately $185 million,
depending on the timing of
such payments, and (b) a
warrant to purchase up to an
additional 10% equity interest
in the business, which is
exercisable on or prior to the
seventh anniversary of
closing. In the Transaction,
the Company retained certain
liabilities relating to NAM,
including those arising from
its ongoing legal proceedings
with Valassis Communications,
Inc."
On June 9,
SDNY Judge P. Kevin Castel
held a final pre-trial
conference in the Valassis v.
News Corp proceeding, and
Inner City Press live tweeted
it, here:
In run-up to
antitrust jury trial in
Valassis versus News Corp for
allegedly locking it out of
the in-store promotion
advertisement market,
SDNY Judge Castel is holding a
pre-trial conference.
Judge Castel:
You'll notice that the cell
phone rules in the courthouse
have been suspended [ended?]
and you can discrete text. The
witness box will be sprayed
down between witnesses.
Judge
Castel: I don't expect there
to be major changes before,
say, mid July. So these will
be the rules. If you run out
of witnesses, that's
tantamount to resting. I'm
very jealous of the jurors'
time.
Judge
Castel: You asked about
bringing food in. You can send
someone out to buy it, or it
can be delivered below. That's
your business. The cafeteria
is open on the 8th floor of
the courthouse. Exhibits can
only be in electronic form.
This case going
to trial is Valassis
Communications, Incorporated
v. News Corporation et al.,
17-cv-7378 (Castel).
***
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