CC Media Holdings, the parent of radio giant Clear Channel Communications, on Friday reported higher first-quarter revenue, but also a bigger loss.
The company, led by CEO Bob Pittman, reported a loss of $144 million, up from a year-ago loss of $131 million as the company continued to invest in new initiatives, driving operating expenses up by 9 percent.
Total company revenue increased 3 percent to $1.36 billion, or 4 percent when excluding the effects of currency fluctuations. Quarterly media and entertainment revenue of $671.5 million, up 6 percent from the year-ago period. The growth was primarily driven by the acquisition of a part of radio syndication firm Westwood One.
Management said Friday that radio advertising trends are improving in the current quarter. Beyond radio, the company also has a big outdoor advertising business that was weaker-than-expected in the latest quarter.
"Despite the slow advertising recovery, we generated growth of 3 percent in revenues during our traditionally slow first quarter," said CFO Tom Casey.
"Since the start of 2012, we have continued to invest in our rapidly growing digital products and services, while strengthening our operations to better serve our marketing partners and our consumers," Pittman said.