Clear Channel Cites Ad Decline in Loss

Clear Channel Communications, the nation’s largest radio broadcaster and concert promoter, reported a second-quarter loss, citing an advertising slump and higher expenses.

The San Antonio-based conglomerate reported a net loss of $237 million, compared with a profit of $31.2 million for the same period a year earlier. The company also said third-quarter cash flow would fall short of Wall Street estimates because of weak advertising sales.