Snap! Rush Limbaugh's 'Radio Daddy' Clear Channel Reports $309 Million In 4th Quarter Losses

[babylonsister]

Snap! Rush Limbaugh's 'Radio Daddy' Clear Channel Reports $309 Million In 4th Quarter Losses

by Leslie Salzillo


Yes. Clear Channel/CCI has once again reported an extremely heavy loss in their 4th quarter and year ending report. It's no surprise the Bain-owned media giant, home of Rush Limbaugh's vile commentary, continues to fail on Wall Street. Since Limbaugh's 3-day on-air attack of then unknown Sandra Fluke, two years ago, the public protests against 'hate radio' have only strengthened and grown in numbers.

In last year's 1st quarterly report, Clear Channel showed a $210 million drop in revenue. And now in their final quarterly report of 2013, the losses have widened substantially, according Wall Street Journal:

CC Media is the vehicle used by private-equity firms Bain Capital LLC and Thomas H. Lee Partners LP to privatize Clear Channel Communications in 2008. The company reported for the latest period a loss of $309.2 million, compared with a year-earlier loss of $191.3 million, and pointed to equity in losses of nonconsolidated affiliates and higher interest expenses.

Revenue slid to $1.69 billion from $1.7 billion a year before as a 2% decrease in its outdoor revenue offset growth in its media and entertainment segment.

Additional bad news was noted in an earlier diary from less than three months ago and reported by Bloomberg that

"Clear Channel’s interest expenses have surpassed its operating income in every quarter since the end of 2008." "The company is just treading water,” said Spencer Godfrey, an analyst at debt researcher KDP Investment Advisors Inc.

It's unknown how much, if any, of the CCI major loss is directly attributed to the Rush Limbaugh protest, and I don't expect Clear Channel will be doling out any self-incriminating hints. But it's still enjoyable for many to see this Apres Romney-Bain Limbaugh supporter having a real rough go. It should be noted, the latter link of information which also appeared in Liberals Unite garnered over 80,000 Facebook likes/shares within 24 hours of being published, and then another 10,000 just 'hangin' around'. This shows how much of the public is starving to see Rush Limbaugh go down. Sadly and understandably, there are a small number of liberal folks unhappy with the boycotts. They are blaming the Rush Limbaugh protests for losing some of their favorite left-wing radio hosts. I hope in time, they will assign that blame to the true culprits - the Clear Channel/Cumulus/Premiere CEOs who have opted to keep racist, homophobic, bigoted, and misogynistic shows on the air. The people of America are sick of the hate that poisons our public radio, and they are using their freedom of speech, via protests, petitions, and boycotts to make their voices heard. It's a wonderful thing, and it's working. Thousand of companies have pulled sponsorship from Rush Limbaugh's show, as well as like-minded shows.

more...

http://www.dailykos.com/story/2014/02/20/1278989/-Snap-Rush-Limbaugh-s-Radio-Daddy-Clear-Channel-s-Reports-309-Million-In-4th-Quarter-Losses?detail=facebook#

[Cleita]

1. Not to worry. Koch brothers will bail them out.

$210 million is pocket change for them.

[mucifer]

2. Part of the cost of doing business in the propaganda world

[polichick]

3. Good news that people are waking up!

[BumRushDaShow]

4. Like when the

Washington Times went through a "rough patch", RW loons feel that their propaganda machine is worth whatever losses they incur because they look at it being there for the long haul... It's like throwing a couple gold coins into a fountain as a "donation".

We'll see how long the top can go when the losses start to cut into their own salaries...

[ladjf]

5. If true, it's good news. nt

[Rod Beauvex]

6. This is not news

Clear Channel has been losing money for years. Their purpose is not, and never was, to make money. It is to ensure a specific message and only that message is heard.

That's part of what corporate tax breaks pay for.

[DefenseLawyer]

7. The Bain model is to bankrupt every company they buy

After they hock it up to the gills, take all the cash out of it and sell off anything that's profitable. Why would Clear Channel be any different?

[Gothmog]

8. This is great news

Rush's contract is up in a couple of years. Clear Channel will not be able to renew that contract without some major cuts

[gerogie2]

9. Clear Channel made a big mistake by buying AM broadcast Stations

AM Broadcasting will become a very small market by the end of this decade and many stations will leave the air. People with smart phones and smart ware in cars can download an app to listen to any broadcast they want with clear signals. Also many talk shows are now moving to FM radio stations since so many FM music stations are losing listeners also due to smart phones, MP3 players and other devices.