(Part of an ongoing series on Clear Channel..)
It's been a rough couple of months for the media giant.
First, CC declares a $4.7 Billion loss for Q4 of 2004 (yes, that says Billion and Quarter).
Then, an independent motocross promoter in Chicago wins a $90 Million judgement against CC for tortious interference, the first-ever successful litigation of its kind against the company.
The judge in the case is now considering ordering that $90 Million bonded before CC runs to the protection of the bankruptcy courts...
Last week, CC announced it was "spinning off" (i.e. cutting loose) its radio and concert promotions operations, finally confirming that the company's main reason for existing, that mythical "synergy" between its media holdings, has finally proven a bust.
Now, their second-largest investor is dumping CCU like there's no manana....
more..
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