Clear Channel Media Holdings, the new parent company formed by private equity to manage Clear Channel Communications, reported Monday (Aug. 11) its second-quarter revenue increased 2 percent to $1.83 billion. Included in that figure is a $52.2 million increase due to foreign exchange. Excluding the effects of these movements in foreign exchange, revenue declined 1 percent.
Private equity firms Bain Capital Partners and Thomas H. Lee Partners, completed the acquisition of Clear Channel, owner and operator of radio stations outdoor properties, on July 30.
"Results for the first half and second quarter of 2008 were impressive in the context of this challenging economic and advertising climate,