Clear Channel Communications (and parent CC Media Holdings) no longer conduct quarterly Wall Street conference calls, so CEO Mark Mays was spared having to discuss another quarter of decline. Radio revenues were down 20% in Q2 and the US billboard business wasn’t much better.
In a quarterly report filed with the SEC, Clear Channel said Q2 radio revenues were down 20% to $717.6 million, with weakness across local, national, all sizes of markets and various ad categories, including automotive, retail and telecommunications. During the quarter, Clear Channel said the total radio minutes sold was down from a year earlier, as was the average minute rate. Operating income for the radio division fell 47% to $179.8 million.
For Clear Channel Outdoor, the domestic business fell 18% to $315.6 million and operating income was off 50% to $57.5 million. International outdoor advertising was down 29% to $376.6 million and operating income fell 89% to $6.1 million.
Clear Channel recently exited the radio business in Mexico. The company says it sold its remaining 11.4% stake in Groupo ACIR for approximately $17 million on July 28th, a loss of approximately $1.7 million from the book basis of $18.7 million.