Clear Channel's Trouble May Be Over
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.
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