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%.

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Clear Channel Reports $5 Billion Loss : MusicRow