Valassis, News America Marketing settle suits in $500M agreement
NAM will pay Valassis $500 million as part of the agreement, reached on January 30. The figure includes the $300 million Valassis was awarded in a Michigan circuit court in July 2009, which NAM had appealed, according to a statement from News Corp. NAM will also enter a 10-year shared mail distribution agreement with Valassis Direct Mail.
Valassis' lawsuits were pending in US District Court in Michigan and California. The settlement also includes the dismissal of NAM's defamation suit against Valassis.
News Corp. declined to comment beyond a press released issued on the day of the settlement. Valassis could not be reached for comment.