Earnings: Clear Channel Q2 Revs Up 2 Percent; Outdoor Overcomes Radio's Slide
This story was written by Joseph Weisenthal.
Now owned by PE firms Bain and Thomas H. Lee, Clear Channel (NYSE: CCU)technically CC Media Holdingsreported Q2 revenue of $1.83 billion, a 2 percent increase from $1.80 billion in the prior year. Not surprisingly, the radio business continues to drag, with revenue falling 6 percent year over year. 9 Percent growth in outdoor to $914.8 million helped overcome radio's weakness. Op income, meanwhile, fell 7 percent to $461.6 million. OIBDAN (operating income before depreciation, amortization and non-cash compensation) also fell by 7 percent. The announcement notes that this is the measure primarily used by the company's new management to evaluate Clear Channel's health.
Release (.pdf)
By Joseph Weisenthal