Clear Channel says closing on track for next month


“The company anticipates closing on or before March 31, 2008,” Clear Channel Communications stated in its Q4 and full year 2007 results news release. The company has not been holding conference calls with analysts due to the pending buyout. But that brief sentence reaffirming plans to close the 26.7 billion bucks deal is probably more important to folks on Wall Street than anything in the financial numbers.

Companywide revenues were up 4% in Q4 to 1.84 billion, but that was all due to a 13% gain by Clear Channel Outdoor. Clear Channel Radio revenues declined 3% to 875 million. Radio operating income before depreciation and amortization, non-cash compensation expense and gain/loss on disposition of assets (OIBDAN) declined 9% to 329.6 million.

“We delivered excellent results with record earnings per share in 2007. Full year and fourth quarter growth in revenue and OIBDAN reflected continued strength throughout our Outdoor operations, which posted double-digit gains in revenue and OIBDAN. Our Radio team continued its successful track record of out-performing our competitors in the radio industry. As we enter 2008, we remain optimistic across all our businesses. We have seen improving trends in the current year in our radio division and would expect that to continue through the end of the year,” said CEO Mark Mays.

As of February 8th, revenues for Clear Channel Radio were pacing down 4% for Q1. Outdoor was pacing up 4.5%.