King & Spalding Earns Significant Victory on Behalf of Clear Channel Outdoor

ATLANTA, GA--(Marketwire - February 18, 2008) - King & Spalding, a leading international law firm, has secured an important win for its client, Clear Channel Outdoor, Inc. In a decision announced February 8, 2008, a jury found in favor of Clear Channel in a breach of contract and fraud suit and awarded the company nearly $5 million.

Clear Channel filed suit against William Corey for breach of a non-compete agreement that was entered into as part of the 1998 sale by Corey's company Corey Media of 200 billboards to Clear Channel, then known as Eller Media Company. The deal included payment to Mr. Corey personally of $2 million for the non-compete promises. Clear Channel also asserted a claim of fraud against Mr. Corey and a claim for conspiracy to commit fraud against Mr. Corey, his long-time employee Diane Smith, now Diane McIver, and a company Ms. McIver formed called U.S. Media.

After five years of litigation, a jury found that Corey breached the non-compete agreement and defrauded Clear Channel by making promises he did not intend to honor, and that McIver and U.S. Media conspired with Corey to defraud Clear Channel. The jury awarded Clear Channel a return of the $2 million it paid Corey for the non-compete, plus pre-judgment interest, which will total more than $1.3 million, and reimbursement of all of its attorneys' and experts' fees, which totaled more than $1.5 million.

The King & Spalding trial team on this matter was led by partners John Harbin and Ray Persons, both of the firm's Atlanta office. Atlanta associate Kristen Swift assisted on the matter, as did Damon Whitaker, an attorney with Powell Goldstein LLP.

About King & Spalding

King & Spalding is an international law firm with more than 800 lawyers in Atlanta, Charlotte, Dubai, Frankfurt, Houston, London, New York, Riyadh (affiliated office), San Francisco, Silicon Valley and Washington, D.C. The firm represents half of the Fortune 100 and in a Corporate Counsel survey in September 2007 was among the top firms representing Fortune 250 companies. For additional information, visit www.kslaw.com.

Contact Information: Contact: Matt Hyams King & Spalding Ph. 212-827-4057