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.