Clear Channel Q3 Revenue up Slightly
After reporting a 3% gain in Q3 radio revenue, Clear Channel CFO Tom Casey says Q4 trends are "positive" and December looks "reasonably strong." Although he did not provide any details on how the advertising environment looks in the local Clear Channel markets, Casey said, "We feel pretty good about the business right now."
A lot of the positive feel for Q4 has to do with political spending which is helping Clear Channel pace up 4%. In the third quarter, Clear Channel took in $14 million in political compared to $4 million for the same quarter in 2011. Casey said national was up 7% in Q3 while local revenue was flat.
Clear Channel CEO Bob Pittman (who was not on the earnings calls) said in the company press release, “We are continuing to deliver solid results in a difficult economy, while investing in our digital future and growing the value we provide to our marketing partners with bold, new offerings across multiple platforms. Increased revenues from major national advertisers drove improved performance at Media & Entertainment in the quarter. The successful return of the iHeartRadio Music Festival drew record audiences and attracted a diverse array of major brand sponsors. To help achieve a sustainable business model that will spur the growth of digital radio, we forged our second music rights agreement with an independent record label. At our Outdoor business, we have made substantial progress in optimizing our operations in the U.S. to maximize our revenue and profit potential, while taking the necessary steps to adjust to the new economic realities in Europe.”
Here's a link to the Clear Channel Q3 Numbers
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