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November 12, 2009

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LV firm sues over acquisition

Tuesday, March 19, 2002 | 11:22 a.m.

Citadel Communications Corp. of Las Vegas sued to be indemnified for losses it said it sustained over a $190 million acquisition of radio stations from Broadcasting Partners Holdings L.P. of New York.

Citadel, which agreed in October 1999 to acquire 36 Broadcasting Partners' radio stations in 11 states for $190 million, sued the company and media merchant bank Veronis, Suhler & Associates Inc. in U.S. District Court in Las Vegas last week.

Citadel alleged the defendants are liable for advertising revenues and rating shares the company allegedly lost because they breached an agreement to make repairs to several of the stations' 36 radio towers and ensure that these were operating at normal power.

The suit said the defendants also allegedly failed to indemnify Citadel for fees incurred in defending two lawsuits filed against Citadel in New York.

Broadcasting Partners declined comment on Citadel's allegations.

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