Clear Channel parent company CC Media Holdings has reported its fiscal results for the first quarter of 2014. Its consolidated revenue was essentially flat in the first three months of the year, at $1.3 billion. The CCM+E division saw its revenue increase by two percent to $14 million, attributed to increases in its traffic and weather departments, along with stronger national and digital advertising.
CC's Outdoor revenue in America fell by six percent to $18 million, due to the loss of revenue from 77 digital billboards in the Los Angeles area that were turned off due to a court ruling, as well as lower revenue from airport advertising. International outdoor revenue was up by $3 million, or one percent, in the quarter.
The Company’s OIBDAN was down two percent, or $6 million, to $261 million for the quarter, versus $267 million for the same period of 2013. The consolidated net loss attributable to CC was $424 million in the first quarter of 2014 compared to a consolidated net loss of $203 million in Q1 2013. The increase was primarily attributable to non-cash deferred income taxes, as well as higher interest expense, and equity in losses of non-consolidated affiliates.
"We continued to make progress this quarter in advancing our strategy of providing customized, multi-platform market solutions that nobody else can," Chairman/CEO Bob Pittman said. "In keeping with our promise to be everywhere our listeners want to find us, our Media+Entertainment business continued to build strong partnerships – making iHeartRadio available on Amazon Fire TV, Apple’s Car Play and the Samsung Gear 2 smartwatch. Our growing events business, which is extending the iHeartRadio brand across an increasing number of media platforms, successfully staged the first-ever iHeartRadio Country Music Festival in Austin. Another newcomer to our events line-up, the iHeartRadio Music Awards, will be televised live from Los Angeles on NBC on May 1. At Outdoor, we launched ‘Connect,’ the first global out-of-home mobile interactive advertising platform that enables customers to access interactive content via their smartphones. We are also enhancing our Americas Outdoor national sales capabilities and optimizing our global digital footprint."
"Despite a difficult advertising environment due to disruptive winter weather across the U.S., we maintained our level of consolidated revenues, and also continued to invest in our businesses, to reinforce our foundation for growth," said RichBressler, President/CFO. "At Media + Entertainment we flattened our management structure in order to move us closer to the business and make it run more efficiently, better serving our listeners and advertising partners, while staying focused on managing our expenses at both Americas and International Outdoor."