Clear Channel Loses $424 Million in 2012, StopRush Rolls On

[babylonsister]

http://www.dailykos.com/story/2013/02/20/1188686/-Clear-Channel-Loses-424-Million-in-2012-StopRush-Rolls-On#

Clear Channel Loses $424 Million in 2012, StopRush Rolls On

by ProgLegsFollow


Buried on the business page of mysanantonio.com today, so brief you could easily have missed it, was the news that Clear Channel Media Holdings just reported losses for the last quarter of 2012 of $191 million, and $424 million for all of 2012.

Clear Channel has been in trouble for a long time for a variety of reasons, but one factor that contributed to their losses in 2012 was the death spiral of their golden boy radio host Rush Limbaugh.

Just shy of a year ago, Limbaugh launched a cruel 3 day attack on Georgetown law student Sandra Fluke, following her testimony before a Congressional panel regarding health care and birth control. His advertisers have been heading for the doors ever since, thanks in large part to groups like The Flush Rush Facebook community and #StopRush Twitter. Here are the current number of sponsors who have voluntarily removed their ads from Limbaugh's show:

Inactive Victory: Week = 35 Month = 247 Total = 2484

Clear Channel has been firing radio employees all year in an effort to stanch the bleeding--to no avail. Limbaugh has a $400 million contract which expires in 2016. The question now is whether Clear Channel will tolerate this albatross around its neck for that long.

You can lend your voice to the StopRush movement in the following places:


Join: The Flush Rush Facebook community
https://www.facebook.com/groups/flushrush/
Visit: The StopRush sponsor database
http://stoprush.net/rush_limbaugh_sponsor_list.php#current_a
Tweet: #stoprush Twitter campaign

[Berlum]

1. Americans rejoice!

Fabulous news for America and Americans!

[Scurrilous]

2. K & R

[think]

3. I look forward to the day that Clear Channel ceases operation.

[freshwest]

8. Exactly! Extract their cancer from the national consciousness!

[think]

11. Cancer is an excellent analogy for CC & their heinous business practices

For me one of Clear Channel's worst offenses (And there are many.) against America and the American people was beating the drums of war for Bush:

Pro-War Rallies

The Clear Channel's activities go beyond radio. In March 2003, its affiliate stations throughout the United States organized pro-war rallies, under the name of Rally for America, to coincide with the Bush administration's launch of war with Iraq. "Experienced Bushologists let out a collective 'Aha!' when Clear Channel was revealed to be behind the pro-war rallies, because the company's top management has a history with George W. Bush," reported Paul Krugman in the New York Times. Although Clear Channel denied sponsoring the rallies, "they were promoted repeatedly by the company's widely syndicated radio personality, Glenn Beck."[5]

To counter negative impressions resulting from the post-9/11 playlist and "Rally for America" debacles, Clear Channel hired the crisis-management firm Brainerd Communicators. According to the New York Times (March 31, 2003), part of Clear Channel's damage control included an op/ed article by Glenn Beck in which "Mr. Beck described the [pro-war] rallies as a grassroots response to his personal broadcast call to 'Mr. and Mrs. America' to urge their local radio stations to hold rallies."....

~Snip~

Breaking the Law

In their "Ten Worst Corporations of 2003" list, Robert Weissman and Russell Mokhiber report that Clear Channel has "compiled a record of 'repeated law-breaking' ... violating the law -- including prohibitions on deceptive advertising and on broadcasting conversations without obtaining permission of the second party to the conversation -- on 36 separate occasions over the previous three years."[6]...

~Snip~

http://www.sourcewatch.org/index.php?title=Clear_Channel_Communications#Pro-War_Rallies

[freshwest]

17. Thanks, I didn't know that about them. I have a relative in advertising who grew to hate them.

I forgot the entire complaint at the time, but it had to do with their business practices as they had a monopoly and didn't allow any other players. Said that it was chilling how they'd shut out all others and no one could get on the air without their approval. Could almost feel the shudder through the phone line describing it.

And I just went through that entire page at the link, it's impressive. Thanks again.

[joeybee12]

4. Hee-hee!

Great news...knr

[srican69]

5. I have been in on the tweeting frenzies to flush rush ..but nothing ever comes of it ..

Rush will stay there on top of the BS mountain ...

[Berlum]

6. ....but something is coming of it...

read the OP. It is making a big diff.

[4_TN_TITANS]

14. Losing $424 mil is nothing???

That's not exactly pocket change, even for a company as large as they are. Almost half a billion is nothing?

[srican69]

18. To me the only real difference is when the rotten lump of lard get tossed out of the window

Till the time the bastard is given a stage to spew his hateful shit .... I am not going to celebrate

[AndyA]

7. Yesterday, Rush said he was ashamed of America for the first time

Now he knows how most of America feels about him.

