The last one year has been relatively better for Clear Channel. Despite a 15% correction from the high of $8.75, it is up 48% on a 52 week basis. 2012 was bad due to the crash in March, but the stock has managed to recover a bit over the next few quarters. The fundamentals were showing signs of improvement, as the revenues and net income had shown good growth till Q3'12. In Q4'12, the revenues increased, but the company reported a huge net loss due to impairments and extinguishment of debt. In Q1'13, the revenues declined sharply on a sequential basis, and were flat on a yoy basis. The net loss was also substantial. The stock price has moved accordingly, and the recent correction is a reflection of the performance in the first quarter. As mentioned in the company's 2012 annual report, outdoor advertising represented only 3% of the total dollars spent on advertising in the United States in 2011. While the company continues to promote outdoor advertising as a medium for reaching out to customers, the industry is likely to face competition from new concepts from time to time. The fragmented industry faces challenges from different forms of advertising including Internet. Online advertising is becoming popular for its impact, and social media is a favored channel. Social media sponsorship companies like IZEA (IZEA) are using the power of celebrity influence to help advertisers attract customers. Clear Channel faces competition from players like Lamar (LAMR), CBS (CBS) and the likes. Growth in revenues is not going to be easy, but the strong presence of the company in the market cannot be underestimated. Cost control is also another major area that needs to be focused. If it can grow at a decent pace and improve margins, the outlook can improve. Slippages can lead to dampening of the sentiments.