Clear Channel Communications, the nation’s largest radio station operator, has reported fourth-quarter 2006 earnings of $210.1 million, or .43 cents a share, up from $182.7 million, or 34 cents per share, in 2005. Net profit, however, was $211.3 million, or .43 cents a share, down 50% from $461.5 million, or .86 cents a share, in the previous year.
The company reported fourth-quarter revenues of $1.94 billion, an 11% increase from the year before. For the full year of 2006 the company saw its revenue increase 7% to $7.07 billion, from $6.58 billion in the same period the year before.
In November Clear Channel announced plans to be acquired by a group of investors for $26.7 billion dollars. As part of a non-contingent part of the deal the company is now in the process of selling off 448 of its 1,176 radio stations as well as all 32 of its television stations.