Clear Channel Media and Entertainment revenue grew 3% in the second quarter, or by $21 million, compared to the same period a year earlier.
The increases at CCME (until recently called Clear Channel Radio) were driven “primarily by increases in national and local advertising sales volume across various markets and advertising categories, including automotive, political and telecommunications,” it stated.
“In addition, advertising revenue from the company’s digital radio services rose as a result of higher rates and volume in connection with its iHeartRadio player and continued growth of the company’s digital presence and offerings.”
Parent CC Media Holdings said its overall revenue was flat at $1.6 billion. It reported a consolidated net loss of $28 million in the quarter compared to a consolidated net loss of $38 million a year earlier.
CEO Bob Pittman said the second quarter exhibited “solid growth.” EVP/CFO Tom Casey stated in the announcement, “Even with the economic recovery slowing, we were well positioned to keep driving revenue growth in the quarter at our Media & Entertainment and Outdoor businesses.”
CC Media Holdings also uses a measure called OIBDAN; it said this statistic increased 6% to $532 million in the quarter. That number included a drop in music license fee expenses “due to lower royalty rates and a credit for a portion of prior years’ fees.”
It said that it saved some money in the quarter thanks to “lower headcount associated with last year’s cost initiatives,” but this was partially offset by higher costs of $9 million related to its traffic business acquisition.