Clear Channel Loses Up to $30 Million in Ad Sales
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Clear Channel Communications Inc., the biggest owner of U.S. radio stations, said it lost as much as $30 million in advertising sales because of extended coverage and cancellations after last month’s terrorist attacks.
The company lost $20 million during the first two days after the assaults because it didn’t run commercials, Chief Executive Lowry Mays said at a Goldman, Sachs & Co. conference. An additional $5 million to $10 million in ads were canceled or postponed from Sept. 11 to Sept. 21, said Randy Palmer, a spokesman.
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