CC Media Holdings, the parent company of Clear Channel Communications, reported that Q4 revenues increased 1% to $1.65 billion. The biggest unit, Clear Channel Media & Entertainment (the former CC Radio) grew revenues 2% to $790.8 million.
The revenue growth for the radio division (CCME) was credited to the acquisition of Metro Traffic and revenue growth in digital radio services, partially offset by lower political advertising spend.
Clear Channel Outdoor saw domestic revenues decline 1% to $359.2 million, but international increased 6% to $456.8 million.
CCME operating income before depreciation, amortization and non-cash charges (OIBDAN) improved 11% in Q4 to $326.7 million. For the entire company OIBDAN rose 7% to $537.4 million.
Full year revenues for the entire company rose 5% to $6.16 billion. CCME revenues gained 4% to $2.99 billion. For Outdoor, domestic was up 4% to $1.34 billion and international 11% $1.67 billion.
OIBDAN for the entire company gained 10% in 2011 to $1.83 billion. CCME saw OIBDAN rise 5% to $1.16 billion.
“By executing our strategy, we delivered a solid 5% increase in revenues for the full year,” said CFO Tom Casey ahead of the company’s Wall Street conference call. “Combining this revenue performance with effective cost management initiatives enabled us to improve our overall operating profit margin in 2011 despite a sluggish economy. We also continued to invest strategically in the Company, while successfully managing our debt maturity profile and liquidity. In the coming year, we will stay focused on leveraging the global diversification of our portfolio and our industry-leading assets.”
