CC Media Holdings Inc. and Clear Channel Outdoor Holdings Inc. both reported sizable decreases in revenue for the second quarter as advertising sales continued to decline.
CC Media Holdings (OTC BB: CCMO) — which owns San Antonio, Texas-based Clear Channel Communications Inc. — reported a net loss of $3.7 billion on $1.4 billion in revenue for the second quarter.
This compares with net income of $282.3 million on $1.8 billion in revenue for the same period a year ago. Revenue was down 21 percent between the two quarters.
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