Bressler: 'Efficiency Initiatives' to Continue At Clear Channel

Richard Bressler

National advertisers pulled back on outdoor ad spending in the second quarter, according to CC Media Holdings Inc., the parent company of Clear Channel Communications and Clear Channel Outdoor.

For the quarter, Clear Channel posted a loss of $186.6 million, down from a profit of $7.2 million a year earlier.

Speaking on a second quarter earnings call, CC Media chief financial officer Richard Bressler said Wednesday that the latest period “was a tough quarter.” He said the national advertiser pullback had cut the occupancy rate of billboards and posters in the quarter.  According to wsj.com, some of the loss of these accounts, Mr. Bressler said, was attributable to a shift in buying patterns.

“Several large advertisers… decided to use spot buys throughout the year,” he said.

Bressler added the company is starting to regain traction with these national accounts, while local and regional businesses remain strong.

Bressler told financial analysts that  Clear Channel maintains its "commitment to tightly managing our expenses seeking new efficiencies and driving more revenue dollars down to the bottom line. As a result, while continuing to invest in strategic revenue and efficiency initiatives, we expect to see OIBDAN growth in a second half of the year."