CCM+E Revenue Down 2% In Q1 2013
May 2, 2013

Clear Channel parent company CC Media Holdings has reported its financial results for the first quarter of 2013. Overall revenue fell by approximately one percent to $1.34 billion, compared to $1.36 billion a year ago. Excluding the effects of movements in foreign exchange rates, as well as an $8 million impact from the divestiture of two businesses during Q3 2012, revenues declined $9 million, or less than one percent.

Clear Channel Media+Entertainment saw a two percent decline in revenue, or a $15 million drop, to $656.566 million. The decline was attributed to its traffic division, "which continues to reflect integration activities," as well as Premiere, though its "performance continued to improve over the quarter. Offsetting these declines was strength in the stations, particularly in national and digital revenues." CCM+E operating expenses were down three percent to $443.4 million, while OIBDAN fell one percent to just under $213.2 million.

CC's Outdoor business in America saw a two percent increase in revenue to $286.5 million, while international Outdoor revenue was up by just under one percent.

"The strength of our businesses was clear in the company’s solid first quarter results, which included growing returns from our strategic investments in key digital assets," CEO Bob Pittman said. "Across the company, we are creating unique, engaging solutions for clients that use our unparalleled multi-platform reach. With our advertisers, we are innovating new ways to use our assets to reach consumers more effectively wherever they are – which is increasingly out of their homes. Rather than staying in their connected homes as once predicted, people are now making more mobile connections than ever before. This trend toward the connected consumer plays to the strengths of Clear Channel in broadcast and digital radio and outdoor displays, and we are beginning to make progress in monetizing it."

"Thanks to our operating discipline, we contained costs and kept building momentum in our outdoor and our media and entertainment businesses during the quarter," said EVP/CFO Tom Casey. "We made solid progress in our broadcast, syndication and digital businesses. Our operating leverage in Americas outdoor drove strong results from last year’s investments, while International outdoor delivered double-digit topline growth from emerging markets. Companywide, past strategic investments are positively contributing to this quarter’s results, and we will continue to be proactive about investing in growth areas and refocusing our Outdoor business in Europe. We were also opportunistic in our capital management and successfully completed a private offering due 2021 to help pre-pay all of our 2014 bank debt maturities."




 
Breaking News
eQB NOW
Beasley Broadcast Group Issues Third Quarter Results
Pandora Reports Q3 2014 Financial Results
Deezer Acquires Stitcher
In Brief - October 24, 2014
October 23, 2014
Nielsen Reports Third Quarter 2014 Results, Announces $1B Share Repurchase Authorization
iHeartRadio Now Available For Use In Apple's CarPlay
In Brief - October 23, 2014
October 22, 2014
Pandora AMP Allows For "Large Scale" Artist Analytics
Spanish Broadcasting System Names Eric Garcia Radio Revenue Chief, GM, New York Market
The Conclave To Honor Ginny Morris With The Rockwell Award
In Brief - October 22, 2014
October 21, 2014
Report: Ron Fair Departs Virgin Records
Adobe, Nielsen To Create Comprehensive Measurement Platform For Digital Content
DMR/Interactive Names Doug Smith VP/Marketing Strategy
Triton Digital's August 2014 Ranker: Major News Events Show Impact On Top 20 Streaming Audio Markets
October 20, 2014
iHeartMedia San Francisco Names Mark Adams PD of KYLD & KIOI
Premiere Networks Promotes Claudine Cazian To VP/Programming & Branded Entertainment
Entercom Names Carlos Lamadrid VP/National Sales, Strategic Partnerships
Pandora Hires Steve Bené As General Counsel
In Brief - October 20, 2014
October 17, 2014
In Brief - October 17, 2014
The Week In Review: 10/13-10/17
October 16, 2014
Michael Jordan Named PD At WAMZ
Music News
Taylor Swift Talks Pop Genre, 1989 & More
Quick Hits: The Grammys, Sam Smith, Foo Fighters, The Grateful Dead
Taylor Swift Reveals Songs of 1989
One Direction Goes "On The Road Again"
Quick Hits: American Music Awards, Justin Timberlake, New Now Next Awards, Foo Fighters, Jake Miller, ShipRocked
Florida Georgia Line, Bob Seger Lead Sales Chart
Quick Hits: Taylor Swift, Foo Fighters, Gwen Stefani, Cold War Kids
Charli XCX, Haim and More Contribute to Hunger Games
Quick Hits: Meghan Trainor, Smashing Pumpkins, Milky Chance
U2 Sits Down For Intimate Radio Special
Quick Hits: Coldplay, Gwen Stefani, Foo Fighters, Dropkick Murphys, Madisen Ward and the Mama Bear
One Direction Reveal Four Tracklist
The Week In Review: 10/13-10/17
Quick Hits: Iggy Azalea, U2, Snoop Dogg / Pharrell, iHeartRadio Fiesta Latina
Pitbull Goes Global In November
FMQB NOW

Christopher K
APD/MD, KDND & KUDL
Sacramento

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!