Clear Channel Communications reports profit, revenue jump

NEW YORK (AP) - Radio broadcaster Clear Channel Communications Inc. says its profit soared in the first quarter while revenues rose 4 percent.

The San Antonio-based company said Friday it earned $799.7 million or $1.61 per share in the first three months of the year. That is well above the $102.2 million or 21 cents per share it earned in the same period a year ago.

Clear Channel just completed the sale of a TV station group and is in the process of trying to go private.

Without discontinued operations, earnings rose 70 percent to $161.4 million or 32 cents a share from $95.1 million or 19 cents per share a year earlier.

Revenues rose 4 percent to $1.56 billion from $1.51 billion.