Home Music Industry News iHeartmedia (formerly Clear Channel), CC Media Post Losses on Write-Downs – WSJ.com

iHeartmedia (formerly Clear Channel), CC Media Post Losses on Write-Downs – WSJ.com

A deteriorating advertising market pushed iHeartmedia (formerly Clear Channel) Outdoor Holdings . and parent company CC Media Holdings Inc. deep into the red in the fourth quarter.

“The economic slowdown has adversely affected advertising revenues across the company’s businesses in recent months,” CC Media said Monday.

CC Media is the entity through which private-equity firms Bain Partners LLC and Thomas H. LP acquired radio-station giant Communications Inc. in July for $17.9 billion.

Last month, ard & Poor’s lowered its credit ratings on CC Media notch further into junk territory, citing continuing concerns over the company’s ability to comply with its debt covenants.

The company, which is based in , recently borrowed the remaining $1.6 billion under a $2 billion revolving credit line, citing concerns about the state of the credit markets. The move raised fears on that the radio-station giant was choosing to access the funds for fear it wouldn’t be able to if it breached covenants.

via iHeartmedia (formerly Clear Channel), CC Media Post Losses on Write-Downs – WSJ.com.