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Clear Channel Posts Wider Q3 Loss

Clear Channel Communications reported a greater loss than expected in the quarter ended 30 September, citing the aftermath from the September 11 terrorist attacks as part of the reason.

CCC reported a net revenue loss of just more than $232 million compared with $449 million, during the same period last year, and blames the loss from declines in its billboards and radio business.

The company however, reported growth in its entertainment sector, which organized benefit concert for the Sept. 11 victims including United We Stand in Washington, DC and Country Freedom Concert in Nashville last month.

Overall, total revenue rose 46 percent in the quarter to $2.3 billion from $1.58 billion in the same period a year ago.