EmptyBad numbers, clearly
Clear Channel parent company CC Media Holdings reported a huge fourth-quarter loss because of a deteriorating advertising market and write-downs. The entity controlled by private-equity firms Bain Capital Partners and Thomas H. Lee Partners posted a loss of $5 billion, compared with a year-ago profit of $320.6 million. Revenue fell 14% to $1.61 billion. The company's core radio business saw revenue drop by 13%.
Sirius on standby
Sirius XM Satellite Radio delayed the filing of its annual report with the SEC because it has been distracted by its near-bankruptcy. The company, which avoided a Chapter 11 filing thanks to a capital injection from Liberty Media, will issue its annual report by March 17, when it reports fourth-quarter earnings.
Net backs reporter
CNBC said reporter Rick Santelli is not connected to a Web site that uses his name to promote a series of political protests against President Obama. The site was operating within 24 hours after Santelli's Feb. 19 appearance, when he said Obama's plan to help those at risk of home foreclosures promotes bad behavior.