Spanish Broadcasting System (“SBS”) (OTCXQ: 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.
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