Clear Channel Reports $5 Billion Loss

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CC Media Holdings has reported a $5 billion fourth quarter loss due to a  major change in the value of its assets such as radio licenses and other permits. CC Media Holdings is the vehicle used by Thomas H. Lee Partners and Bain Capital to privatize Clear Channel Communications last year in what was reportedly a $17.9 billion transaction. The $5 billion loss on revenues of $1.6 billion compares with a fourth quarter profit of $321 million on revenue of $1.9 billion in same period a year earlier. CC Media reports its radio revenue fell 13% in the fourth quarter and revenue from its Outdoor Advertising business dropped 16%.

According to the Wall Street Journal, CC Media has long-term debt obligations of $19.5 billion and “debt-ratings agencies are concerned it might not be able to meet all its financial obligations. Standard and Poor’s Ratings Services downgraded Clear Channel’s debt last month, while Moody’s Investors Service has the company on review for a possible downgrade.”

Looking at the full year 2008, CC Media Holdings accumulated $6.7 billion in revenue, a 3% drop from 2007 revenues. Broken out solely by radio, overall revenue for 2008 fell by 7%.

CC Media Holdings CEO Mark Mays commented, “Although CC Media Holdings revenues were down in 2008, our radio and outdoor businesses performed well compared to their sectors. These are challenging times which have taken their toll on many of our advertisers. However, macroeconomic conditions will continue to present a stark reality where disciplined focus on working with our advertising partners, cost containment and the flexibility to adjust to change are essential. Most importantly, we are so appreciative of the tremendous efforts expended by our employees to meet the demands of these difficult times.”

Click Here to read the official earnings release.

Strait Sells Out Dallas

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Create a package with George Strait, Reba McEntire, Blake Shelton and Julianne Hough and it should be no surprise that it would sell out a venue even as large as the new Dallas Cowboys stadium. The June 6 concert cleared out all its tickets in exactly one hour for the inaugural event. The new stadium is being billed as the largest and most technologically advanced sports and entertainment venue in the world. The $1.1 billion structure features two massive arches, a retractable roof and seating for over 80,000. The venue also includes 300 luxury suites and more.  http://www.stadium.dallascowboys.com

Lifenotes: Ernie Ashworth, David Lipscomb, Charlie Parker

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“Talk Back Trembling Lips” Singer Ernie Ashworth Passes Away

Grand Ole Opry member and country hitmaker Ernie Ashworth passed away March 2 at the age of 80 in Nashville. Born in Huntsville, Alabama, the singer enjoyed several top 10 singles from the late ‘50s through the ‘60s and wrote songs for artists including Little Jimmy Dickens, Carl Smith and Johnny Horton. Ashworth is a member of the Alabama Music Hall of Fame. Services will be  Wednesday (3/4) at Anthony Funeral Home, 337 McMurry Blvd. in Hartsville, TN, with visitation from 1:00 to 8:00 p.m. and a Masonic service beginning at 8:00 p.m. Visitation will continue on Thursday (3/5) from 10:00 to 11:00 a.m., with funeral services beginning at 2:00 p.m. at Nashville’s Woodlawn Cemetery.

David Lipscomb Memorial Service Set

A memorial service for Christian-music executive David Lipscomb will be held tomorrow (Tuesday, March 3) at 11 a.m. at The People’s Church in Franklin.
David Lipscomb was the co-founder of Overflow Management, Inc. with partner Geoff Moore. The Christian-music firm handles Moore, as well as the recording bands The Afters, Hyperstatic Union and StorySide B. He was also active in the Gospel Music Association, serving as a MAPS committee member during the annual Gospel Music Week celebrations.

A trusted mentor and adviser to many in his field, David Lipscomb died at age 45 on February 25 of pancreatic cancer. He is survived by his wife Robi and by sons D.J. and Dale, daughter-in-law Amanda, mother Sophie and sister Tina. In lieu of flowers, the family requests donations to the Pancreatic Cancer Action Network. Contribution information can be found at www.carefordavid.com.
The People’s Church is at 828 Murfreesboro Road in Franklin. — Robert K. Oermann

Former BMI Employee Charlie Parker Passes

Longtime BMI employee Charlie Parker passed away on Friday afternoon, Feb. 27. Many of his former coworkers say that they have very fond memories of Parker’s 31 years as the PRO’s custodian prior to his retirement. Visitation with Parker’s family will be Wed., March 4, from 5-7PM; followed by the funeral at 7 PM, at Big Harpeth Primitive Baptist Church, 522 Meridian St., Nashville, TN 37207, (615) 256-7375.

Jason Aldean Set To Film Hi-Definition Live DVD

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With his current single, “She’s Country” currently climbing the charts, Broken Bow’s Jason Aldean will film a live concert in front of a packed house of 4600 fans on Friday, March 6 at Knoxville Coliseum. Produced by Barry Ehrman and driected by Ivan Dudynsky, the DVD will be released later this year. Aldean will spend the first part of the week in Nashville, previewing his third studio album, Wide Open, at the Country Radio Seminar in Nashville.

“Making a live DVD has been a dream of mine for years,” said Aldean.  “I’m excited to shoot it in Knoxville because you can’t find a more fun crowd…they are young and always come ready to party.”

Randy Travis to Release “Greatest Hits” March 17

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Warner Bros. Records is set to release a Randy Travis greatest hits album on March 17. I Told You So: The Ultimate Hits of Randy Travis is a 32-track collection featuring two previously unreleased tracks and including the many hits of Travis’ extensive career, including “Forever and Ever Amen,” “Three Wooden Crosses,” and the album’s first single, “Turn It Around.” Supporting the album’s release, Travis will perform “Turn it Around” and “Forever and Ever Amen” on the outdoor stage of The Tonight Show with Jay Leno on March 13.

Virgin Stores Shuttering Completely

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Virgin Entertainment Group North America (VEGNA), owner of the Virgin Megastores as well as three other retail outlets, is expected to close this summer. The company has been working on shuttering its Virgin Megastores in New York City and San Francisco for months. Other retail spaces in Orlando, Denver and Los Angeles will follow soon, with the liquidation process to be complete by summer. VEGNA was acquired by real estate companies the Related Cos. and Vornado in August 2007.