The Cox Entities, Fox Corporation, CBS Corporation, ShareBuilders, Inc. $48,000,000 Settlement

The Local TV Advertising Antitrust Litigation has recently reached a settlement of $48,000,000. This settlement comes after allegations of a conspiracy among several Broadcaster Defendants, including The Cox Entities, Fox Corporation, CBS Corporation, and ShareBuilders, Inc., to fix, raise, maintain, or stabilize the price levels of broadcast television spot advertising. The Plaintiffs claim that this alleged conspiracy resulted in artificially inflated prices for broadcast television spot advertisements.

How Much is the Settlement Worth?

The total settlement amount agreed upon in this case is $48,000,000. The Cox Entities have agreed to pay $37,000,000, Fox Corporation will pay $6,000,000, and CBS Corporation will contribute $5,000,000. Additionally, ShareBuilders, Inc. will provide valuable cooperation to the Plaintiffs. These settlements aim to avoid the risk, cost, and inconvenience of further litigation.

What are the Important Dates?

The deadline to file a claim was October 26, 2023. The Final Approval Date for this case is scheduled for December 7, 2023.

Who are the Class Members?

The Settlement Classes consist of all persons and entities in the United States who purchased Broadcast Television Spot Advertising directly from one or more Broadcaster Defendants in a designated market area (DMA) within which two or more of the Broadcaster Defendants sold broadcast television spot advertisements on broadcast television stations. This includes anyone who directly paid one or more Defendants for all or a portion of the cost of such broadcast television spot advertisements from January 1, 2014, to and including December 31, 2018.

Exclusions from the class include Defendants, their parent companies, subsidiaries, affiliates, officers, directors, employees, assigns, successors, agents, or alleged co-conspirators; federal governmental entities and instrumentalities of the federal government; and states and their subdivisions, agencies, and instrumentalities.

What Can Class Members Claim?

Settlement Class Members who timely submit a valid claim will receive payments on a pro rata basis, after deducting costs associated with Settlement administration and notice, taxes, class representative incentive awards, attorneys' fees (not to exceed 33.33% of the Settlements), and reimbursement for certain litigation costs and expenses (not to exceed $6,000,000).

Is Proof Required to Claim the Reward?

Yes, proof is required to claim an award. However, the specific requirements for proof are not specified in the official settlement website.

Why is There a Class Action Settlement?

The class action settlement is in response to allegations of a conspiracy to fix, raise, maintain, or stabilize the price levels of broadcast television spot advertising. The Plaintiffs claim that the Broadcaster Defendants, including The Cox Entities, Fox Corporation, CBS Corporation, and ShareBuilders, Inc., engaged in this conspiracy, resulting in artificially inflated prices for broadcast television spot advertisements. The Sales Rep Firms, Cox Reps, Inc., and Katz Media Group, Inc., are also alleged to have facilitated communication between the Broadcaster Defendants.

The settlement aims to avoid the risk, cost, and inconvenience of further litigation. The next steps in the process include the Final Approval Date scheduled for December 7, 2023.