iHeartMedia 2007 Annual Report Download - page 35

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Channel Communications, Inc., et. al., Case No. SA-07-CA-0042 (filed January 11, 2007). These lawsuits raise substantially similar
allegations to those found in the pleadings of the consolidated class actions.
We continue to believe that the allegations contained in each of the pleadings in the above-referenced actions are without merit and we
intend to contest the actions vigorously. We cannot assure you that we will successfully defend the allegations included in the complaints or
that pending motions to dismiss the lawsuits will be granted. If we are unable to resolve the claims that are the basis for the lawsuits or to
prevail in any related litigation we may be required to pay substantial monetary damages for which we may not be adequately insured, which
could have a material adverse effect on our business, financial position and results of operations. Regardless of whether the merger is
consummated or the outcome of the lawsuits, we may incur significant related expenses and costs that could have an adverse effect on our
business and operations. Furthermore, the cases could involve a substantial diversion of the time of some members of management.
Accordingly, we are unable to estimate the impact of any potential liabilities associated with the complaints.
ITEM 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to a vote of security holders in the fourth quarter of fiscal year 2007.
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