CCE Posts $45 Million to $50 Million Overall Loss After Attacks

Clear Channel Entertainment’s CEO Lowry Mays says that the company’s entertainment division lost between $8 million to $10 million in revenues after events were canceled or rescheduled following the Sept. 11 terrorist attacks.

CCE also lost $45 million to $50 million in radio ad revenues — $20 million due to its decision to switch to ad-free radio news coverage immediately following the attacks and an additional $25 million to $30 million from cancellations, which will be likely pushed back to the fourth quarter.

However, Mays said he didn't think the lost revenues would have any material impact on the company's financial performance since the company turns over about $8 billion in revenues annually.

"$25 million to $30 million is not a backbreaking event," he said.

Related Post