Clear Channel reaps profit of management overhaul
Clear Channel International, the out-of-home advertising group, notched-up a 62% increase in operating income during 2010 to $263.5m Operating income for the fourth quarter of 2010 was up 82%.
Operating income for the fourth quarter of 2010 was up 82%.
Revenues for Clear Channel International, which owns a portfolio of over half a million displays in 30 countries across European and the Asia-Pacific region, were up 4% during 2010 to $1,508m. In the fourth quarter of 2010 revenues increased 5%.
The increase in profitability was largely due to a fall in expenses due to the company's restructuring programme and a reduction in site lease expenses. In China, the 51%-owned subsidiary, Clear Media, recorded a 431% increase in net profit to HK$166m.
The figures have been attributed by the firm to president and CEO William Eccleshare who joined Clear Channel International in 2009 and has overseen an overhaul of the group's management, bringing in a number of new senior leaders, largely from outside the out-of-home industry.
Said Eccleshare: “These figures show the progress we have made during 2010, and create a great platform for growth this year and beyond. We are confident about our businesses going forward and the prospects for out-of-home advertising as the ultimate broadcast medium, which cuts through the increasing media fragmentation and offers advertisers unique visibility in the public space.”
Clear Channel International is part of Clear Channel Outdoor Holdings, Inc. the world's largest out-of-home advertising group. Overall for 2010 the group recorded a 21% increase in operating income to $648.1m on the back of revenues up 4% at $2,798m