5-4-2012
On the heels of a strong Radio One first quarter, Clear Channel did not follow suit for the first quarter of 2012. Excluding revenue brought in from the Metro Traffic operation radio revenue only increased 1% for Clear Channel, causing Marci Ryvicker to write, "Today's results are disappointing though not entirely unexpected given the results at CBS Outdoor." This afternoon we'll hear from Cumulus who reports Q1 earnings at 4:30.
And, the trend at Clear Channel was quite different than what we've been hearing from others. CFO Tom Casey said National was strong and local revenue was weaker. Casey also reported the the company took in $9 million in political revenue in the first quarter of 2012 although that was not broken down between radio and outdoor. Casey also said the next quarter was only pacing up about 2% due mostly to uncertainty in the economy.
You can read the financial press release from Clear Channel HERE
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