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Radio Revenue Flat at Clear Channel; Other Divisions Grow

Radio Revenue Flat at Clear Channel; Other Divisions Grow

Radio’s biggest owner saw revenues increase 9 percent in the third quarter (6 percent pro forma) compared to the same period last year. But its actual radio business didn’t share in that growth.
Clear Channel Communications had overall revenues of $2.54 billion in the period. However, the company’s radio broadcasting revenue, at $963.6 million, was flat.
By comparison, the outdoor advertising division enjoyed increases in reported and pro forma revenues of 13 percent and 5 percent, respectively. Live entertainment was up 19 and 14 percent, respectively. (Pro forma numbers reflect certain adjustments from year to year so that analysts can better compare a company’s performance directly.)
Lowry Mays said the overall numbers reflect “our focus on serving the needs of our communities, the strength of our out-of-home media strategy and our ability to execute in a challenging environment.”