LOS ANGELES, Jan. 12, 2018 — Spanish Broadcasting System (“SBS”) (OTCQX: SBSAA) today announced that it had reached an agreement with Grupo Radio Centro (“Grupo”) to settle the parties' long-standing lawsuit. SBS filed a multi-million dollar lawsuit in February of 2016 immediately after Grupo hired an on-air radio personality from SBS's KLAX-FM in Los Angeles, alleging tortious interference and unfair competition.
The settlement, the terms of which cannot be disclosed as they are protected by a confidentiality provision, was reached in advance of the upcoming trial. The settlement resolves all pending legal proceedings between the parties.
“We are extremely pleased to have amicably resolved the matter,” stated SBS General Counsel Richard Lara. “As has always been its practice, SBS will not hesitate to take legal action when necessary to defend its contractual rights and business interests,” he added.
SBS owns and operates Hispanic-formatted KLAX-FM and KXOL-FM in the Los Angeles market, two of the highest-rated radio stations in Southern California.
About Spanish Broadcasting System, Inc.
Spanish Broadcasting System, Inc. owns and operates 17 radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, airing the Spanish Tropical, Regional Mexican, Spanish Adult Contemporary, Top 40 and Latin Rhythmic format genres. SBS also operates AIRE Radio Networks, a national radio platform which creates, distributes and markets leading Spanish-language radio programming to over 300 affiliated stations reaching 94% of the U.S. Hispanic audience. SBS also owns MegaTV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. SBS also produces live concerts and events and owns multiple bilingual websites, including www.LaMusica.com, an online destination and mobile app providing content related to Latin music, entertainment, news and culture. For more information, visit us online at www.spanishbroadcasting.com.
SOURCE Spanish Broadcasting System, Inc. (SBS)
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