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Clear Channel Communications Inc. posted a first-quarter loss wider than analysts’ estimates because of a drop in radio advertising.
Clear Channel (CCU), which owns radio and television stations and outdoor-advertising displays, said its net loss came to $309.3 million, or 53 cents a share, compared with a loss of $39.4 million, or 12 cents a share, in the year-earlier period. The mean estimate of analysts surveyed by First Call/Thomson Financial was for a loss of 45 cents a share.
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