Did Failure To Close Big Deal Lead To CC Suit Against Station Buyer?
August 21, 2007 at 1:20 PM (PT)
Has CLEAR CHANNEL filed suit over the failure of the sale of several stations to FREQUENCY, LLC? ALL ACCESS hears that a memo from CLEAR CHANNEL CFO JERRY KERSTING's office landed in the in-boxes of the managers of the affected market clusters, telling them that the company filed suit FRIDAY (8/17) against FREQUENCY, the successor to GOODRADIO.TV in buying the stations, over the failure to close the deal.
The memo reportedly says that specifics of the suit can't be discussed, but that the contract for sale has not been terminated.