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 CCME’s 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
iHeartMedia Promotes Senior Programmers To Executive Vice Presidents
CBS Radio Celebrates Grammy Awards With Over-The-Air & Digital Programming
February 9, 2016
RAB: Radio Increasing Focus On Digital Sales
107.1 The Brew Is Sacramento's New Home For Rock
In Brief - February 9, 2016
February 8, 2016
"Saturday Night Online" Rebrands As "Most Requested Live With Romeo"
iHeartMedia Names Travis Moon Director of Country Operations for the Austin-San Antonio Region
Entercom Kansas City Announces Appoints Alan Furst PD Of KMBZ
February 5, 2016
Stu Bergen Named CEO, International & Global Commercial Services For Warner Music Group
JoJo Turnbeaugh Named SVP of Programming for iHeartMedia Las Vegas
In Brief - February 5, 2016
February 4, 2016
John Strazza Joins RECORDS
Greater Media Promotes Buzz Knight to SVP of Program Development
MIWs Announce Results from 2015 Gender Analysis
February 3, 2016
Leslie Moonves Named Chairman Of CBS Corporation
FADER Label Annouces New Distribution Deal With Caroline
Jeff Hickcox Returns To Beasley SWFL As Promotions & Events Director
February 2, 2016
SiriusXM Reports Major Subscriber Growth, Record Revenue in 2015
BMG US Promotes Zach Katz To President Of Music Publishing
Bentley Named MD/Afternoon Drive Host at WEDG/Buffalo
SoundExchange Ends Record-Setting Year, $800 Million to Recording Artists and Record Labels
February 1, 2016
Alissa Pollack Named iHeartMedia EVP of Global Music Marketing
Entercom Atlanta Announces Jeff Dauler to Lead Mornings On STAR 94
Music News
Gwen Stefani Announces New Album, Filming Live Video During Grammys
Quick Hits: The Grammys / Eagles, Adele, Kelly Clarkson, The Grid NYC
Taylor Swift Leads Nominees for iHeartRadio Music Awards
Quick Hits: Kanye West, Disturbed & Breaking Benjamin, Lionel Richie tribute, Seether, Lamb of God, Way Home festival, Good Charlotte
Beyoncé Announces "Formation" Stadium Tour, Releases New Single
Metallica At CBS RADIO’s “THE NIGHT BEFORE” Concert in San Francisco
Rihanna Reaches #1 With Anti
Quick Hits: Grammy Awards, Zayn, Adele, Dead & Company, The Monkees, The Neighbourhood
Earth, Wind & Fire's Maurice White Dead At 74
The Entertainment World Remember Maurice White
Quick Hits: Rihanna, Lady Gaga, Future, The Lumineers, Stone Temple Pilots
Justin Bieber, Pitbull and More Added to Grammy Lineup
Quick Hits: Miley Cyrus, Iggy Azalea, Taylor Swift, Future
Lady Gaga to Honor Bowie at Grammys, Sing National Anthem at Super Bowl
Quick Hits: Juno Awards, Metallica, Guns N' Roses, Grammys, Joe Bunch
FMQB NOW

Mike “OD” O’Donnell, OM
Entercom
Scranton Wilkes-Barre, PA

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!