Radio and billboard giant CC Media Holdings Inc. on Wednesday reported higher second-quarter revenues and cash-flow levels for the sixth consecutive quarter while recording a narrower loss from the second quarter of 2010.
According to a story at mysanantonio.com, the company also announced Wednesday that Clear Chanel Outdoor Holdings Inc., which is about 90 percent owned by CC Media Holdings, is accelerating installations of new digital billboards, boosting the goal to 160 or more this year. The previous goal was 120.
San Antonio-based CC Media Holdings said it lost $38 million in the quarter ending June 30, compared to a $77 million net loss for the same quarter in 2010.
Revenues grew to $1.6 billion because of improved advertising demand. Radio revenues increased $32 million, or 4 percent, compared with 2010's second quarter, mostly because of the company's acquisition of Westwood One's traffic business in April.
Cash flow of $503 million during the second quarter was up 10 percent, compared with $457 million in the second quarter of 2010.
“Our results reflect a gradually improving global advertising marketplace and the benefits of our globally diversified platform. Our top line growth combined with our focus on cost management has resulted in consistent improvement in our overall operating profit margin. At the same time, we have continued to strategically invest in our digital platform, including the development of the next generation of iHeartRadio.com and the ongoing deployment of our digital outdoor displays,” Tom Casey, executive vice president and chief financial officer, said in a prepared statement.
The company was taken private in 2008 by Boston private equity firms Bain Capital Partners LLC and Thomas H. Lee Partners LP in a $17.9 billion acquisition. Thirty percent of CC Media Holdings shares remain publicly traded.
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