Judge Dismisses Shareholder Suit Against iHeartMedia

Case Against It Dismissed

Investor MARIO GABELLI's suit against iHEARTMEDIA, INC. in DELAWARE Chancery Court alleging that the sale of assets and diversion of funds from CLEAR CHANNEL OUTDOOR to a separate subsidiary violated the company's fiduciary duty to shareholders has been dismissed, reports the SAN ANTONIO EXPRESS-NEWS.

GABELLI's GAMCO ASSET MANAGEMENT, owner of almost 10% of CLEAR CHANNEL OUTDOOR HOLDINGS' publicly traded shares, objected to iHEART's maneuver in its suit, but Judge JOSEPH SLIGHTS ruled that the plaintiff failed to prove that the arrangement violated iHEART's legal duties to shareholders and noted that GAMCO had settled similar claims against iHEART in 2013 and was thus barred from relitigating such claims.

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