Around the Net
Clear Channel's Outdoor Sales Slow
- Forbes, Tuesday, November 11, 2008 9:15 AM
Clear Channel Outdoor Holdings says third-quarter profits dropped 83.3% as the global slowdown hits international ad markets. The San Antonio-based company, which specializes in billboards and
other outdoor displays, says growth in digital U.S. networks and billboard demand in Latin American partially offset weakness in its Americas division.
Hurting its profits were
declining ad demand overseas and changes in foreign exchange rates, which raised third-quarter operating expenses by $18.1 million.
"Internationally, we felt the impact of the growing global slowdown across our Western European businesses, particularly in France and the U.K.," says an executive.
