• Mediaweek, Tuesday, March 3, 2009 10 AM

In the fourth quarter, Clear Channel Media Holdings' revenue was down 14% to $1.6 billion. For the year, the radio and outdoor operator posted a $4 billion loss, due in part to a $5.2 billion impairment charge. Year over year revenue declined 3% to $6.7 billion.

In January, to offset negative growth and cope with the declining ad market, Clear Channel began a restructuring program. Cost-cutting initiatives included slashing 1,850 positions, representing about 9% of its workforce. The company expects these initiatives to be fully implemented by first quarter next year.

For the fourth quarter, radio revenue dropped 13%, sending full year revenue down 7% percent to $3.3 billion. Outdoor reported a $3 billion loss on $785.5 million, a 16% drop. Outdoor also took an impairment charge of $722.6 million on its permits and $2.5 billion to reduce its goodwill.

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