CC Media See Losses Narrow

CC Media Holdings Inc. and its sister company Clear Channel Outdoor Holdings Inc. reported narrower losses as lower radio-segment costs and growing billboard ad sales boosted their bottom lines, according to a Dow Jones Newswires story.

The Clear Channel companies have benefited of late from rising advertising demand, which tends to follow broader economic conditions.

"Our digital revenues were particularly strong as we benefited from an expanding footprint and continued demand across many of our markets," Clear Channel Outdoor Chief Financial Officer Tom Casey said.

CC Media, the vehicle used by private-equity firms Bain Capital LLC and Thomas H. Lee Partners LP to privatize Clear Channel Communications Inc. in 2008, posted a first-quarter loss of $131.8 million, compared with a prior-year loss of $175.4 million. Revenue rose 4.5% to $1.32 billion, or about 4% excluding the effects of exchange rates.

Revenue in radio broadcasting, the largest segment, grew 2.8% as earnings climbed 15% on lower operating expenses.

The outdoor company posted a first-quarter loss of $9.5 million, or 3 cents a share, compared with a prior-year loss of $47.8 million, or 14 cents a share. Revenue rose 6.8% to $650.2 million and grew 5% on a constant-currency basis as the Americas and international segments posted sales growth at essentially the same rates.

Rival CBS Corp. (CBS) last week reported its outdoor revenue grew 5.4% as the business' operating loss narrowed.

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