Clear Channel Q1 Revenue Up 3% To $1.36 Billion
May 4, 2012

Clear Channel Media and Entertainment parent company CC Media Holdings has reported its financial results for the first quarter of 2012, with revenue up three percent to $1.36 billion from $1.32 billion a year ago. CCME revenue was up $39 million, a six percent increase, due to its acquisition of additional traffic operations as well as increased revenue from national advertising and digital radio services. CCME revenue reached $671.5 million in Q1, up from just under $633 million in Q1 '11.

CCME operating expenses were up 11 percent, to $456.1 million while its OIBDAN fell three percent to $215.3 million. Operating expenses grew due to costs related to CC's traffic acquisition, as well as growth in its digital initiatives.

American outdoor revenue rose $10 million, or four percent, to $280.15 million and international outdoor revenue fell two percent to $371.1 million.

CC Media Holdings' consolidated net loss grew to $144 million in the first quarter of 2012 compared to a consolidated net loss of $131 million for Q1 '11# Among CC's key highlights of Q1 was "surpassing 75 million downloads and upgrades of the iHeartRadio application, while reaching 107 million total listening hours in March, up 104 percent year over year."

"Since the start of 2012, we have continued to invest in our rapidly growing digital products and services, while strengthening our operations to better serve our marketing partners and our consumers," CEO Bob Pittman said. "We have enhanced our ability to help our partners take advantage of the unique size and scale of our media, entertainment and outdoor assets, with a particular focus on multi-platform solutions that no other company is able to deliver."

"Despite the slow advertising recovery, we generated growth of 3 percent in revenues during our traditionally slow first quarter," Tom Casey, EVP/CFP said. "As a result of a successful debt offering by a subsidiary of Clear Channel Outdoor Holdings, Inc., we were able to apply the special cash dividend proceeds received to enhance our debt maturity profile and liquidity by paying down debt due in 2014. During the remainder of 2012, we plan to continue to invest strategically in our infrastructure, while closely managing our costs."




 
Breaking News
RAB Report: Radio Shows Double-Digit Growth In Digital Revenue For Q3
The Week In Review: 11/17-11/21
Jaysson Reno Named VP, Sales For KGO-AM, KSFO-AM
Kassof Research: CHR P1's: Excited & Social
In Brief - November 21, 2014
November 20, 2014
Cumulus Promotes Jeff Davis To National Director Of Stratus Music Scheduling
Mike Fredrick Named Hubbard Radio Cincinnati VP/Market Manager
Hubbard Radio Announces New Division, 2060 Digital, LLC
Kassof Research: Christian Radio P1’s: Mission Accomplished
In Brief - November 20, 2014
November 19, 2014
Musicians On Call Raises $700,000 At 15th Anniversary Celebration
iStreamMEDIA Adds Christopher Cottrill As VP/Music Content, Programming
Jordan Blaugrund Promoted To VP, Digital Marketing, RCA Records
DeVito/Verdi Retained To Drive Awareness Of NextRadio App
Kassof Research: Rock P1’s: Too Cool to Care?
In Brief - November 19, 2014
November 18, 2014
100.3 The Beat Launches In St. Louis
MADE Music Announces Partnership With Vevo
Kassof Research: Urban P1’s: Into It!
Southern California Radio Roars Back In October
In Brief - November 18, 2014
November 17, 2014
Vevo Announces Leadership Transition
BMG Acquires Vagrant Records
Republic Records Names Delmar Powell Director of Urban A&R
Gordon Smith, NAB To Be Honored By Broadcasters Foundation Of America
Kassof Research: News/Talk P1's: It's Not About Happy
Music News
Iggy Azalea, J. Lo To Team Up on AMAs
The Week In Review: 11/17-11/21
Quick Hits: Saturday Night Live, Billboard Touring Awards, YouTube Music Awards, Arcade Fire
Quick Hits: One Direction, Taylor Swift, Young The Giant, Guns N' Roses, Jimmy Ruffin
Taylor Swift's 1989 Remains At #1
Quick Hits: U2, Katy Perry, Paramore, Lana Del Rey, The Voice
Foo Fighters Announce Major 2015 North American Tour
Ed Sheeran Launches "Thinking Out Loud"
Quick Hits: American Music Awards, New Now Next Awards / Jessie J, Smashing Pumpkins, Prince Royce, Marilyn Manson, The Decemberists, Bonnaroo, James Blunt
U2 Postpones Tonight Show Residency
Quick Hits: AC/DC, J. Cole, Giorgio Moroder, alt-J, Lollapalooza South America
Kid Rock Gearing Up For First Kiss
The Week In Review: 11/10-11/14
Quick Hits: Paramore, AC/DC, Ryan Seacrest‘s New Year’s Rockin’ Eve
Quick Hits: One Direction, Juvenile, Randy Jackson, MTV Awards shows
FMQB NOW

Jon Zellner
SVPP, iHeartMedia

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!