News Corp.’s Bid for Heritage Gets Go-Ahead

Federal regulators cleared the way for News Corp. to complete its $1.35-billion purchase of Heritage Media Corp. and take control of the $1-billion market for supermarket coupons and promotions. The Justice Department’s antitrust division closed its review of the acquisition without seeking any changes or divestitures. Dallas-based Heritage Media said it will hold a special shareholder meeting Monday to vote on the transaction, which is expected to close shortly after the vote. Sydney, Australia-based News Corp., which owns the Fox TV network, agreed to purchase Heritage Media for $20.50 a share. Antitrust approval comes less than two weeks after the companies disclosed that the Justice Department’s San Francisco field office recommended that the merger be blocked for violating federal antitrust laws. The purchase, announced in March, would combine the two largest rivals in supermarket coupons and promotions. Shares of Heritage Media jumped on the news. The stock rose $2.31 to close at $19.19 in heavy trading. News Corp.’s American depositary receipts fell 63 cents to close at $14.31.