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
Drake, U2, Britney Spears & More Announced For iHeartRadio Music Festival
July 22, 2016
eQB NOW
Pandora Revenue Up in Second Quarter of 2016
John Crenshaw Named OM at Cumulus-Youngstown, OH
Alpha Media Savannah-Hilton Head Launches Throwback Station "G100"
July 21, 2016
iHeartMedia, Cumulus, Entercom, Cox, Sun Broadcast Group & Shazam Collaborate on New Audio Measurement
Justin Riley Named PD For Power 93.3 & 106.1 KISS FM-Seattle
Universal Music Publishing Promotes David Gray to EVP/Head of West Coast A&R
Steve Mann Named APD/Night Host at WGRR/Cincinnati
John Crenshaw Named OM at Cumulus-Youngstown, OH
Entercom Names Kim Reis VP/Digital Audience Engagement
July 20, 2016
UMG And Interscope Ink Multitiered Pact With Downtown Records Celebrating 10th Anniversary
WCTO PD Jerry Padden Adds WLEV Programming Duties in Allentown-Bethlehem-Easton
Cox Media Group Tulsa Names Mary Garcia Digital Sales Manager For Tulsa Radio
July 19, 2016
Beasley Broadcast Group to Acquire Greater Media For $240 Million
UMG Appoints Maria Alonte SVP/Film & TV Synchronization for Def Jam, Island & Republic
iHeartMedia Stakes Claim to Historic New York Skyline on Iconic East River Billboard
July 18, 2016
iHeartMedia Announces The Return Of The 2016 iHeartRadio Fiesta Latina
Brooke & Jubal Show Joins Aimee KVGS (Star 107-9)/Las Vegas
WQEN/Birmingham's #JustShowUpShow Draws Big Crowd
In Brief - July 18, 2016
July 15, 2016
CBS Radio Baltimore Debuts UpClose Studio
Cealleigh Moore Named GSM At Entercom Sacramento
July 14, 2016
Music News
Drake Spends 11th Week at #1 on Billboard 200
New David Bowie Box Set Includes Previously Unreleased Album
Quick Hits: Rihanna, KoRn, My Chemical Romance, Jennifer Hudson, Regina Spektor, Oasis
Temple of the Dog Announce First-Ever Tour
Quick Hits: The Beatles, Iggy Azalea, My Chemical Romance, Haim
Quick Hits: Alternative Press Music Awards / Marilyn Manson, Wilco, Beck, Led Zeppelin, Kesha
Drake Returns To #1 On Billboard 200
Kanye, Taylor Swift Feud Over "Famous" Lyric Again
Quick Hits: Coldplay, Schoolboy Q, Prophets of Rage, Celine Dion, Against Me!
Katy Perry Releases Olympics Anthem
Quick Hits: Britney Spears, M.I.A.
Beyoncé, Adele Earn Emmy Nominations
Drake, Adele Top Nielsen Music Mid-Year Album Charts
Quick Hits: Guns N' Roses, Beasties Boys
Taylor Swift Ranked As Top-Earning Celebrity of 2016
FMQB NOW

Bill Tanner
SVP/Programming
SummitMedia

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!