Clear Channel Media and Entertainment (CCME), formerly known as Clear Channel Radio and the largest radio owner in the U.S., increased its revenue by 4% to 2.99 billion US dollars in 2011.

Most of the growth came from the expansion of its traffic information division and despite falling advertising sales at its radio stations. Digital radio revenues, including from the company’s Iheartradio internet radio service, were up and the first ever Iheartradio Music Festival also contributed.

Operating income (before depreciation and amortization) rose by 5% to 1.16 billion U.S. dollars.

CC Media Holdings, which also includes the outdoor advertising division, reached a total revenue of 6.16 billion U.S. dollars, up 5%. Operating income increased 10%, thanks mostly to successful international outdoor advertising.