Clear Channel revenues from radio dropped 10% in the latest quarter
The 10% decline in top line revenues exactly matches the industry average, as reported by the Radio Advertising Bureau for last October through December. Clear Channel also reports declines at its “Americas Outdoor” division of 1% and its International Outdoor division of 5%. The company’s fierce cost-cutting shows up in a 20% drop in operating expenses at the radio unit, and a 20% gain in what Clear Channel has always reported as OIBDAN. That’s Operating Income Before Depreciation and Amortization. Study the Clear Channel Media Q4 and full-year report here.
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CEO Jeff Haley has made few changes since he took over for longtime RAB chief Gary Fries - until now. Haley's re-structuring the national marketing department into two units: a business development group dedicated to calling on "key advertisers", and a new Marketing/Communications department to be run by Leah ("LAY-uh") Kamon, who joins from Haley's former company, Time Warner. Kamon takes the position of Senior VP, Marketing & Communications, and she'll report directly to Haley. Expect more to come about the "Radio 2020" initiative that was announced at last Fall's NAB Radio Show in Charlotte - something Kamon will be focusing on. One consequence of the re-organization is that 12-executive VP of National Marketing Mary Bennett is leaving, with Haley saying she's done "25 years of work in her 12 years here."
