News Corp paid out $655m for corporate wrongs

Rupert Murdoch’s News Corporation has paid about $655 million ($A617 million) to make embarrassing charges of corporate espionage and anticompetitive behaviour go away.

It spent $500 million just days before a case against News America Marketing, its obscure but profitable in-store and newspaper insert marketing business, went to trial. Valassis Communications, had already won a $300 million verdict in Michigan, but dropped the lawsuit in 2010 in exchange for $500 million and an agreement to cooperate on certain ventures.

That single payout to Valassis represented one-fifth of the company’s net income that year and matched the earnings of the entire newspaper and information division of which News America was a part — via redwolf.newsvine.com

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