Clear Channel Radio Report Terrible Quarter Results
The owner of Clear Channel Radio, the largest radio group in the US, and 90 percent owner of Clear Channel Outdoor Holdings, reported another grim quarter, with revenue was down 21 percent to $1.4 billion in second quarter. Excluding foreign exchange, revenue would have declined 18 percent.
Clear Channel Media Holdings, which purchased the company a year ago backed by private equity firms Bain Capital Partners and Thomas H. Lee Partners, lost $3.7 billion in the quarter, attributable to the decrease in revenue and an impairment of charge of $4 billion and an increase of $302.5 million in interest expense as a result of outstanding debt.
Radio revenue was down 20 percent to $717.6 million.
Revenue at Clear Channel Outdoor dropped 24 percent to $692.1 million.
In January, Clear Channel began restructuring its operations in order to reduced fixed costs. At the end of June, Clear Channel Media Holdings had $21.5 billion of debt.