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On Monday (May 11), Clear Channel Media Holdings, the world’s largest radio broadcaster, said first quarter radio revenues dropped 22 percent. The San Antonio operator, which blamed the drastic downturn on the condition of the global economy, reported revenue of $603.6 million compared to $769.6 million during the first quarter of 2008.
“While these results continue to reflect the difficult economic conditions prevalent globally, it’s important to note that our properties performed relatively well and remain leaders in their industries,” observed CFO Randall Mays in a note to employees.
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