Clear Channel Outdoor Holdings (CCO)

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$CCO - CC Media 3rd-Quarter Loss Widens; Clear Channel Outdoor Profit Down 76%

7:35 AM ET 11/7/13 | Dow Jones

By Tess Stynes

CC Media Holdings Inc.'s (CCMO) third-quarter loss widened and sister firm Clear Channel Outdoor Holdings Inc.'s (CCO) third-quarter earnings fell 76% as the companies faced a tough comparison with the year-earlier period that included a big gain on the sale of its international neon business.

CC Media, the vehicle used by private-equity firms Bain Capital LLC and Thomas H. Lee Partners LP to privatize Clear Channel Communications in 2008, reported a loss of $102 million, compared with a year-earlier loss of $51 million. Revenue was flat at $1.59 billion. Revenue from media and entertainment, the company's largest business segment, increased 3%, driven mostly by local, national and digital sales.

Clear Channel Outdoor has been seeking to attract more advertising customers globally while also increasing its base of digital advertising displays. Like many other companies, Clear Channel Outdoor has been striving to expand its presence in emerging markets.

Clear Channel Outdoor, which sells space on traditional and digital billboards, reported a profit of $4.2 million, or a penny a share, down from $17.3 million, or five cents a share, a year earlier. Revenue decreased 1.1% to $723 million.

Analysts polled by Thomson Reuters recently expected a per-share loss of a penny and revenue of $714 million.

Clear Channel Outdoor shares closed Wednesday at $9.04 and CC Media shares closed at $6.50. Neither was active in recent premarket trading.

Write to Tess Stynes at [e-mail]

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November 07, 2013 07:35 ET (12:35 GMT)

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