Clear Channel Parent Reports Improved Fourth-Quarter Results

6:35 AM PST 2/21/2012 by Georg Szalai

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"We are well positioned for new successes in 2012, as we continue working toward realizing the full potential of our businesses," says CC Media CEO Bob Pittman.

NEW YORK - CC Media Holdings, the parent company of radio giant Clear Channel, on Tuesday reported improved fourth-quarter financials.

The company posted a loss of $43.0 million for the fourth quarter, compared with a year-ago loss of $62.7 million. Revenue edged up 1 percent to $1.65 billion amid a 2 percent gain in media and entertainment revenue driven by higher revenue from digital radio services, partially offset by lower political advertising.

“We are pleased with our business performance in the quarter and throughout 2011,” said CEO Bob Pittman. “In the last year, we have made great strides: putting our leadership team and strategic plans in place, strengthening our relationships with consumers globally and developing new strategies to better serve our advertising and marketing
partners."

Looking ahead, he said: "We are well positioned for new successes in 2012, as we continue working toward realizing the full potential of our businesses."

Email: Georg.Szalai@thr.com

Twitter: @georgszalai