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SBS Sues HBC, Clear Channel

SBS Sues HBC, Clear Channel

On the heels of the announced acquisition of Hispanic Broadcasting Corp. by Univision, now HBC competitor Spanish Broadcasting System is suing HBC and Clear Channel Communications, the largest shareholder in HBC.
SBS alleges that Clear Channel and HBC have “adversely affected SBS’ ability to raise capital, depressed SBS’ share price” and made acquisitions more difficult for SBS, according to the suit, filed in U.S. District Court for the Southern District of Florida.
SBS alleges that the goal of HBC and Clear Channel was to eliminate SBS as a competitive threat.
Clear Channel calls the allegations “absurd and unfounded.”
“These charges are false and we will, as we always do with frivolous lawsuits, fight vehemently to defend our position,” stated Clear Channel CEO Lowry Mays.