FTC Approves Forfeiture of Profit by Hearst
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The Federal Trade Commission on Friday approved Hearst Corp.’s agreement to divest its Medi-Span unit and forfeit $19 million in profit to settle charges that it tried to monopolize the drug database market.
The agreement marks the first time the FTC has obtained forfeiture of profit in a merger case. The accord requires Hearst, a privately held publishing and cable TV company, to pay $4 million to settle charges that it withheld “high-level corporate documents” during the FTC’s review of the 1998 Medi-Span purchase, the agency said.
The FTC also approved the sale of Medi-Span to Wolters Kluwer’s Facts & Comparisons, a pharmaceutical information service.
The $19 million will be paid to plaintiffs in a separate class-action lawsuit against Hearst.
Bloomberg News
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