The San Antonio-based company's net revenue was up 126% to $2.18 billion from $965.8 million last year, with radio, its biggest operating segment, contributing $940.8 million in revenue, a 7% decline on a pro forma basis. Outdoor accounted for $474.6 million, down 5.5% on a pro forma basis. The company's entertainment business brought in $706 million in revenue, up 12.2% on a pro forma basis vs. the same period last year.
Despite pro-forma revenue decreases in radio and outdoor, which the company attributed to the slow advertising market, Clear Channel's President-Chief Operating Officer Mark Mays said the company "increased our market share in every single one of the industries in which we operate." Although radio revenue was down 8% in the 107 markets in which Clear Channel operates, its stations saw a 6% revenue decline, Mr. Mays said.
Radio advertising categories that increased in the second quarter were telecommunications, professional services and children's retailers, boosted by marketers such as AT&T Corp., United Parcel Service and Toys "R" Us, said Mr. Mays, who added that the retail, telecom, automotive, professional services and travel sectors are looking up for the third quarter.
The company expects a better performance from radio in the third quarter, but outdoor revenue to drop slightly, primarily due to continuing weakness in Europe. -- Cara Beardi
Copyright August 2001, Crain Communications Inc.