Clear Channel’s acquisition of Westwood One’s traffic business and an increase in national ad revenue helped push radio revenues up 7% in CC’s latest financial quarter.
Of the $55 million increase in radio revenue, $41 million was from the acquisition. National advertising revenues rose $13 million. However, operating expenses grew $54 million compared to a year earlier, much of it from the acquisition as well as spending related to CC’s various digital projects.
CC Media Holdings’ overall revenues increased 7% to $1.58 billion in the quarter.
Chief Executive Officer Bob Pittman summarized the company’s health: “Not only did we leverage the power of our national radio platform to launch the New iHeartRadio with the biggest music festival in radio history, but our outdoor businesses keep generating impressive revenue growth in multiple markets and display types, both in the Americas and internationally.”
Executive Vice President and Chief Financial Officer Tom Casey said it was CC Media Holdings’ seventh consecutive quarter of revenue growth. He said the company was continuing to “make progress in managing our liquidity and debt maturity profile while investing in the company.”