Iheartmedia, Inc. (NASDAQ:IHRT)

WEB NEWS

Saturday, April 24, 2010

Comments & Business Outlook
In 2008 and continuing into 2009, the global economic downturn adversely affected "advertising revenues across our businesses. In the fourth quarter of 2008, we initiated an ongoing, company-wide strategic review of our costs and organizational structure to identify opportunities to maximize efficiency and realign expenses with our current and long-term business outlook. As of December 31, 2009, we had incurred a total of $260.3 million of costs in conjunction with this restructuring program. We estimate the benefit of the restructuring program was an approximate $441.3 million aggregate reduction to fixed operating and corporate expenses in 2009 and that the benefit of these initiatives will be fully realized by 2011."


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