CC Media Holdings Inc., the parent of radio broadcaster Clear Channel Communications Inc., reported a third-quarter loss as advertisers reduced spending. The net loss of $90.2 million compares with a profit of $279.7 million a year earlier. Sales at the largest U.S. radio broadcaster fell 3.8 percent to $1.68 billion on lower radio and outdoor advertising. CC Media became Clear Channel's parent when the private equity firms Bain Capital Partners LLC and ThoÂmas H. Lee Partners LP completed their $17.9 billion buyout in July.
Providing more mortgage credit and helping first-time buyers purchase a home should be the top priorities for the new president in his first 100 days in office as he deals with the embattled U.S. housing market, a survey shows. The survey, commissioned by the Web site Realtor.com and Move Inc. and done about a month before the election of President-elect Barack Obama, also showed that half of Americans believe the president should make helping distressed homeowners avoid foreclosure a priority.
Freeport-McMoran Copper & Gold Inc. said it would cut molybdenum production, lay off 14 percent of its work force and delay the long-planned reopening of its Climax molybdenum mine near Leadville, Colo., citing a 60 percent drop in the price of the steel-hardening mineral molybdenum and slowing global economic conditions.
Wells Fargo & Co., the biggest bank on the U.S. West Coast, said its stock offering increased to $12.6 billion after underwriters exercised options. The underwriters purchased an additional 61 million shares, the San Francisco-based bank said Monday in a Business Wire statement.
