Earnings: Clear Channel Q4 Revenue Up 4 Percent; Radio Revenue Down 3 Percent
As it waits for its deal to happen… Radio network Clear Channel (NYSE: CCU) announced Q4 revenue of $1.84 billion, up 4 percent year-over-year from $1.77 billion. However, ex-currency effects revenue growth would have been a rather slim 1 percent. On a continuing basis, net income was up 22 percent to $223.6 million ($.45 per share) from $183.9 million ($.37 per share). Radio broadcasting revenue fell 3 percent to $874.5 million, with strength coming in the outdoor segment. In the announcement, Clear Channel said it still expects its sale to two private equity firms to close by the end of March.
