2. Clear Channel (just one of the broadcast giants, but the largest by far)...
...had a dismal year last year just like everyone else and lost money.
But, that was mostly due to the performance of their investments and merger costs. Their radio stations generated $1.16 billion operating income in 2008.
Clear Channel and the other giants are crying poverty when it comes to their AM/FM stations having to compete on a level playing field with cable, internet, and satellite broadcasters. It's just an excuse not to pay the musicians.
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