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Time Warner, CBS settle with Granite

December 28, 2006|From Bloomberg News

Time Warner Inc.'s defunct WB network and CBS Corp. will pay Granite Broadcasting Corp. about $13.2 million to settle a lawsuit over claims that they disrupted the sale of two TV stations.

WB prematurely ended affiliations with Granite's KBWB in San Francisco and WDWB in Detroit, leading to cancellation of a planned $180-million sale to AM Media Holdings, Granite claimed in a May 17 complaint in Delaware Chancery Court.

The WB affiliates agreed to settle the suit "to avoid the necessity, inconvenience and attendant risk and expense associated with further litigation," according to papers filed Dec. 22 in the U.S. Bankruptcy Court in New York.

Granite, based in New York, sought bankruptcy protection Dec. 11, blaming WB's actions. Granite owns or operates 23 TV stations in the U.S., including markets in California, New York, Michigan and Illinois.

WB was combined with CBS' UPN network this year to form the CW network.

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