Clear Channel Profit Sinks; Plans Spin-Off

[pstokely]

http://www.hoovers.com/free/news/detail.xhtml?ArticleID=NR20050429140.6.6_11e00012acf2974e
SAN ANTONIO_Clear Channel Communications Inc., the nation's top radio
broadcaster, on Friday said its profit fell by more than half in the first quarter as its plan to shorten ads and commercial breaks during programs dragged down revenue.

In a move looking to "unlock ... considerable value" in the company, Clear Channel also unveiled plans to spin off its live-entertainment business and launch an initial public offering for 10 percent of Clear Channel Outdoor, which sells about $2.5 billion of billboard ad space each year.

Following the offering, the company said it will also distribute a special dividend of $3 per share to investors and boost its quarterly distribution by 50 percent to 18.8 cents per share, beginning July 15.

[neuvocat]

1. But...but...it pays to advertise!!!

Especially when ads are playing in consecutive 20-minute blocks.

[MontageOfFreedom]

2. Clear Channel goes bankrupt says the future news. n/t

"Conservative talking points for the misinformed"

[Wizard777]

3. King of the world vs. King of all media

Howard Stern wins in a TKO!

I guess they failed to realize what side of the political spectrum their bread is buttered on.