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Clear Channel Owner Says Revenue Down 23%

CC Media Holdings Inc., the company that owns Clear Channel, has announced in a filing that its preliminary first-quarter revenue totaled $1.2 billion, down 23% from $1.56 billion the year earlier. The company is the nation's largest player in radio broadcasting and outdoor advertising.

The decreasing revenue is likely to drive down the company's bond prices as investors fret that Clear Channel might have trouble honoring its agreements with lenders.

Read the whole story at The Wall Street Journal »

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