Spanish Broadcasting Systems has reached a multimillion dollar out-of-court settlement with VOZ Media after VOZ defaulted on its $64 million acquisition of its “Mega TV” division in February 2023.
The deal was to include SBS’ “Mega TV” network and four television stations in Florida and Puerto Rico. SBS sued VOZ in October claiming that they breached their agreement by failing to close on time and that various individuals to defraud SBS in connection with the failed transaction.
Terms of the settlement are not being disclosed. SBS also retains the $3.8 million deposit made when the deal was agreed to. An SBS spokesperson stated that the Company was pleased with the out-of-court settlement and the outcome of the litigation.
This story first appeared on radioinsight.com