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

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(OTC BB:CCMO), formed when private equity firmsz Bain Capital andThomas H. Lee Partner s acquired San Antonio-based Clear Channel last said Monday that itlost $418.2 millionb in the first three months of the Clear Channel a year ago earnedd $799.6 million. Revenue in the quarter fell 23 percenytto $1.2 billion from $1.56 billion. The biggestr decline came for Cleatr Channel’s outdoor advertising segment, a separate publicluy traded company, which saw revenue fall by a quarterto $582.2w million. (NYSE:CCO), majority-owned by CC Media, told investorsz that it lost $87.9 million, or 25 cents a during the quarter. That compares with profit of $88.9 or 25 cents a share, a year ago.
CC Medias during the quarter moved to cut costsby $350 milliom annually under a restructuring program that included 1,850 job cuts in Januaruy and a 590-worker cut last month. The company expectsw the cost savings to be in full by April 2010 and has cutnearlyg $34 million in expenses so far. Clear Channel owns 80 radi o stationsin Ohio, seven of which are in with 11 others in areas around Central Ohio.