 The Supreme Court held that the by-laws and the contract, together with the admitted facts, justified summary judgment; that the First Amendment does not immunize newspaper publishers from the Sherman Act; that the by-laws, on their face, constituted restraints of trade; that the fact that AP had not achieved a complete monopoly was irrelevant; and that the fact that there are other news agencies that sell news, and that AP's reports are not "indispensable," give AP's restrictive by-laws no exemption under the Sherman Act's prohibition of agreements in restraint of trade.As in the "Terminal R.R.