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Clear Channel Revs Up Slightly - Broadcasting & Cable

Clear Channel Revs Up Slightly

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Strong growth at Clear Channel’s outdoor advertising division offset problems at its radio and entertainment units and let the company show a small revenue gain for the third quarter. The company does not break out results of its TV stations.

During the three months ended Sept. 30, Clear Channel’s companywide revenues increased 1% to $2.7 billion.

Operating income was unchanged from the same period a year ago at $494 million. That, in some ways, is good news because the company’s core radio division had a terrible quarter, with sales dropping 4% to $919 million and operating income falling 12% to $336.4 million.

The billboard unit’s revenues, by contrast jumped 11% to $668 million, while operating income zoomed 23% to $89.2 million.

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