NEW YORK Clear Channel Communications Inc., a major radio and outdoor advertising company, reported higher first-quarter earnings Friday on asset sales, but operating results were flat, reflecting weak demand for radio advertising.
The company, based in San Antonio, Texas, is battling its lenders in court as it tries to go private and says it's not sure when the $19.5 billion deal will close, if at all. Clear Channel owns several radio stations in Utah.
The company earned $799.7 million, or $1.61 per share, in the first three months of the year, versus $102.2 million, or 21 cents per share, in the same period a year ago.
Revenues rose 4 percent to $1.56 billion from $1.51 billion, but excluding the effects of foreign exchange swings revenues would have risen 1 percent.
Clear Channel just completed the sale of its TV station group in March for $1 billion and is in the process of shedding 275 radio stations as part of the pending transaction to take the company private.