Clear Channel Media Revenue Dips 6% In Q4, 17% In '09
Radio Division Down 10% In Q4, 17% In '09
March 11, 2010 at 4:04 PM (PT)
CC MEDIA HOLDINGS, INC. reported declines of 6% in Q4 and 17% for the entire year of 2009. Its radio division took a 10% hit in Q4 and a 17% decline for '09. The conglomerate reported revenues of $5.6 billion for 2009; the 17% decline resulted from the global economic downturn and related decrease in advertising spend worldwide. It took in $1.5 billion in the Q4, a decrease of 6%. However, its Q4 decline was an improvement over larger declines in each of the first three quarters of 2009 when compared to the same periods in 2008.
"We began to see encouraging trends in the global advertising environment during the fourth quarter, as our overall revenues demonstrated sequential improvement in the final three months of the year," CC MEDIA HOLDINGS Pres./CEO MARK MAYS said. "During the past year, we have implemented a concerted plan to achieve significant cost efficiencies across our operations. We have also strengthened our management team and sales organization and made considerable progress in developing our content distribution and advertising capabilities.
"These efforts will continue in 2010 as we seek to maximize our performance," he continued. "We have a world-leading platform in the out-of-home media market, which enables us to deliver what we believe is an exceptional value proposition to advertisers. As we drive revenue growth across our operations, we believe we will increasingly benefit from our improved operating leverage, resulting in increased returns for our shareholders."