Spanish Broadcasting Broadens Suit Against Clear Channel and Hispanic Broadcasting; Seeks Recovery In Excess Of A Billion Dollars

- Suit Alleges Recent Property Destruction, Interference With Negotiations -

COCONUT GROVE, Fla., July 31 /PRNewswire-FirstCall/ -- In an amended complaint filed today in its lawsuit against Clear Channel Communications, Inc. (NYSE: CCU) and Hispanic Broadcasting Corporation (NYSE: HSP), Hispanic Broadcasting Corporation (the "Company" or "SBS") (Nasdaq: SBSA) seeks actual damages in excess of $500 million, which are to be trebled under anti-trust law.

In addition, SBS alleges that Clear Channel interfered in recent settlement negotiations with HBC that could have led to an SBS-HBC merger, that representatives of Clear Channel defaced and destroyed SBS property in Oakland and that HBC leveraged its relationship with Clear Channel to get favorable treatment from its outside auditors and valuation consultants.

Clear Channel is the largest radio company in the United States. It holds a purportedly passive 26% stock ownership interest in HBC. HBC is the largest Spanish-language radio owner/operator in the Continental United States.

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