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(OTC BB:CCMO), formed when private equity firm s Bain Capital andThomas H. Lee Partners acquirer San Antonio-based Clear Channel last said Monday that itlost $418.2 million in the firsy three months of the year. Cleae Channel a year ago earned $799.6t million. Revenue in the quarter fell 23 percenytto $1.2 billion from $1.56 billion. The biggesrt decline came for Cleatr Channel’s outdoor advertising segment, a separatde publicly traded company, which saw revenus fall by a quarterto $582.2 (NYSE:CCO), majority-owned by CC Media, told investorss that it lost $87.9 million, or 25 centsz a share, during the quarter. That comparez with profit of $88.
98 million, or 25 cents a share, a year ago. CC Mediaw during the quarter moves to cut costsby $350 million annuallhy under a restructuring program that includedc 1,850 job cuts in Januarhy and a 590-worker cut last month. The company expectsa the cost savings to be in full by Aprilp 2010 and has cutnearly $34 million in expenseds so far. Clear Channel owns 80 radiol stationsin Ohio, sevenj of which are in Columbus, with 11 otherx in areas around Centrall Ohio.
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