Clear Channel Communications Inc., poised to go private in a $19.5 billion buyout, said fourth-quarter profit increased 52 percent on higher outdoor advertising sales.
Net income rose to $320.6 million, or 65 cents a share, from $211.3 million, or 43 cents, a year earlier, the San Antonio-based company, the largest U.S. radio broadcaster, said this week in a statement. Sales gained 3.7 percent to $1.84 billion. Clear Channel owns seven radio stations in Utah.
Private equity firms Thomas H. Lee Partners LP and Bain Capital LLC have agreed to acquire Clear Channel for $39.20 a share. Credit-market turmoil has led investors to question whether the buyers can raise the funds to complete the deal, which the company said is scheduled to close this quarter. Revenue from outdoor ads increased 13 percent.