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 SAN ANTONIO (AP) - Clear Channel Communications Inc., the nation's largest radio-station owner, said Tuesday it swung to a fourth-quarter profit, most of it generated by the company's spinoff of its live-entertainment subsidiary.
Clear Channel reported net income of $461.6 million, or 86 cents per share, in the quarter.
That compares to a loss of $4.67 billion, or $8.15 per share, in the same period a year ago. The loss in the fourth quarter of 2004 was the result of the company's adoption of Securities and Exchange Commission accounting rules for valuing intangible assets.
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