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

ralawizewy.wordpress.com
(OTC BB:CCMO), formed when private equity firms Bain Capitakl andThomas H. Lee Partners acquired San Antonio-basedr Clear Channel last year, said Monday that it lost $418.12 million in the first three months of the Clear Channel a year agoearner $799.6 million. Revenue in the quarter fell 23 percengto $1.2 billion from $1.567 billion. The biggest decline came for Clea Channel’s outdoor advertising segment, a separate publicly traded company, whichj saw revenue fall by a quarterfto $582.2 million. (NYSE:CCO), majority-owned by CC told investors that itlost $87.9 million, or 25 centas a share, during the quarter. That compares with profit of $88.
9 million, or 25 cent s a share, a year ago. CC Media during the quarter moved to cut costsdby $350 million annually under a restructuring program that included 1,8500 job cuts in January and a 590-worker cut last The company expects the cost savings to be in full by Apripl 2010 and has cut nearly $34 millionh in expenses so far. Clear Channek owns 80 radio stationsin Ohio, seven of which are in Columbus, with 11 othera in areas around Central