It was big bucks, which is why they paid for a non disclosure clause.
“It was big bucks, which is why they paid for a non disclosure clause.”
1). It should be public record. The legal system is owned by the pubic. ATT/CNN are corporate entities licensed by the state. The settlement amount is of interest to stockholders of the company. What is the public interest in keeping the settlement secret? None.
2). Even though the amount of the settlement is not disclosed, no doubt CNN and its attorneys have communicated the amounts to the other media outlets being sued. We may now see a string of settlements now that other media corporations know what they have to cough up. If CNN and its attorneys are sharing the settlement amount with other corporations there is certainly no reason to keep the information from the public. In fact, one might argue any sharing of information by CNN with its media competitors is a violation of anti-trust law. However, since the Reagan years enforcement of anti-trust laws has not been in fashion, much to the detriment of free markets and the American people. Today oligopolies and cartels control most markets in the USA.
3). Unfortunately Sandeman’s attorneys will receive 33-40% of the settlement. It is unfortunate we don’t have a “loser pays” tort system in the USA.
4). This should be a wake up call to ATT, owner of CNN, and it’s stockholders. If the free market system was working, many heads would be rolling at CNN and the company would be reevaluating its business model and practices.
Instead CNN CEO Zucker continues to move the network farther left and watch the audience shrink while the big names on the network receive salaries and bonuses many multiples of the average American who sweats everyday being outsources so his company can save 10 cents an hour on labor. Fox News is moving left, due to the whims of the Murdoch sons, and the moderate to conservative audience is being abandoned.
The left wing audience is well served by CNN, the “transitioning” Fox News, MSNBC, Bloomberg, and the mainstream networks. ATT’s CEO should be asking Zucker why he doesn’t shift to the middle, capture the “fair and balanced” position, and reap the larger audience. After all, as officers of the corporation both the ATT CEO and Zucker have a legal and fiduciary obligation to maximize stockholder wealth. For a media company that means increase audience size.
Alternatively, with CNN struggling there seems to be a huge opportunity for a wealth conservative to buy CNN from ATT and create a real conservative network. Perhaps Rush Limbaugh, Shaun Hannity and a few others could pool resources and buy the network. That would be a game changer. I’d happily invest in that venture.
“You got it. Baby, you got it.”