Big losses for Clear Channel

The Business Journal reports mega-media giant Clear Channel reported huge fourth quarter losses...double-digits.

BJ:

CC Media Holdings (OTC BB: CCMO) had a net loss of $5 billion on revenues of $1.6 billion for the three months ended Dec. 31, 2008. This compares to net income of $320 million on revenues of $1.9 billion for the same period a year ago.

The company attributes its net loss to the economic slowdown that is adversely affecting advertising revenues as well as two impairment charges totaling $1.7 billion and $3.6 billion.

Clear Channel’s revenue dipped 14 percent between the two quarters. Radio broadcasting revenue fell to $788.8 million, down from $903.7 million a year ago. Outdoor advertising revenue dropped to $785.5 million, down from $936.7 million a year ago.

Ouch!

Locally, the company owns WCBT-FM (94.5), WMAG-FM (99.5), WMKS-FM (105.7), WTQR-FM (104), WVBZ-FM (100.3).

E.C. :)