[freshwest]

9. If they aren't, they should extend their shame to themselves.

[sheshe2]

41. Bingo! nt

[Rex]

10. And of course that news was hidden away by the M$M.

I cannot wait for one of the huge monopolistic companies to fall down and not get back up. I hope CC goes belly up.

[catbyte]

13. What a service to the nation that would be.

[Rex]

16. Yes, maybe we can have some competition back in the market.

Get rid of these AT&Tish companies so innovation and creativity can be seen once again.

[catbyte]

12. Awesome!

[montanto]

15. Meh, that's just a couple of fries. nt

[SummerSnow]

19. Clear Channel.....

$424,000,000----$500,000,000----$575,000,000----$615,000,000----$705,000,000....

CC: "I think we need to TALK to Rush,we're bleeding here "

[hunter]

20. Clear Channel and Religious Fundamentalists have poisoned the radio business.

The airwaves belong to all of us and ought to be restructured in such a way that it's possible for anyone to open a local content radio station in wide open spaces between a few very well regulated, politically neutral, national stations.

This would be accomplished with smart digital transmitters and receivers. A local broadcaster would buy an inexpensive license and a transmitter that would automatically search for an empty channel in the radio spectrum and adjust it's output and frequency accordingly. So long as a small broadcaster continued to broadcast legal, local radio content on that channel, the channel would belong to them. Syndicated content, such as national news or advertising would be restricted to a few minutes each hour, and one or two forty to fifty-five minute programs each day.

National or international broadcasters of commercial or political content would be confined to satellite and internet radio.

[Initech]

21. Clear Channel is the sole proprietor of Bullshit Mountain.

The sooner they are eliminated from the public conscious the better!

[defacto7]

22. Crush Rush.

[ThomThom]

23. maybe they will switch all Rush stations to Sports Talk

The Fan

[KauaiK]

24. Waaaaay back in the 1980's...

...I had 4 "Flush Rush" bumper stickers. All 4 were ripped off of my car within a week of putting them on. Hindsight: I probably should be grateful my car was not vandalized or my tires slashed!

[MynameisBlarney]

25. Two big fat boids

with one stone.

Nice.

[johnnyreb]

26. Sing it!!

http://billionairesforbush.com/music/clear%20channel%20xpt.mp3

[leveymg]

27. Faux News loses a lot of money, but Murdoch & the Saudis keep it going. The value of RW media isn't

just financial. It translates into political influence buying -foreign interests and presidential candidates shouldn't own US media. But, they do.

CC, similarly, would have gone belly up a long time ago if it didn't have deep pocket backers. http://current.com/community/93931437_bain-capital-owns-clear-channel.htm

The deal in which Bain Capital became one of the owners of Clear Channel was initiated just a short time before Mitt Romney’s first run for president. The following comes from Wikipedia….

On November 16, 2006, Clear Channel announced plans to go private, being bought out by two private-equity firms, Thomas H. Lee Partners and Bain Capital Partners for $18.7 billion, which is just under a 10 percent premium above its closing price of $35.36 a share on November 16 (the deal values Clear Channel at $37.60 per share).

The deal was finalized in 2008. Today, Bain Capital is still one of the primary owners of Clear Channel.

One of the subsidiaries of Clear Channel is Premiere Radio Networks.

Premiere Radio Networks distributes a whole host of conservative talk radio shows. Everyone in the conservative world knows names such as Rush Limbaugh, Sean Hannity and Glenn Beck. Clear Channel also controls some other conservative talk radio hosts (such as Michael Savage and Mark Levin) that are not part of the Premiere Radio family.

[just1voice]

29. Exactly, and when and if "Gush Limpballs" goes down, another will go right back up

because it's right-wing propaganda that they're selling, it doesn't matter who the messenger is. Many people just don't get that and instead prefer to pretend they're doing something productive by taking somebody like limpballs down when they are actually just advertising for the right wing agitprop by spreading it around.

As soon as Clear Channel and limpballs goes out of business another equally insidious agitprop company will be created.

[Blanks]

28. Rush isn't the only bad thing about Clear Channel...

Apparently they've played an active role in breaking down monopoly laws which existed to prevent any one company from controlling all of the media in any given area.

They also control what artists get to have concerts, what TV programs are shown etc.

It's been a while since I'd heard anything about them (I didn't know until last summer that they were owned by Bain), but it isn't just Clear Channel radio; they own TV stations, concert halls etc. This is an example of our art being controlled by a big corporation. IIRC, it was owned by Tom Hicks who catapulted Dubya to power by buying his shares from the company that he bankrupted and making him manager if the Texas Rangers and buying him his farm and basically taking the loser and grooming him to screw up the country.

Rush is small potatoes compared to all of our art being selected by our corporate overlords.

This should be an example of why we need to return to the monopoly laws that were instituted to pull us out of the Great Depression. The fact that they are failing financially should be reason enough to have a fire sale. We'd hate to see an entertainment company too big to fail.

