Clear Channel Communications (NYSE: CCU) reported higher Q4 earnings thanks mainly to broadcast ad revenue, though profits were still down. The nation’s largest radio station operator, which agreed to be acquired by a group of private equity funds for $19 billion last November, also benefited from its outdoor ads, but did not specifically mention how digital properties figured in the quarter’s financial picture. The highlights:
— Q4 earnings were $210.1 million, or 43 cents per share, up from $182.7 million, or 34 cents per share, a year earlier.
— Net profit came in at $211.3 million, or 43 cents per share, falling from $461.6 million, or 86 cents per share, a year earlier, representing a 54 percent drop.
— Revenue rose 11 percent to $1.94 billion.
— Radio broadcasting revenue was up 7 percent to $966.8 million. — Outdoor advertising revenue rose 13 percent to $830.7 million. Earnings release | (The company said there will be no webcast presentation.)
The sale is subject to regulatory and shareholder approval. A shareholder meeting is scheduled for March 21.
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