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Monday, October 31, 2011

Clear Channel Q3: national was up, local wasn't. Metro and iHeartRadio helped

Clear Channel The topline for radio revenue shows a 7% gain. Clear Channel says $41 million of the the $55 million quarterly gain is due to the late-April addition of Metro Networks from Westwood One. $13 million came from improved national business, with higher rates in categories such as restaurants, automotive and utilities. Digital revenues also improved, benefiting from the big push for iHeartRadio. Overall, radio division revenue improved from $743 million a year ago to just over $798 million. Operating expenses grew $54 million to $496 million, also due mostly to Metro. At Clear Channel's Americas Outdoor division, revenues grew 4%, while revenues at the International Outdoor unit jumped 11%. Check Clear Channel's new third quarter earnings here.

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