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
National Radio Hall Of Fame Class Of 2015 Revealed
August 31, 2015
Scooter Braun Joins NASH Next Country Music Talent Competition
In Brief - August 31, 2015
August 28, 2015
iHeartMedia Promotes Hardin, Zellner and Maynard
WZMP (96.5 AMP Radio)/Philly New Line-Up Announced
KLUC/Las Vegas Adds Kayla To Chet Buchanan & The Morning Zoo
88Nine Radio Milwaukee Promotes Ken Sumka To APD & Justin Barney to MD
Macklemore & Ryan Lewis, iHeartRadio joins Chegg for Music101 Series
Mark “Shark” Ediss Named Afternoon Drive Host At Y100/Savannah
August 27, 2015
Cumulus Goes Underground Alternative In New Orleans
August 26, 2015
Subaru Embraces HD Radio Receivers
Cort Johnson Named APD/Morning Co-Host on 101.9 KINK/Portland
Howard Stern Presents "Booey 25" On SiriusXM Channels
August 25, 2015
Sony Music Entertainment Acquires Century Group
UMG Names Jeffrey Remedios President & CEO/Universal Music Canada
Where Hip Hop Lives App Now Available to International Audiences
August 24, 2015
Leslie Scott Named Program Director Of KNDD/Seattle
Rdio Launches “Promoted Music Experiences” With Hard Rock Hotels & Casinos
Report: Radio Has 30 Million Amplifiers Nationwide
In Brief - August 24, 2015
August 21, 2015
eQB NOW
Entercom South Florida Launches New Alternative Rock 104.3 The Shark
In Brief - August 21, 2015
Music News
Taylor Swift Wins Big At MTV VMAs
Rockers Disturbed Earn Fifth #1 Album
FMQB Photo Pass: Van Halen
Quick Hits: Taylor Swift, Kanye West, Justin Timberlake, Katy Perry, Justin Bieber
Justin Bieber Debuts New Single
Quick Hits: Nicki Minaj, Adele, OMI
Demi Lovato Feeling "Confident" on Fifth LP
Quick Hits: Justin Bieber, Mariah Carey, Omarion, Soundgarden
Pharrell, Demi Lovato & More Added To MTV VMAs Lineup
Quick Hits: Lady Gaga, HBO, Maroon 5, Nick Jonas
MTV To Honor Kanye West
Quick Hits: One Direction, Missy Elliott / The Voice, Azealia Banks, Meg Myers, Coheed and Cambria, Ben Folds
Dr. Dre Issues Apology To "The Women I've Hurt"
Quick Hits: Taylor Swift, album sales, Charli XCX & Bleachers, Chris Brown, Bon Jovi, Voodoo Music + Arts Festival
Quick Hits: JoJo, Kanye West / Frank Ocean, Carrie Underwood, Charlie Puth, The Neighbourhood
FMQB NOW

Mike McVay
SVP/Content & Programming
Cumulus Media

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!