Pilat Media and Fox Television Stations Settle Legal Dispute

Posted by Joe Zaller
Nov 14 2011

Pilat Media announced that it has reached a confidential agreement to end its legal dispute with Fox television stations (FTS).

Fox sued Pilat in June 2011 claiming damages of an unspecified amount in connection with alleged breaches of contract by Pilat Media.

In July 2011, Pilat said it had brought a removal action and counterclaim for breach of contract against FTS in the U.S. Federal Court in New York seeking an injunction and damages to be determined by that Court.

Pilat and Fox have now settled this dispute.  Here’s the press release:

Further to the update issued on 20 September 2011, Pilat Media Global plc (AIM:PGB), the leading supplier of business management software to the media industry, is pleased to announce the signing of a confidential settlement agreement with Fox Television Networks, Inc. (“FTS”).

In this confidential agreement FTS and Pilat confirm that they have resolved and settled their differences amicably and have agreed to withdraw all allegations and claims. Pursuant to the settlement, Pilat Media shall be entitled to payments from FTS and from the Company’s insurers in the total amount of US$850,000 (approximately £542,000). This amount will be credited against the impairment of receivables being £2,822,340 as at 30 June 2011.

The Board is pleased with this outcome which brings to an end the dispute with FTS.  As highlighted previously, Pilat Media enjoys excellent business relationships with its sixty-strong global client base and this is the only lawsuit with any client that has arisen in the ten year history of the Company.

 

 

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