When CBS began flirting with the idea of acquiring Fawcett Publications Inc. two years ago, the network's lawyers checked with the Justice Department and came away with the impression that there were no objections. Believing that the way was clear, CBS went ahead and paid $50 million for Fawcett (1976 sales: $135 million) and merged its magazines (Woman's Day and Mechanix Illustrated) and paperback-book operation into CBS's publishing division.
Either the CBS lawyers heard wrong or the trustbusters changed their minds. Last week the network found itself the target of a...
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