Early peek at Clear Channel’s numbers


CC Media Holdings, the parent company of Clear Channel Communications, has filed some preliminary Q1 results for the company. They are, of course, down significantly from a year ago.

Q1 revenues were $1.21 billion, down 22.8% from Q1 of 2008. Direct operating expenses were also down, but not as much. They fell 12.1% to $995.9 million.

The SEC filing noted that the Q1 expenses this year included $33.6 million related to the restructuring program announced on January 20th. The cost-cutting effort is supposed to reduce overhead by $350 million per year.

As of March 31, 2009, CC Media Holdings reported long-term debt of just over $21 billion.

Editor’s note: Hopes for that to be the bottom faded in Q1. If you look at the index graphs below you’ll see a second trough in early March which dipped below November’s all-time lows for both indices. So much for beginning the rebuilding process.Review RBR/TVBR’s exclusive analysis on – “Is it the bottom yet for broadcasting stocks?” 

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Early peek at Clear Channel’s numbers
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4/16/-09 –
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4/16/09 – Clear Channel putting more Non-Local programming on stations
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