Clear Channel Preliminary Q1 Revenues Down 23%
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CC Media Holdings, the parent of Clear Channel, said in an 8K filing with the SEC on Friday that preliminary first quarter revenue was down 23% to $1.2 billion from $1.56 billion in 2008. It also said that operating expenses (include restructuring costs of $33.6 million) dropped 12% to $995.9 million.
The company's total debt at the end of Q1 jumped to a whopping $21 billion when compared to $5.9 billion a year earlier. $15.7 billion of the debt was used fund Clear Channel's privatization, which closed July 30 of last year.