Under private equity and struggling with a financial reorganization, Clear Channel Media Holdings reported revenue down 17 percent to $1.4 billion in third quarter. Radio declined 17 percent to $703.2 million, an improvement over the 21 percent drop in the previous quarter.
Clear Channel Outdoor, 90 percent of which is owned by Clear Channel, dipped 19 percent to $660.6 million. Outdoor revenue in the Americas was slightly better than International, dipping 15 percent to $312.5 million. International dropped 22 percent to $348 million.
Acquired in July 2008 by private equity funds Bain Capital Partners and Thomas H. Lee Partners, the company continues to post a loss amid debt of more than $21 billion. Speculation persists about Clear Channel’s ability to meet its covenants, despite repeated reassurances from management.
In late October, Clear Channel announced that Randall Mays was stepping down as president and chief financial officer, transitioning to a new role as vice chairman and a director of the company. A replacement has not been named.