MusicDish e-Journal - November 23, 2017
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

» Nordic & British Musicians' Unions' Joint Statement on Sexism in the Music Industry

» Women Make An Impact On The 2018 MPG Awards Shortlist

» Two-Sides of Copyright Finance: Sound Royalties & Kobalt

» Career Moves: ROLI, Live Nation Sweden, Music Glue, BBR Music Group, Warner/Chappell Music Spain & Blue Night Soundscapes

» Europe's Digital Music Leaders Form Alliance

News Beat Directory



» [2017-11-21] Joint Statement By The Nordic Musicians' Unions And British Musicians' Union; Discussions On The Issue Of Gender Inequality, Sexism And Sexual Harassment, The Scale Of Which Had Been Highlighted By The Recent #metoo Campaign

» [2017-11-13] Women Make An Impact On The 2018 MPG Awards Shortlist; Nearly A Quarter Of Those Named This Year Are Female, Proving That Music Production Is No Longer A Bastion For The Boys

» [2017-11-13] The Nashville Musicians Sound Healthcare Plan Rolls Out; Sound Healthcare & Financial Announced The Formation Of A True Group Health Insurance Policy Plan For Musicians And Industry Professionals

» [2017-11-09] Streaming & Listening Diversity - Spotify Case Study; Will Artists Have An Easier Time Finding An Audience, Or Will Streaming Focus Global Attention On A Small Number Of Stars?

» [2017-11-09] Two-Sides Of Copyright Finance: Sound Royalties & Kobalt; Sound Royalties Unearths Millions In Undistributed Royalties While Kobalt Launches Fund To Invest In Music Copyright

» [2017-11-08] Career Moves: ROLI, Live Nation Sweden, Music Glue, BBR Music Group, Warner/Chappell Music Spain & Blue Night Soundscapes; ROLI Chief Creative Officer, Live Nation Sweden Managing Directors, Music Glue Global Head Of Business Development, BBR Music Group VP Of International, Warner/Chappell Music Spain Managing Director And Blue Night Director Of Music Clearance

» [2017-11-08] Europe's Digital Music Leaders Form Alliance; European Digital Music Companies Launch Of Digital Music Europe

» [2017-11-05] Pandora Subscriber Base Grows To Over 5 Million; Pandora Premium Paid Subscribers Cross The 1 Million Milestone In October 2017

» [2017-11-05] Hybrid Studios Announces Online Mastering Services; Engineers Billy Klein And Brian Frederick Spearhead New Online Mastering Effort Through OC Studio

» [2017-11-05] Music Industry Betting On VR & AR For New Revenue; The Music Industry Is Making An Early Bet On VR & AR To Create New Revenue Streams Across All Their Lines Of Business

» [2017-11-04] Sound Royalties Unearths Millions In Undistributed Royalties; Nearly $14 Million In Undistributed Royalties Has Been Found By Music-focused Finance Firm Sound Royalties

» [2017-11-02] MusicDish*China October China Label Music Releases And Charts; Several Tracks From October Releases Have Charted On Chinese Music Portal Kanjian ING Top 10 Weekly Chart
MusicDish Advertising Network

follow MusicDish on
Follow MusicDish on Twitter

Mi2N Music PR

Hybrid Studios To Sponsor Unsigned Only 2018

Twice The Holiday Feel-Good Vibe From NYC Indie Rockers

LOVE MY COUNTRY! Is The Ultimate Compilation Series Featuring 20 Hot New Hits

Getting Restless

Your Favorite Color Releases "Heartache"

Melvin Alan Album "Wonderful Life"

Jean Louisa Kelly Presents A Personal Collection Of Songs From The American Standards And Musical Theater



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

Copyright © 1997-2017 MusicDish LLC., all rights reserved.
About MusicDish e-Journal | Contact Us | Advertise | RSS | Internships