MusicDish e-Journal - December 16, 2018
MusicDish Advertising Network
» HOME » INSIDER SCOOP » CAREER TIPS » MUSIC SPOTLIGHT » MUSICDISH*CHINA
» INDUSTRY INTERVIEWS » NEWS BEAT » DIGITAL SKOOL » OPEN REVIEW » MUSICDISH EDELWEISS
Search MusicDish e-Journal (Advanced)
Subscribe To MusicDish e-Journal
About | Contact | Advertise | RSS | Submit Article | Submit News | Artist Development | Premium PR Distribution
Mi2N | MusicDish*China | MusicDish Network | MusicDishTV | Urban Music News Network

Spanish Broadcasting wants $1.5 billion from Clear Channel
By Jon Newton, p2pnet.net
(more articles from this author)
2002-08-06
Comment | Email | Print | RSS

Music Industry News - as it happens
Source: MusicDish/Mi2N - August 1, 2002

Spanish Broadcasting System, Inc. says it's now looking for more than $1.5 billion in damages from Clear Channel Communications for "interfering" with merger talks between it and HBC (Hispanic Broadcasting Corp.).

SBS says, "Clear Channel and HBC have adversely affected SBS's ability to raise capital, depressed SBS's share price, impugned the reputation of SBS, made station acquisitions more difficult and interfered with SBS's business opportunities and contractual arrangements. Clear Channel and HBC allegedly took these steps to facilitate their ultimate objective of acquiring SBS and eliminating it as a competitive threat to HBC's attempted dominance of the top 10 Hispanic radio markets."

Alleged actions described in SBS' amended complaint include:

* On May 16, 2002, representatives of Clear Channel defaced and destroyed property at the Oakland, California facilities of SBS' KPTI-FM by spray-painting the walls with obscene and pornographic messages;

* In June 2002, Clear Channel required HBC to enter into a merger agreement with Univision rather than permitting HBC to continue settlement negotiations with SBS that could have led to a merger. Clear Channel conspired to prevent the potential SBS-HBC merger - despite the significant value creation HBC shareholders would have realized from an HBC-SBS combination - in order to avoid the creation of a significant large market competitor in radio that was independent of its control;

* HBC has leveraged its relationship with Clear Channel - and the possibility that Clear Channel would shift to HBC's outside auditors - to get reduced audit fees from its outside auditors. HBC also has used the same valuation consultant as Clear Channel in order to enable it to avoid writedowns required by SFAS 142 that have been taken by most similarly situated radio broadcasting companies; and,

* In July 2000, HBC wrongfully attempted to entice a popular New York morning show host to breach his employment contract with SBS.

Related News from Mi2N:
» Spanish Broadcasting Broadens Suit Against Clear Channel And Hispanic Broadcasting


Home » News Beat » Spanish Broadcasting wants $1.5 billion from Clear Channel
Permalink:http://www.musicdish.com/mag/?id=6473
Email |Print |Comment |RSS

back | top


MusicDish Advertising Network

News Beat

» indieOn Connects Music to the Blockchain

» 13 Music Label Sold to MTN

» Darcus Beese Named President Of Island Records

» ASCAP Revenues Top $1.144 Billion In 2017

» BMG Appoints New Creative Directors In Nashville

News Beat Directory



» [2018-09-16] Live Nation Electronic Asia Inks Deal With Budweiser For Creamfields Festivals; Together, Creamfields And Budweiser Will Focus On Building Entirely New Content For Dedicated Electronic Music Fans Throughout Asia

» [2018-08-23] Andy Ma Appointed Warner Music China CEO; Andy Ma Has Also Been Appointed EVP, Commercial And Business Development For Greater China

» [2018-08-23] IndieOn Connects Music To The Blockchain; IndieOn Is Confident Of Creating A "music Miner" Who Listens More And Grow Their Token Value

» [2018-06-23] The 2018 MIDEM Silk Road International Music Alliance Signing; International Music Industries Signing Of A Mutual Resource Sharing Agreement With Shanghai Conservatory Of Music & The China Records Group

» [2018-06-06] Screen Music Connect To Explore The Music Of Film, Television And Interactive Media; Created By James Hannigan, Award-winning Composer And Game Music Connect Co-founder, Screen Music Connect Builds On The Success Of The Sold-out Game Music Conferences

» [2018-06-05] Fred Casimir To Develop BMG's Global Recordings Business; As Well As Building BMG's European Infrastructure, Casimir Was Instrumental In Developing BMG's Recordings Business

» [2018-06-03] 13 Music Label Sold To MTN; DSN Music Spins Off Record Label To Albuquerque Music Entrepreneur's New Group

» [2018-06-02] CISAC 2018 Annual Report; A Comprehensive Overview Of The Confederation's Work To Serve 4 Million Creators And 239 Authors Societies Across The World

» [2018-06-02] MusicDish Announces A Love Electric 2018 China Tour; The Tour Will Crisscross Through China With 12 Shows In 8 Cities, Including Guangzhou, Dongguan, Zhuhai, Shenzhen, Kunming, Jiaxin, Wuhan And Beijing

» [2018-06-02] Darcus Beese Named President Of Island Records; Renowned U.K. Music Executive To Join Universal Music Group's U.S. Label Leadership

» [2018-05-17] Avant-Garde Label Maybe Noise Launches In Beijing; The Official Launch Will Be On May 26 At Magnet Theater With A Performance Supporting Its First Vinyl Release: Png Z

» [2018-05-04] Award-Winning Lithuanian Rock Band Colours Of Bubbles "She Is The Darkness" 2018 China Tour; The Tour Will Kickoff In Shanghai Where The Band Will Represent Lithuania During The Country's Signing To The Silk Road Music Alliance
MusicDish Advertising Network

follow MusicDish on
Follow MusicDish on Twitter

Mi2N Music PR

Christian Artist Katie Garibaldi Releases New Music Video For Christmastime

KIRA ALEXI Releases 'BLISS' EP

Talented Hip-hop Act, Jon Clawd, Announces The Release Of His First Body Of Works Titled "Fried Fish And Moonshine"

New EP Release From Jazzy Sky - 'Breakfast'

Esoteric Recordings To Release BE-BOP DELUXE "SUNBURST FINISH" 3CD/1DVD Limited Edition Deluxe Boxed Set - November 23, 2018

Cinq Music Partners With Rock Group TRAPT, Drops New Single

Worship Artist XAVIER JOLLIFF Inks Management Deal With The Management Agency (TMA)



Websites: Mi2N | MusicDish*China | MusicDish Network | MusicDishTV | Urban Music News Network
Services: Submit Article | Submit News | Submit Video | Artist Development | Premium PR Distribution

Copyright © 1997-2018 MusicDish LLC., all rights reserved.
About MusicDish e-Journal | Contact Us | Advertise | RSS | Internships