Business Highlights

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Asset sales boost Clear Channel profit; Deal still in limbo

NEW YORK (AP) -Clear Channel Communications Inc., a major radio and outdoor advertising company, reported higher first-quarter earnings Friday on asset sales but operating results were flat, reflecting weak demand for radio advertising.

The San Antonio, Texas-based company is battling its lenders in court as it tries to go private, and says it's not sure when the $19.5 billion deal will close, if at all.

Clear Channel earned $799.7 million, or $1.61 per share, in the first three months of the year, versus $102.2 million, or 21 cents per share, in the same period a year ago.

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Gates: Microsoft to go its own way

JAKARTA, Indonesia (AP) -Microsoft Corp. will focus on growing its own advertising and Internet search business after it withdrew its takeover offer for Yahoo Inc., Chairman Bill Gates said Friday.

Microsoft has not presented an alternative strategy to compete with its dominant rival in the Internet business, Google Inc., since withdrawing a $47.5 billion bid for Yahoo Inc. last weekend.

Analysts have been left wondering how the world's largest software maker will increase its share of that multibillion dollar market without a major tie-up.