Look at the quote below from Clear Channel’s CEO. Is he reading the same numbers we’re reading? I’ve been telling you for years about what is really happening with the “big box” terrestrial radio business. This isn’t just wishful thinking. See the numbers for the biggest radio company in the world for yourself. From the San Antonio News-Express.
- Radio and outdoor advertising giant CC Media Holdings Inc. (a/k/a Clear Channel) reported Tuesday that it lost $191 million in the last quarter of 2012 even as sales increased.
- The San Antonio company’s net loss (in the quarter) was significantly worse than its results in the same period the year before, when it lost $43 million.
- For all of 2012, the company posted a loss of $424 million, compared to a $302 million loss in 2011.
- “We are very pleased with our Company’s progress in strengthening our businesses over the past year, and we look forward to continuing our momentum into 2013,” CC Media Holdings CEO Bob Pittman said in a statement. (Progress = an over 40% increase in losses year-to-year?)
Put a fork in it, they are done!
too bad i don’t have much of a portfolio. or i’d be thinking of not only shorting CC Media Holdings bonds, but try to buy the derivatives based on those bonds and make a big killing on them. if they were in the stock market, i’d place some big call options in the q-1 2014 and q-2 2014 timeframes, when those other bonds come due,
Radio licenses are worth far more than Clear Channel. Just as in the case of Citidel Broadcasting, Chase Bank stole it from Suleman (Not the one in Virginia) and made a whopping profit. Now the banking wise guys are going after Clear Channel. First they layer the company in debt, then when the schlubs can’t pay the interest (vig for you Italians) they take the company and sell the parts for a fortune over their investment. Bankruptcy allows them to cancel the shares and leave the investors on the curb with nothing.
New Normal internet broadcasting model is the way to go until AT&T and Verizon return to their old school telephone roots and charge for the wireless internet by the minute or the bit. When they get more control of ISP’s they will throttle home and office internet too. It’s coming, Verizon even admits it.