Cumulus Discloses Settlement Of Qantum Dispute
March 17, 2011 at 4:05 AM (PT)
CUMULUS' annual report, filed with the SEC this week, discloses the disposition of the company's legal battle with QANTUM COMMUNICATIONS in the FORT WALTON BEACH market.
The filing discloses that QANTUM and CUMULUS settled their dueling lawsuits over the sale of then-Sports WTKE (now Country WHWY (HIGHWAY 98)) on FEBRUARY 27th. CUMULUS sued to foreclose on a debt owed it by STAR BROADCASTING, then-owner of WTKE, in 2008; QANTUM countersued, claiming tortious interference with QANTUM's deal to buy WTKE from STAR by stepping in to buy the station after STAR, according to CUMULUS, represented that the QANTUM deal was dead.
The settlement left CUMULUS with $7.8 million in costs from the terminated transaction, and also ended QANTUM's opposition to the move-in of CUMULUS' AC WNCV (COAST 93.3)/EVERGREEN, AL (acquired from STAR in a trade for WTKE in 2005) further into the FORT WALTON BEACH market with new city of license SHALIMAR, AL.