Revenue was up 6 percent in third quarter for Clear Channel Media, the owner of the largest radio and outdoor groups on an improving ad economy, but the company continues to lose money.
“Our diversified media platform continued to build on the momentum of the first half of the year,” said Mark Mays, president and chief executive officer of CC Media Holdings, who announced he would step down as CEO at the end of the year. “Our radio and outdoor businesses generated healthy gains in revenue and improvement in profit margins, reflecting our leadership positions, expanding digital presence and efficient operating infrastructure,” said Mays. “As a result of the concerted investments we have made in our business, management and sales resources, we have emerged as a more focused, profit-driven organization delivering innovative products and measurable results for our advertising partners.”
CC was purchased by Bain Capital and Thomas H. Lee Partners, which took the company private more than a year ago. The new owners are searching for a successor to Mays.