Clear ChannelCommunications Chairman/CEO Lowry Mays successfully underwent brain surgery on Friday, and is now in good spirits and expected to make a complete recovery. The news came to light during the company's first quarter results conference call today, when investors were informed that Lowry would be unable to join the call.
Mays awoke with numbness on his left side on Friday and was admitted to the hospital for testing. "The doctors found some swelling of his brain caused by localized bleeding and a small blood clot," the company said. "He underwent surgery Friday afternoon to relieve pressure caused by the swelling. The surgery was successful and Lowry is in good spirits and mentally alert."
As he rests and recovers, Mays must have been heartened by the company's Q1 earnings, which grew by 64% over the same period last year, driven by revenue increases in all three divisions and by asset sales. CC’s radio division posted a 5% increase in revenue to $832.9 million, led by higher local advertising and increased syndication revenue. CC’s outdoor revenue was up 16% to $521.6 million and live entertainment revenues rose 17% to 514.0 million, due in part to higher attendance at concerts.