CC Media Holdings Sees Revenue Grow

Company has a net loss in the quarter, but smaller than a year ago; radio revenue bumps up
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Radio at Clear Channel brought in 3% more in the most recent quarter than a year ago. The company is the largest U.S. commercial radio broadcaster.

Quarterly revenue from radio at CC Media Holdings was $623 million. Overall revenue was up 5% including the company's outdoor and other businesses, to $1.26 billion (it would have been up only 2% excluding the effects of movement in foreign exchange rates).

Meanwhile the company managed to reduce its expenses — down 8% within radio, for instance. Still, the company posted an overall consolidated net loss in the quarter of $179.6 million, though this was down from $428 million a year ago.

"The advertising rebound continued in the first quarter, with business trends improving across many of our markets," President/CEO Mark Mays stated. "As our top line returns to growth, we are demonstrating significant improvement in our operating margin due to the positive impact of our restructuring program."

"Advertisers are increasingly recognizing the need to target their core audiences as consumer purchasing activity rebounds and brand competition increases," he stated.


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