Clear Channel Radio Parent Company Posts $53 Million Quarterly Loss

Radio revenue is up 4%, trailing the company's domestic billboard business, which rose 5%.

CC Media Holdings, the parent company of Clear Channel Communications, reported Wednesday that revenue grew 8% to $1.6 billion in the second quarter, with radio revenue up 4%.

The company's billboard business rose 5% domestically and 19% internationally.

Radio was the biggest segment, accounting for $781 million in revenue, with most of the rise attributed to the acquisition of Westwood One's traffic business.

CC Media overall posted a $53.2 million net loss attributable to the company, an improvement over the $86 million loss in the same quarter a year ago.

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