Clear Channel Communications posted a first quarter loss after the biggest U.S. radio company wrote down the value of acquired assets by $17 billion. Excluding that cost, the company had a profit on higher sales.
The loss widened to $16.9 billion, or $27.85 a share, from $309.2 million, or 53 cents, a year earlier, according to CFO Randall Mays. Clear Channel’s profit before the writedown was $90.3 million, or 15 cents.
Like rival radio broadcasters, Clear Channel is beginning to see a recovery in the advertising market after a U.S. economic slump crimped ad spending. Sales climbed 4 percent to $1.7 billion in the recent quarter, beating the $1.57 billion average estimate of analysts polled by Thomson Financial/First Call.
