CC Media Holdings Inc. (CCMO) swung to a 2Q profit as it
recorded a gain related to the sale of an investment in Sirius XM Radio Inc.,
while sister company Clear Channel Outdoor Holdings Inc. (CCO) also posted a
profit as interest expense fell.
The two companies had been bogged down by interest payments
and restructuring costs in previous periods, though advertising demand has
improved.
CC Media Chairman and Chief Executive Bob Pittman noted the
company has continued to improve its balance sheet with debt transactions and
enhanced its liquidity through operational improvements and the sale of noncore
assets.
CC 2Q Conference Call Transcript: Click Here.
CC 2Q Conference Call Transcript: Click Here.
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 profit of $7.2 million compared with a
year-earlier loss of $39 million. The latest period included a $130.9 million
gain on marketable securities related to the sale of an investment in Sirius XM.
Revenue increased 1% to $1.62 billion. Revenue from media
and entertainment, the company's largest segment, increased 2%. Interest
expense increased 5.6%.
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