The company, which also recently bought promoter SFX, said it recorded a profit of $448.9 million, or 96 cents per diluted share, from $1.5 million, or less than 1 cent per share in the year-earlier period, Reuters reports.
The latest quarter's figure includes an after-tax gain of $499.2 million from the sale of certain radio stations, which was required before the takeover of AMFM was approved by the Federal Communications Commission.
The takeovers helped to drive up the cost of Clear Channel's depreciation and amortization of assets to $372.1 million from $208.6 million. Its corporate expenses and interest costs also climbed.
Clear Channel, which has 1,120 U.S. radio stations in 262 markets and operates 750,000 outdoor advertising displays, reported that its net revenues almost doubled to $1.58 billion.
If such a number-heavy report is confusing, fear not. We at HITS have no idea whether the now-dominant company is doing well or not. But we figured we'd share and someone who understood might let us know what it was that we reported.
LIVE NATION POSTS (ANOTHER) RECORD QUARTER
More butts in seats than ever before. (5/3a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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