CC Media Holdings Reports 1% Revenue Increase In Q2
July 23, 2014
CC Media Holdings, Inc., the parents company of Clear Channel Media + Entertainment, has reported its financial results for the second quarter, which ended June 30. Consolidated revenues for the company increased by $12.1 million in the quarter to $1.63 billion, compared to $1.618 billion in Q2 2014. Excluding the effects of movements in foreign exchange rates, revenues increased $1.6 million or less than 1 percent.
CCM+E revenues increased slightly, and the company reported that increases in its traffic and weather business, as well as higher political and digital advertising were partially offset by lower revenue in its core national and local terrestrial radio business. CCM+E revenue in Q2 was essentially flat at $806.3 million.
Clear Channel's Americas outdoor revenues decreased $16 million, or 5 percent, to $319 million, while international outdoor revenues increased $30 million, or 7 percent, to $462 million.
"Our growing digital and events businesses continued their strong momentum during the quarter, further demonstrating the unique value that Clear Channel delivers to advertisers through our diverse set of media assets," Chairman/CEO BobPittman said. "At iHeartRadio, we introduced an even more personalized listener experience with the release of iHeartRadio 5.0 and grew our registered users by 50 percent year over year -- surpassing the milestone of 50 million registered users in record time. The first-ever iHeartRadio Music Awards, broadcast live on NBC, was a huge success -- attracting more than 65 million votes through Twitter and Facebook, with #iHeartAwards trending #1 on Twitter throughout the night and number one for Nielsen’s Twitter TV ratings for the entire week. In addition, we showcased the vision and innovation of our entire company to some of the world’s largest brands and agencies at the Cannes Lions International Festival of Creativity last month, while several of our clients -- including British Airways -- earned prestigious awards."
"We continued to reinforce our foundation for growth this quarter and make progress in advancing our strategy to become one of the leading technology-fueled multi-platform media and entertainment companies in America. In another significant step, we have named Brian Lakamp our President of Technology and Digital Ventures," said Rich Bressler, President/CFO. "We grew overall revenues despite some market challenges, and I am especially pleased with our efforts in International Outdoor and Media+Entertainment. Also, the changes we’ve made in Americas Outdoor position us well for the second half of the year. Underscoring our continuing financial flexibility, the quarter’s $850-million offering of senior notes was well received by the markets. In addition to our debt refinancing activities, which have created the right runway for us to keep focusing on growing our Media+Entertainment and Outdoor businesses, we’ve continued to make good on our commitment to control costs through operational efficiencies."