US Radio Giant's Profits Slip

01 November 2006

SAN ANTONIO, Texas: The biggest radio broadcaster in the US, Clear Channel Communications, reports third quarter earnings down by 9.5%.

The company, which is currently mulling whether to sell all or parts of itself, says net income slipped to $185.9 million (€146.5m; £97.9m) from $205.5m during the same period last year.

Revenue rose 7% to $1.79 billion from $1.68bn last year, exceeding analysts' average estimate of $1.78bn. Radio revenue rose 5% on higher selling prices for national advertising.

Revenue from Clear Channel Outdoor, which sells advertising on billboards and at bus stops in the US and Europe, rose 8% from a year earlier.

Data sourced from Financial Times online; additional content by WARC staff