Clear Channel Communications Inc.

Eric Kallgren    Boulder, Colorado USA

Posted at 4:50pm on Thursday, April 30th, 2009

Clear Channel is facing a cash flow crisis, the New York Times reported on April 29, 2009:

"It is too soon to say who will be the biggest loser among media companies in this recession. But Clear Channel Communications is vying for the title.

Clear Channel, the nation’s largest radio station operator and an outdoor billboard company, last year became the biggest leveraged buyout ever in the media business, after it was taken private by Thomas H. Lee Partners and Bain Capital.

Now its revenues are plunging and so is its cash flow, making it harder to meet the payments on the billions in debt accumulated in the process of buying out its public investors. If it violates some of its loan agreements, those interest payments rise sharply.

Scott Sperling, a president of Thomas H. Lee Partners, offered reassuring words about the company’s future in an interview on CNBC in mid-April.

“We do not have any expectation of an imminent blowup,” he said, adding that the company still had “a lot of levers it can pull to continue to generate reasonable cash flow.”

But days later, Clear Channel announced that revenue plummeted 23 percent in the first quarter and cash flow fell by 47 percent.

On Wednesday, the company announced it was laying off 590 employees after cutting 1,850 employees in January, for an overall staff reduction of 12 percent since the acquisition.

Bishop Cheen, who follows corporate bonds for Wachovia, wrote recently that Clear Channel was on track to become the biggest default among media companies and therefore the biggest workout ever in the industry."

The full story:
www.nytimes.com/2009/04/30/business/media/30clear.html?_r=1&ref=media

Tony Taylor    Racine, WI, U.S.A

Posted at 3:56am on Tuesday, April 7th, 2009

It seems to me that the cutting is MOST necessary at the TOP (in salaries and Bonuses) and NOT at the bottom...

Michael J. MacMillan    World

Posted at 10:04am on Thursday, April 2nd, 2009

Its interesting to discover that broadcast locations such as clear channel, have been using the advancements in neural physiology, a private business teachers thoughts for hours, and years at a time, with out payment, or without confrontation or prosecution, for abuse of medical advancements on a private person.
MJM
How cheep and tinny is the media.

Eric Kallgren    Boulder, Colorado USA

Posted at 3:11pm on Tuesday, March 3rd, 2009

March 3, 2009: Sarah McBride of the Wall Street Journal reported on a big loss at Clear Channel:

"Radio and outdoor-advertising company CC Media Holdings Inc. reported a $5 billion loss for the fourth quarter, reflecting a big impairment charge stemming from a decline in the value of its radio licenses and permits and other assets.

CC Media is the vehicle used by private-equity firms Bain Capital LLC and Thomas H. Lee Partners LP to privatize Clear Channel Communications Inc. last year in a $17.9 billion transaction. Clear Channel Communications is the nation's top radio company by revenue; it also owns 90% of Clear Channel Outdoor Holdings Inc., the country's biggest outdoor advertiser by revenue."

Don Soles    Claymont Delaware USA

Posted at 10:02pm on Thursday, February 5th, 2009

I have a letter from the Brandywine School district that my son can not go to his classes if a substitute is in the room and he can only use the nurse's restroom in a very large elementary school. This was his reward after two years of reporting being threatened every day by african american kids. My son was not the only white child being threatened, harassed and assaulted for being white. We felt this denied him access to an equal education and I have been threatened with a lawsuit if I try to ask why my son was denied an equal education at any more school board meetings.
Is this what Dr. King wanted, seperate educations if the races can't get along?
dsoles3@juno.com

DTL    Glendale Heights, IL USA

Posted at 1:39pm on Wednesday, January 28th, 2009

Amendment 1:Congress shall make no law ... abridging the freedom of speech, or of the press;

I support the Constitutional right of the individual and the press to have their say without interference by the state. I also support the right of the people, jointly and severally, to cause those who would abuse this right to be silenced. Having the right to speak one's mind is a far cry from being guaranteed protection from the consequences of running afoul of those who suffer undue detriment the direct result of the willful and deliberate disemination of misinformation. The powerful may have control of the Press, Congress, the Executive and the Judicial branches, but you will never have dominion over the people. Only the Constitution and the values it embodies will ever possess that power. Are you beginning to get the message?

Eric Kallgren    Boulder, Colorado USA

Posted at 4:48pm on Wednesday, January 21st, 2009

On January 20, 2009, the Associated Press reported that Clear Channel is cutting 1,850 jobs:

"The parent of Clear Channel Communications Inc. told workers on Tuesday that it is cutting 1,850 jobs as the nation's largest owner of radio stations grapples with the economic meltdown.

The cuts represent about 9 percent of the company's total work force and affect staff throughout the company, in radio, outdoor advertising and corporate offices.

In a company-wide email, Chief Executive Mark Mays told employees that the company is facing an "unprecedented time of distress." He also said, though, that "Everyone in our investor group, on the board, and in the executive leadership team remains bullish about the long-term growth prospects for Clear Channel."

The advertising market has been soft, especially for radio stations.

In the third quarter, company lost $86.1 million before discontinued operations compared to a profit of $253.4 million. The just-concluded quarter included $148.8 million in merger-related expenses and other one-time items. Revenue fell by 4 percent to $1.7 billion.

The steepest drop was in radio advertising, down 7 percent to $844 million.

Private equity firms Bain Capital Partners LLC and Thomas H. Lee Partners LP formed CC Media Holdings to acquire Clear Channel in July for $17.9 billion."

Anthony Bannon    Boca Raton, Fl.

Posted at 6:51am on Wednesday, August 27th, 2008

I can't believe you added that racist and political dolt IMUS to your WINZ-AM channel in So. Florida. My radio was on your station 24-7 and now I turn it on at 9:00 AM

John Cruz    Salt Lake City

Posted at 2:32am on Friday, August 8th, 2008

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grandmother of 9    mississippi

Posted at 1:02am on Tuesday, February 19th, 2008

Mr. Mit Romney I hope you enjoy your power over what the american people get to see and hear.were on to you guys.....