Clear Channel Media, Radio Both Up 6% in Q3
November 8, 2010 at 1:41 PM (PT)
CC MEDIA HOLDINGS reported revenues of $1.48 billion in the third quarter of 2010, an increase of 6% from the $1.39 billion reported for the third quarter of 2009. CLEAR CHANNEL's radio division mirrored its parent company, as its broadcasting revenue also increased by 6% in Q3, thanks to a rise in both national and local advertising.
Radio broadcasting revenue increased $39.8 million during the third quarter of 2010 compared to the same period of 2009, primarily due to a $15.0 million increase in national advertising and a $14.0 million increase in local advertising driven by improved economic conditions and increases in average rate per minute during the third quarter of 2010 compared to the same period of 2009. Increases occurred across various advertising categories including automotive, political, financial services and healthcare.
"Our diversified media platform continued to build on the momentum of the first half of the year," CC MEDIA HOLDINGS Pres./CEO MARK MAYS said. "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. 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."