CC Media Holding, Inc. Reports Results for 2014 Second Quarter

CC MEDIA HOLDINGS, INC. REPORTS RESULTS FOR 2014 SECOND QUARTER
 
 

 

Revenues up 1% totaling $1.6 billion, with slight growth at Media+Entertainment and 2% increase at Outdoor
 
OIBDAN1 reached $487 million, including a 5% increase at International Outdoor, a slight decrease at Media+Entertainment and an 8% decline at Americas Outdoor
 
San Antonio, July 23, 2014 – CC Media Holdings, Inc. (OTCBB: CCMO) today reported financial results for the second quarter ended June 30, 2014.
 
“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 and Chief Executive Officer Bob Pittman 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% 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 and Chief Financial Officer.  “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.”

About iHeartMedia, Inc.

iHeartMedia (NASDAQ: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups.

With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than any other media company in the U.S. Its leadership position in audio extends across multiple platforms, including more than 860 live broadcast stations in over 160 markets nationwide; its National Sales organization; and the company’s live and virtual events business. It also includes Premiere Networks, the industry’s largest Networks business, with its Total Traffic and Weather Network (TTWN); and BIN: Black Information Network, the first and only 24/7 national and local all news audio service for the Black community. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio suite of data targeting and attribution products using data from its massive consumer base.

The iHeartMedia Digital Audio Group includes the company’s fast-growing podcasting business -- iHeartMedia is the number one podcast publisher in downloads, unique listeners, revenue and earnings -- as well as its industry-leading iHeartRadio digital service, available across more than 500 platforms and 2,000 devices; the company’s digital sites, newsletters, digital services and programs; its digital advertising technology companies; and its audio industry-leading social media footprint.

The company’s Audio & Media Services reportable segment includes Katz Media Group, the nation’s largest media representation company, and RCS, the world's leading provider of broadcast and webcast software.

Visit iHeartMedia.com for more company information.