In its first earnings report since going private in July, Clear Channel Media Holdings, the parent company of Clear Channel Communications, reported a revenue dip of 4 percent to $1.7 billion in third quarter. The radio business suffered the steepest decline, down 7 percent to $843.9 million. As it has all year, Clear Channel Outdoor fared better, down 0.5 percent to $813.4 million.
The decline in outdoor was due primarily to a soft national business, and to a lesser extent, the local business, in the Americas, compared to international and digital businesses, which remained relatively strong. Clear Channel’s Americas outdoor business was down 4 percent to $370 million, while international outdoor increased 3 percent to $443.6 million.
CCO’s digital displays continued to offset other declines in the business. Through the first nine months of the year, CCO has installed a total of 137 digital boards and by the end of the year, completed installation of more than 150.
“Throughout its history, the outdoor catgory has proven remarkably resilient. Still economic pressures in the U.S. and abroad are having their effect on our advertisers and our business performance,” said Mark Mays, CEO of Clear Channel Outdoor. “