The global slowturn has hit Clear Channel Outdoor, as the ad company reveals a 0.5% year on year global revenue decline for the third quarter this year.
Net income for the company as a whole dropped 83% year on year as a result of higher costs and varying currency exchange rates – with these taken into account, Clear Channel’s global revenue was down by 3%.
However, losses in America, France and the UK were mainly offset by Clear Channel’s international arm, including the contribution of the Olympics in China, according to reports.
Revenues in the company’s international division increased by $12.5 million (£8.4 million) during Q3 compared with the same period in last year.
Clear Channel’s leading global markets include China, Finland, Romania, Turkey, Poland, Russia and the Baltic region.
Meanwhile, the top five global advertising categories for Clear Channel were retail, food products, telecommunications, automotive and entertainment.
Paul Mayer, global president and chief operating officer at Clear Channel, said internationally the company has started to “experience the impact of the growing global slowdown” across its Western European business, “particularly in France and the UK”.
Clear Channel: 0207 478 2928 www.clearchannel.co.uk
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