Sherman Antitrust Act
The Supreme Court held that Associated Press had violated the Sherman Act. The bylaws of AP at that time, as written, constituted restraint of trade. The fact that AP had not achieved a complete monopoly was irrelevant. The First Amendment did not excuse newspapers from violating the Sherman Antitrust Act. News, traded between states, counts as interstate commerce, and thus makes the issue relevant for the Sherman Antitrust Act. Finally, Freedom of the press from governmental interference under the First Amendment does not sanction repression of that freedom by private interests (326 U.S. 20).