The Delaware Court of Chancery last week dismissed a derivative suit against iHeartMedia Inc., saying allegations that the radio-station operator improperly used a subsidiary as a revenue stream essentially rehashed earlier claims that were settled in 2013.
Gamco Asset Management Inc., a 9.9 percent owner of Clear Channel Outdoor Holdings Inc. public stock, in May accused iHeart breaching its fiduciary duties by constructing a network of onerous agreements designed to siphon money away from its billboard-advertising unit to pay down its own debts in tough financial times.
