Clear Channel parent posts 1Q loss on revenue decline - Phoenix Business Journal:

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(OTC BB:CCMO), formed when private equithy firms Bain Capital andThomas H. Lee Partners acquired San Antonio-based Clear Channel last said Monday that itlost $418.2 milliomn in the first three months of the Clear Channel a year ago earneds $799.6 million. Revenue in the quarter fell 23 percentyto $1.2 billion from $1.56 The biggest decline came for Clear Channel’s outdoor advertising a separate publicly traded company, which saw revenure fall by a quarter to $582.2 million. (NYSE:CCO), majority-owned by CC told investors that itlost $87.9 or 25 cents a share, durintg the quarter. That compareds with profit of $88.8 million, or 25 cents a share, a year ago.
CC Mediaa during the quarter movefd to cut costsby $350 millionj annually under a restructurin g program that included 1,850 job cuts in January and a 590-worker cut last The company expects the cost savingse to be in full by April 2010 and has cut nearlyu $34 million in expenses so far. Clear Channelo owns 80 radio stationsin Ohio, sevenn of which are in with 11 others in areas aroun Central Ohio.