Clear Channel Q3 Revenue Reaches $1.59 Billion
November 2, 2012

Clear Channel parent company CC Media Holdings released its third quarter revenue report for 2012 today. The company's overall Q3 revenue grew by $4 million in the quarter to $1.59 billion. Excluding the effects of movements in foreign exchange rates, revenue was up two percent in Q3 2012.

Clear Channel Media + Entertainment, which includes CC's radio stations, saw its revenue increase by one percent (or $7 million) in Q3 to $799 million. Radio revenue was up by three percent, aided by increased national ad revenue, digital radio services and this year's iHeartRadio Music Festival. Revenue increases in Q3 were partially offset by declines in CCMEs acquired traffic business across television and radio advertising. Advertising categories with
strong growth during the quarter include automotive, political, telecommunications and media and publishing.

Clear Channel Outdoor's American revenue was up by two percent (or $8 million) in the quarter. Its international revenue grew by one percent, or $5 million, after adjusting for a revenue reduction following the divesting of two businesses, as well as movements in foreign exchange rates.

CC's consolodated net loss shrank in Q3 from $67 million a year ago to $39 million.

CEO Bob Pittman commented, "We are continuing to deliver solid results in a difficult economy, while investing in our digital future and growing the value we provide to our marketing partners with bold, new offerings across multiple platforms. Increased revenues from major national advertisers drove improved performance at Media & Entertainment in the quarter. The successful return of the iHeartRadio Music Festival drew record audiences and attracted a diverse array of major brand sponsors. To help achieve a sustainable business model that will spur the growth of digital radio, we forged our second music rights agreement with an independent record label. At our Outdoor business, we have made substantial progress in optimizing our operations in the U.S. to maximize our revenue and profit potential, while taking the necessary steps to adjust to the new economic realities in Europe."

EVP/CFO Tom Casey added, "We continue to focus on driving growth across all of our businesses, investing in new growth opportunities and improving our operations, while closely managing our expenses. In addition, with significant support from our lenders, last week we exchanged $2 billion of credit facility loans for notes maturing in 2019 in a private offer that was significantly oversubscribed and attained an important package of amendments to our credit facilities that provides more flexibility to manage our liquidity and debt maturity profile in the future."




 
Breaking News
Cumulus-Toledo Rebrands Hot AC WWWM (Channel 105.5) to Q105.5
June 30, 2016
Mike V. Named APD At KFM-BFM/San Diego
Hot 97 New York Brings Hot Summer Mix Weekends Back Through Labor Day
June 29, 2016
iHeartMedia Names Tony Banks Director of Talent Development for Central Division
Elvis Duran To Receive Star On The Hollywood Walk Of Fame
WMGC/Detroit Pulls The Plug On Sports Talk
In Brief - June 29, 2016
June 28, 2016
jcapps Cracks The Connected Car Code For Radio
ABC Radio, SLS Las Vegas & Skyview Networks Announce Strategic Sales & Radio Programming Relationship
WLTW/New York Celebrates Broadway This Summer At 106.7 LITE FMs Broadway in Bryant Park 2016
CBS Radio Grabs Its Share of Gracie Awards
WXPN/Philadelphia Reaches A Milestone 30,000 Members
June 27, 2016
iHeartMedia-Columbia Names Jonathan Reed Program Director At WNOK
Hilary Returns to 91X/San Diego
Greater Media Restructuring Leads to Layoffs
June 24, 2016
European Music Industry Reacts to "Brexit"
iHeartMedia-Nashville Names Morgan Huelsman Digital PD
In Brief - June 24, 2016
June 23, 2016
Republic Records Names Dan Cohen As VP/Marketing
WMMR/Philadelphia's 11th Annual I Bleed For Preston & Steve Blood Drive Hailed A Big Success
CBS Radio's Lisa Dent, Tim Roberts & Mick Anselmo Honored By Country Radio Hall Of Fame
June 22, 2016
Cumulus Media Appoints John Abbot as Chief Financial Officer
iHeartMedia Cannes Event With Ryan Seacrest And Usher
Music News
Rihanna Releases Video For Star Trek Song "Sledgehammer"
Quick Hits: Weezer, Aerosmith, Lil Wayne, Wolfmother, Rob Wasserman
Does It Inspire You?
Quick Hits: Scotty Moore, Rihanna, Democratic National Convention, Hollywood Walk of Fame
Jennifer Hudson Signs With Epic Records
Quick Hits: Pink Floyd, Riot Fest
BET Awards Honor Prince, Get Political
Drake Still at #1, Chili Peppers Debut at #2
Kelly Clarkson Signs Worldwide Deal With Atlantic Records
Quick Hits: Bernie Worrell, Rihanna, Aerosmith, Kennedy Center Honors, Ralph Stanley
Led Zeppelin Wins Copyright Trial
Quick Hits: Kanye West, The BET Awards
Kanye West, The Weeknd + more to play The Meadows Music and Arts Festival
Quick Hits: Music Midtown festival, Drake, Chance the Rapper. Outta This World concert, Maynard James Keenan
Nick Jonas Debuts at #2, Drake Still Tops Billboard 200
FMQB NOW

Brad Savage, PD
WAPS/Akron

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!