CCM+E Revenue Rises 3% In Q2 2012
August 1, 2012 at 3:02 PM (PT)
CLEAR CHANNEL MUSIC + ENTERTAINMENT reported Q2 revenues of $793 million, an increase of 3% over the same quarter of 2011. The company primarily attributes the up tick to "higher revenues from both national and local advertising as well as digital radio services."
"By leveraging industry-leading size, scale and our new multi-platform solutions, we achieved solid growth in the quarter with major national advertisers," CEO BOB PITTMAN said. "To further drive this success, we continue to invest strategically in our assets, especially digital at both MEDIA & ENTERTAINMENT and OUTDOOR, while offering custom marketing solutions that can only be delivered by CLEAR CHANNEL. In addition, iHEARTRADIO, our industry-leading digital radio platform, reached 10 million registered users this past May - a milestone achieved in a record eight months, faster than any other major Internet service."
"Even with the economic recovery slowing, we were well positioned to keep driving revenue growth in the quarter at our MEDIA & ENTERTAINMENT and OUTDOOR businesses," EVP/CFO TOM CASEY added. "For the rest of 2012, we will continue to stay focused on controlling our costs, while building our sales infrastructure and strengthening our operations to drive future growth."
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