SAN ANTONIO: CC Media Holdings, the owner of radio and outdoor advertising group Clear Channel, posted a loss of $4.6 billion (€3.7bn; £3.3bn) last year, but out-of-home revenues remained relatively solid despite the advertising slowdown.
As previously reported, CBS saw its out-of-home income fall by 1% overall to $2.17bn, with a decline in the US being offset by international growth.
Similarly, Clear Channel's outdoor sales were flat at $3.2bn, with its North American operations posting a decline of just $54.8 million, all in the last quarter.
Its international out-of-home revenues also rose by $62.3m, with declines in the UK and France balanced by markets including China and Turkey, which "benefited from strong advertising environments."
Clear Channel's total revenues, however, fell by 3% to $6.7bn, and CC Media's ceo Mark P. Mays said the current climate reflected "challenging times which have taken their toll on many of our advertisers."
Radio revenues also fell $264.7m to $3.3bn, a decline attributed to an "overall weakness in advertising", a description particularly applicable to the automotive, retail and entertainment categories.
The company was also subject to a combined $5.3bn in impairment charges on its licences and permits and a reduction in goodwill.
Data sourced from Wall Street Journal; additional content by WARC staff