was losing ground in the premarket session after posting a wider-than-expected fourth-quarter loss and saying it will take an accounting-related charge that could approach $25 billion.
The Los Angeles radio broadcaster said its loss widened to $365.6 million, or 61 cents a share, in the quarter compared with a loss of $192 million, or 33 cents a share, a year earlier. The company was hurt by a tough advertising market and took about $80 million in charges related to job cuts and a unit closure.
Clear Channel said fourth-quarter revenue fell 8% to $1.86 billion, while earnings before interest, taxes, depreciation and amortization dropped 46% to $345 million. The company estimated that EBITDA for the current quarter would be between $340 million and $360 million.
On Instinet, Clear Channel's shares were recently down $3.09, or 6%, to $45.98.
Clear Channel said it will take a pretax charge of $15 billion to $25 billion to comply with a new accounting standard under which it will stop regularly amortizing goodwill from acquisitions.