Clear Channel parent company CC Media Holdings Inc. has reported its second quarter fiscal results, as revenue essentially remained flat for the quarter. Revenue was $1.6 billion in Q2, the same as Q2 of 2011. Excluding the effects of movements in foreign exchange rates, revenue was up two percent by $36 million. CC's net loss shrank in Q2, from a $38 million net loss a year ago to $28 million this year.

Clear Channel Media + Entertainment revenue increased by $21 million, a three percent increase from Q2 2011. Revenue was just over $793 million in Q2, compared to $771.7 million a year ago.The growth was attributed to higher national and local ad revenue, as well as increased ad revenue from digital radio services, in connection with iHeartRadio and the continued growth of the company's digital presence and offerings. Operating expenses fell by $25 million in Q2, mainly due to a $26 million decrease in music license fees driven by lower royalty rates and a credit received during the quarter for a portion of fees paid in prior years to one of the industry's performance rights organizations. Additionally, expense reductions resulted from lower headcount associated with last year's cost initiatives, partially offset by higher costs of $9 million related to the timing of the Company's traffic acquisition completed in late April 2011.

Clear Channel Outdoor saw its American revenue grow by $2 milion, a one percent increase over Q2 '11, while oversees Outdoor revenue was up by $7 million, also a one percent gain.

"By leveraging industry-leading size, scale and our new multi-platform solutions, we achieved solid growth in the quarter with major national advertisers," CC CEO Bob Pittman said. "To further drive this success, we continue to invest strategically in our assets, especially digital at both Media & Entertainment and Outdoor, while offering custom marketing solutions that can only be delivered by Clear Channel. In addition, iHeartRadio, our industry-leading digital radio platform, reached 10 million registered users this past May - a milestone achieved in a record eight months, faster than any other major Internet service."

"Even with the economic recovery slowing, we were well positioned to keep driving revenue growth in the quarter at our Media & Entertainment and Outdoor businesses," EVP/CFO Tom Casey said. "For the rest of 2012, we will continue to stay focused on controlling our costs, while building our sales infrastructure and strengthening our operations to drive future growth."