Clear Channel drops lawsuit against Tribune

Clear Channel had filed suit in May in federal court in Chicago to block Tribune from hiring Andrew Friedman, who had been a vice president with the broadcaster.

"We did nothing wrong here and paid nothing to settle these lawsuits," Tribune spokesman Gary Weitman said in a statement. "We have never tortiously interfered with the contracts of Clear Channel employees and we won't in the future."

The Chicago Tribune reported that Tribune has hired at least four Clear Channel executives in recent months.

"We will continue to enforce our rights against any competitor who attempts to interfere with those contractual relationships," Andy Levin, Clear Channel's chief legal officer, said in a statement.

Clear Channel shares shed 4 cents to $35.59 in morning trading.