Word: antitrusters
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Such separateness, however, was not enough to satisfy the U.S. Justice Department, which filed an antitrust suit in 1964 to force Scripps-Howard to give up the Enquirer. Justice thought it was confronted with a clear case of monopoly because the Enquirer was not a "failing" newspaper - was in no financial trouble- when Scripps took it over. After years of resisting, the chain finally gave up last week and entered a consent decree to sell its majority stock interest in the profitable paper...
...will soon submit more evidence to buttress its stand. Never before has the SEC faced such pressures for radical surgery on the heart of the securities business. Even if it should finally side with the stock exchanges, the Justice Department could force the issue into the courts with an antitrust suit. That is a prospect that makes Wall Street shudder...
...more recently Hollywood's leading TV film producer, the Music Corp. of America has long been known in show-business circles as "The Octopus." The sobriquet still stands, even though the company (now called MCA Inc.) stopped handling talent in 1962 under threat of a Justice Department antitrust suit. Besides TV production, MCA has major interests in moviemaking (Universal Pictures), recording (Decca Records) and real estate (Universal City). Last week it agreed to link tentacles with Pittsburgh-based Westinghouse Electric Corp., itself no small fish when it comes to diversification...
...more than a year, while the Justice Department has grown more cautious about pressing antitrust suits and opposing mergers, the Federal Trade Commission has become increasingly aggressive. Last week, in one of its boldest actions yet, the FTC moved to turn a giant into a midget. The commission ordered Maremont Corp. of Chicago, a leader in the automotive-parts field, with sales last year of $186 million, to a Washington hearing next month. The agency's aim is nothing less than to make Maremont sell off 40 companies that accounted for about $100 million of the total...
...company has "disparate power" and a "decisive competitive advantage" in parts rebuilding. Because it both makes and distributes parts, and because its growing distribution network deprives competitors of outlets for their own products, Maremont in the eyes of the bolder FTC is a vertically integrated company that clearly violates antitrust laws. Maybe so, but one defense Maremont might make next month is that there is still some competition somewhere. Earnings were off 37% last year, and Maremont finished the first quarter of the year...