Clear Channel filed documents with the SEC today that indicate the company’s financial troubles may be lessening.
2009 revenues are expected to be down 17 percent from 2008; but the fourth quarter of 2009 should be down just 6 percent from Q4 2008.
Within the last few months, radio revenue decline slowed from 19 percent in October to a projected 1 percent decline in December.
At the same time, Clear Channel Outdoor is selling $750 million in bonds to pay down the debt it owes to its owner, Clear Channel Communications.
Clear Channel Communications is treading a thin line between solvency and bankruptcy; the company, which employs 18,000 people worldwide, looked like it might be in serious trouble a few months ago. (Clear Channel In Trouble? – Oct 8, 2009)