Court hears antitrust arguments opposing FNN-CNBC merger.Court hears antitrust arguments opposing FNN-CNBC merger A federal bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. judge has scheduled hearings for May 20 on whether the sale of Financial News Network to competitor CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence) CNBC Consumer News and Business Channel CNBC Congress of National Black Churches, Inc. would violate antitrust laws antitrust laws n. acts adopted by Congress to outlaw or restrict business practices considered to be monopolistic or which restrain interstate commerce. The Sherman Antitrust Act of 1890 declared illegal "every contract, combination.... . The hearing is set for the same day that is the deadline for the U.S. District Court of Appeals to decide whether it will hear an appeal of Judge Francis Conrad's decision to sell FNN FNN Fuzzy Neural Network FNN Flat Neighborhood Network FNN Fox News Network FNN Funkeln Nagel Neu (band) FNN Financial News Network to CNBC. Conrad decided May 9 to accept CNBC's bid of $145 million in cash plus a share of potential future revenue. A joint venture group formed by Group W (Westinghouse Broadcasting) and Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance & Co. appealed the decision, saying it was unfair for Conrad to accept the bid after a court "auction" ended May 7. Meanwhile, the attorneys general of Illinois and Pennsylvania have each filed antitrust suits in Conrad's court, alleging that the deal with CNBC violates federal laws on competition. It is arguments from those two suits that are to be addressed at the May 20 hearing. Dow Jones/Group W also has filed an antitrust suit in U.S. District Court. |
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