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Clear Channel profits up

Earnings Brief

Radio giant Clear Channel said its profits more than doubled last quarter to $97 million on higher ratings and ad rates.

More than 35% of the company’s advertising was sold in spots of 30, 15 and five seconds, execs noted in a conference call.

Excluding one-time gains like station sales, Clear Channel earned $73 million.

Revenue rose 4% to $1.5 billion.

Radio revenue from its 1,200 stations grew 5% to $809 million. Billboard revs rose 3% to $598 million.

Clear Channel shares gained 0.96% to $29.36.

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