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Clear Channel Reports Third-Quarter Earnings of $449 Million

Author:

Clear Channel Communications

(CCU) - Get Report

reported third-quarter net income of $448.9 million, or 96 cents a diluted share, and said all operating segments contributed to the results, led by radio and outdoor advertising.

In the latest third quarter, the company recorded a gain of $499.2 million after taxes from the sale of certain radio stations divested in order to secure the approval of the

Federal Communications Commission

and the

Department of Justice

for the merger with

TheStreet Recommends

AMFM

.

According to

First Call/Thomson Financial

, analysts were expecting Clear Channel to lose 5 cents a share in the quarter, but the company didn't provide a comparable figure. The company earned $1.5 million in the year-ago period.

Clear Channel reported gross revenue of $1.68 billion, compared with $887.9 million in the year-ago period.

The company completed the merger with AMFM on Aug. 30 and closed the acquisition of

SFX Entertainment

on Aug. 1.