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CCC Reports Revenues Rise 49% to $8 Billion

CCC Reports Revenues Rise 49% to $8 Billion

In a year that analysts are calling one of the worst ever to hit the radio industry, Clear Channel Communications reported revenues for the year 2001 increased 49% over 2000, to $7.97 billion. Operating cash flow less corporate expenses, or EBITDA, as adjusted rose 11% over the same period, to $1.92 billion.
Revenues for the radio division increased 42% to $3.46 billion and EBITDA to $1.35 billion, a 29% rise compared to 2000 EBITDA.
The company highlighted the radio division’s re-organization. Clear Channel Radio is now organized along eight geographic regions that sell advertising that parallels the trade areas of its advertisers. The radio division hired and trained 600 salespeople last year following the reorganization.
Clear Channel Radio CEO Randy Michaels stated, “Clear Channel Radio is positioned to exploit the synergies of scale…. We reach over 110-million listeners every week, across all 50 states and through nearly every format, including branded, Clear Channel networks. No other company in the world can offer advertisers targeted footprints that match their trade area, whether it’s local, regional or national.”