Clear Channel Loses $3.7 Billion

The second quarter did not go so well for CC Media Holdings Inc. and Clear Channel Outdoor Holdings Inc., with both companies posting a significant drop in revenue thanks to weak advertising spending. CC Media, the owner of Clear Channel Communications, saw revenue of $1.4 billion create a net loss of $3.7 billion.
 
Compared to the company’s performance from a year ago, revenue has fallen from $1.8 billion and earnings from $282.3 million to their current states. From the last quarter to now, revenue fell 21 percent, exacerbating a situation that had already turned sour when Clear Channel incurred an impairment …read more