Clear Channel Financial Outlook Brightens, Company Tells SEC
December 11, 2009 at 3:34 PM (PT)
CLEAR CHANNEL COMMUNICATIONS tells the SEC in a Form 8-K filed FRIDAY that it expects its fourth quatrter revenue to be between $1.4 and $1.7 billion, bringing the full year total to $5.5-$5.54 billion, and for radio revenue to be stemming its losses quickly, with radio revenue off 19% on OCTOBER but 8% in NOVEMBER and just 1% in DECEMBER. Domestic outdoor revenue was off 4% in OCTOBER bit looks to be flat in NOVEMBER and DECEMBER.
The company says that it expects to be in compliance with its debt covenants under its senior secured credit facilities for the remainder of 2009 and through 2010.
The CLEAR CHANNEL OUTDOOR subsidiary also has a new CEO, as former ADELPHIA President/COO RON COOPER joins the company, replacing PAUL MEYER.