• October 29, 2004

Clear Channel Communications reported $2.6 billion in revenue for the third quarter on Friday, representing a 4 percent increase versus last year.

Yet the company's radio broadcasting revenue slid by $3.6 million to $960.1 million during the quarter, hurt by a weak national advertising market. The effect of this poor market was partially offset by increases in local advertising, as well as traffic and network revenues.

The automotive and telecom categories were cited as culprits in driving down national advertising dollars.

Mark Mays, Clear Channel president and CEO, stated: "We delivered strong financial results during what proved to be a very challenging quarter."

Officials at the media giant did express optimism for 2005 growth in radio revenue, particularly when the company's "less is more" philosophy, which will reduce the number of commercial and non-programming minutes aired on its station, takes hold.

Outdoor represented a bright spot for the company, as revenues grew 11 percent in the quarter.