The McCartheys controlled Salt Lake city’s largest daily newspaper

The McCartheys controlled Salt Lake city’s largest daily newspaper

The McCartheys controlled Salt Lake city’s largest daily newspaper, The Salt Lake Tribune, through their collective ownership of shares in the KearnsTribune Corporation (“KT”), a holding company for the newspaper. In 1997, KT merged with Telecommunications, Inc. (TCI). The McCarthy’s originally opposed the merger but later agreed to it. In 1999, TCI and AT&T merged, and AT&T sold the Tribune to MediaNews in 2001. The McCarthy’s argue that according to an oral agreement reached in 1997, at the time of the original merger that they opposed, the McCarthy’s have the opportunity to buy back the Tribune, after 5 years (in 2002) for a fair market price but that MediaNews tried to block any attempt at a sale. The McCarthy’s filed suit to enforce the oral agreement. MediaNews moved for a declaratory judgment that the McCarthys have no independent rights in the Tribune. The district court granted the defendants motions as to all claims. The McCarthys appealed. Under what conditions would the McCarthys claim be successful? As a judge, what evidence would help you decide whether the oral agreement constituted a valid contract?

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