Reply #27: Clear Channel Earnings hit by slip in revenue from radio, live shows

[UpInArms]

http://www.marketwatch.com/news/story.asp?guid=%7B54F03362%2D0A82%2D4668%2DAF86%2D7C692B6C8143%7D&siteid=mktw

NEW YORK (MarketWatch) - Clear Channel Communications outlined a restructuring plan early Friday while posting a sharp drop in earnings for the first quarter due to declines in revenue from its radio broadcasting and live entertainment businesses.

The San Antonio-based company's (CCU: news, chart, profile) board approved sweeping changes in its operations, including an initial public offering of 10% of its outdoor advertising business, and the spin off of its live entertainment business.

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For the first quarter ended March 31, Clear Channel reported earnings of $47.9 million, or 9 cents a share, down from a year-ago profit of $116.5 million, or 19 cents a share.

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Revenue fell 4% in the latest three months to $1.88 billion from $1.97 billion in the same period a year earlier. The company's radio broadcasting business saw a 7% decline in revenue to $773.6 million in the March period, while revenue from the live entertainment business sank 17% to $424.5 million.

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