iHeartMedia Loss Widens During 3Q

Clear Channel Outdoor Swings to Loss

iHeartMedia Holdings Inc., formerly CC Media Holdings Inc., and subsidiary Clear Channel Outdoor Holdings Inc. reported weaker bottom-line results for the third quarter, according to The Wall Street Journal.

iHeartMedia, as CC Media Holdings Inc., was the vehicle used by private-equity firms Bain Capital LLC and Thomas H. Lee Partners LP to privatize radio-station operator Clear Channel Communications Inc. in 2008.

iHeartMedia said gains in political and digital advertising revenue were partially offset by lower revenue in its core national and local terrestrial radio business.

• Revenue rose 2.7% to $1.63 billion.
• iHeartMedia reported a loss of $115 million, compared with a year-earlier loss of $102 million.

Meanwhile, Clear Channel Outdoor has put an emphasis in growing its base of digital advertising displays while seeking more customers globally.

Clear Channel Outdoor reported a loss of $7 million, compared with a year-earlier profit of $4.2 million.

• Revenue increased 2.7% to $742.8 million, while analysts had expected $738 million.