Clear Channel Settles Lawsuit
January 12, 2009 at 4:46 AM (PT)
CLEAR CHANNEL COMMUNICATIONS settled a lawsuit in FLORIDA after a federal jury found that the largest U.S. radio broadcaster had infringed patents on a radio advertisement-management system, reports THE MIAMI HERALD. It ordered the company to pay $66 million.
The dispute was over SAN ANTONIO-based CLEAR CHANNEL's program that manages radio spots across more than 1,000 stations so it can price the ads to get the most revenue.
No settlement terms were disclosed. The verdict came in APRIL on the suit filed by closely held GRANTLEY PATENT HOLDINGS. GRANTLEY, founded by TEXAS inventor BILLY SHANE FOX, owns patents for software that helps set the price on ads, according to the company's attorneys.