>One reason Clear Channel invests in radio is
>that they don't have to make massive profits from their radio stations,
>since it reinforces their other profit-making divisions like concert venues.
Huh? Clear Channel's radio operations made $1.2 billion on $3.5 billion in revenues in 2005 <http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0000950134-06-004754&Type=HTML>. That's a helluva profit margin.
The only place the word "concert" appears in their 2005 annual report is this passage: "At the House Judiciary Committee hearing on July 24, 2003, an Assistant United States Attorney General announced that the DOJ was pursuing two separate antitrust inquiries concerning us. One inquiry is whether we have violated antitrust laws in one of our radio markets. No adverse action has been taken against the Company pursuant to this inquiry, and on February 27, 2006 we were informed by the DOJ that this investigation had been closed. The other inquiry concerns whether we have tied radio airplay or the use of certain concert venues to the use of the concert promotion services of our former live entertainment business, in violation of antitrust laws. No adverse action has been taken against the Company pursuant to this inquiry, and on February 10, 2006 we were informed by the DOJ that this investigation had been closed."
*Former* live entertainment business.
Doug