Ryvicker: Clear Channel Quarter "A Bit Messy."
Wells Fargo analyst Marci Ryvicker said, while radio revenue at Clear Channel was up 3%, "this includes a lot of different pieces so we are unsure as to how the true radio ad sales did in the quarter. Today's results are a bit messy - from an organic perspective, Americas revenue was disappointing while International was slightly better. Clear Channel is gaining tremendous share in national, with sales +7% (we believe this is excluding political, which is in the ''other'' line - we are not completely sure yet). The radio division (ex-Traffic) was +3% in Q3 and is pacing +4% in Q4. We don't know exactly how time sales are trending - although we did learn local was flattish in Q3.
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