On edit: A link to the story involving Tom Hicks. http://www.wsws.org/en/articles/2002/08/bush-a01.html

[joeunderdog]

45. Obama's FCC is letting media consolidation get even worse.

It's how they steal elections and reframe the truth. And Obama is letting Murdoch and other RW media tighten its grip. I don't get it.

[Hulk Smash]

30. Rush sucks!

Man, his act is stale and tired. Only a complete asshole would still be listening to his dopey radio program.

[AndyTiedye]

35. The Asshole Demographic is the Limp One's Target Audience

He used to pick up a good number who listened to him as a comedy act, and he lost that audience,
leaving only the hard-core asshole demographic.

[Beartracks]

49. You just called my brother a complete asshole!

Oh, well -- I guess it couldn't be helped.



=======================

[ca3799]

31. I Listened to Rush today and

I Listened to Rush today and heard him say how "for the first time in my life, I am ashamed of my country," etc. He also said "“My days of getting roped in to all this are over." He may have been replaying of clip of him saying that because he said that exact same thing a day or two ago.

He really sounded sad and dejected. I think we will hear him leaving 'for new opportunities' soon.

[Uncle Joe]

32. Kicked and recommended.

Thanks for the thread, babylonsister.

[The Wizard]

33. They are using a business model

from the Jurassic period.

[AndyTiedye]

34. The Fact That they Keep Him On Proves That IT IS NOT ABOUT RATINGS

One can but wonder where the money is coming from to cover such huge losses. Financially it makes no sense at all.

[Art_from_Ark]

37. Ha ha-- Rush is becoming an Albatross! around CC's neck

[AsahinaKimi]

36. INCREDIBLE STUPIDITY from Limbaugh...

https://twitter.com/EndHateRadio/status/305080972456648705

[aquart]

38. Doesn't Bain Capital own them? Part of them?

[MannyGoldstein]

44. Yes.

No doubt Bain will get a government bailout if Clear Channel folds... Bain's done that before.

[grantcart]

39. You cannot make this shit up

On July 24, 2008, Clear Channel held a special shareholder meeting, during which the majority of shareholders accepted a revised $36-per-share offer from Bain Capital and Thomas H. Lee Partners.[17] The company announced on July 30 that it would offer shareholders either $36 in cash or one share of CC Media Class A common stock for each share of Clear Channel common stock held.[18]

In early 2010 it was announced that the company was facing bankruptcy due to its "crippling debt."[19]

After 21 years, Mark Mays stepped down as President and CEO of Clear Channel on June 23, 2010.[20] Mays will remain as Chairman of the Board, a position he has held for a year prior. The Board engaged Egon Zehnder International, a leading executive search firm, to lead the search for a new CEO. On October 2, 2011, Robert W. "Bob" Pittman was named CEO of Clear Channel.[21]


Go Here and watch the decline of stock value:

https://www.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chfdeh=0&chdet=1360953600000&chddm=692021&chls=IntervalBasedLine&q=NYSE%3ACCO&ntsp=0&fct=big&ei=CxEoUcijFob4lQO3bA

pull the toggle back to 2007 and see it lose 75% of its value.

Nice job Bain.

[muntrv]

40. Hope Clear Channel dies soon. We need to restore local ownership of stations.

[joeunderdog]

46. They buried the Dixie Chicks when they spoke out against the Iraq War.

Their stations were part of the war machine, pounding the message.

[Bainbridge Bear]

51. They also banned John Lennon's

"Imagine" from all 1200 stations. Damn their right-wing hides. They can't die fast enough for me.

[sheshe2]

42. Kick and Rec!

Thank you, babylonsister...great find!

[dem in texas]

43. Don't Let Up on Rush or Clear Channel

Continue to contact advertisers who are on his show, make Clear Channel bleed even more money!

[Canuckistanian]

47. Yes!

Oh God I wish this cretin should lose his only gig - propagating his hatred on national radio.

I've been following his career path for 20 years or more. He's intoxicating for those on the right. Authoritative, passionate and seemingly reasonable.

But his sheer hatred for those who disagree with him is revolting.

For someone who has kept this hate on for SO long... I'm afraid is mentally unbalanced.

We should pity him more than loathe him.

[lpbk2713]

48. And get that asshole off Armed Forces Radio

I don't care if only a dozen people listen to him regularly.
His constant lies and distortions justify giving him the axe.

[libodem]

53. ditto

[frylock]

50. boom-shakka-lakka!

[wercal]

52. I'm very confused

I can't see the story on my mobile....and when I Google search I get stories about them making a profit.

[daleanime]

54. Plenty of articles about their layoffs....

and if there's smoke....

[Generic Brad]

55. If their business model is to lose money...

..then everything is going according to plan.

[Cognitive_Resonance]

56. K&R nt

[Lil Missy]

57. ....