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Clear Channel's Q1 pops


May 11, 2008 Clear Channel Communications posted a first-quarter profit that soared past last year's results, courtesy of some asset sales, though the company offered little in the way of an update on a pending $19 billion deal to be taken private. [...] after adjusting for one-time gains like the $1 billion sale of the TV station group and the sale of some radio stations, Clear Channel earned just $94.2 million. Clear Channel agreed eight months ago to be acquired by a group of private investors, led by Thomas H. Lee Partners and Bain Capital Partners, for $39.20 a share.

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