Radio broadcasting revenue was up 6% in the third quarter for CC Media Holdings, parent of Clear Channel Communications, at $743 million. That’s $39.8 million more in the quarter than a year ago.
The company pointed to a $15 million increase in national advertising and a $14 million increase in local business “driven by improved economic conditions and increases in average rate per minute.” Increases were seen in the automotive, political, financial services and healthcare sectors, among others.
Overall, including outdoor and other businesses, CC Media Holdings said its revenue in Q3 was $1.48 billion, up 6% from a year ago. Its OIBDAN, a measure of operating income, was up 25%. But the company posted a consolidated net loss in the quarter of $150.4 million, compared to a consolidated net loss of $92.7 million a year ago.
In his official summary of the numbers, President/CEO Mark Mays stated, “Our radio and outdoor businesses generated healthy gains in revenue and improvement in profit margins, reflecting our leadership positions, expanding digital presence and efficient operating infrastructure. As a result of the concerted investments we have made in our business, management and sales resources, we have emerged as a more focused, profit-driven organization delivering innovative products and measurable results for our advertising partners.”