I HURT RADIO: Clear Channel Burning Cash to Delay Reckoning

When Clear Channel CEO Bob Pittman appears in interviews, why don’t journalists ever ask him about this?

From Bloomberg.com:

(Clear Channel) said on Nov. 25 that it’s seeking to extend about $1.8 billion of borrowings due in 2016 by three years to five years, which Fitch Ratings estimates would boost interest costs as much as $55 million annually.

While the proposal gives Clear Channel more time to turn around a business that’s posted losses every year after Bain Capital Partners LLC and Thomas H. Lee Partners LP took control in 2008, it also raises the company’s risk of missing interest payments on $20.7 billion of debt, according to Moody’s Investors Service. After capital expenses, Clear Channel ran a deficit from operations in the year ended June, meaning the company had to eat into cash that’s declined more than 60 percent since the end of 2010 to $704.2 million.

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One Response to I HURT RADIO: Clear Channel Burning Cash to Delay Reckoning

  1. Cody Casey December 2, 2013 at 10:09 pm #

    I see there keeping this nice and low key, I’m sure any interviews they do, they make damn sure that there is not a hint of this brought up, maybe they are so in denial over it, they don’t even believe it’s a problem, hey they are “The Clear Channel Allmighty” they don’t need to explain themselves or their finances to all the peon peasants out there, do they?

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