Double-digit declines for Clear Channel


Q4 revenues dropped 14% to $1.6 billion at CC Media Holdings, the parent company of Clear Channel Communications. The company’s loss for the quarter was a whopping $4.99 billion, although that was largely due to a non-cash impairment charge of $5.3 billion. Operating income before depreciation & amortization, non-cash compensation expense and other non-operating expenses (OIBDAN) plunged 50% to $309 million. Outdoor had an even tougher quarter than radio, with outdoor ad revenues down 16% to $785.5 million and radio down 13% to $788.8 million.