Thursday, February 20, 2014

Clear Channel: 4Q M+E Revenue, Losses Increase

  • Media+Entertainment (up 4% excluding political1), with Outdoor flat 
  • 2013 OIBDAN1 reached $1.7 billion, including 4% growth at Americas Outdoor, 9% increase at International Outdoor, excluding foreign exchange and divestitures, and 2% decline at Media+Entertainment 
  • Fourth quarter revenues flat (excluding political, revenues rose 4%, with Media+Entertainment up 8%) 
CC Media Holdings, Inc. today reported financial results for the fourth quarter and full year ended December 31, 2013.

Bob Pittman
"With our unmatched reach and unparalleled assets, we outperformed the radio market and capitalized on the growing out-of-the-home consumer trend in 2013," Chairman and Chief Executive Officer Bob Pittman said.

"Clear Channel continued to create new businesses based on the strength of our core assets and to provide customized multi-platform market solutions to advertising partners that nobody else can. At Media+Entertainment, we further expanded our events business -- reaching nearly 4 billion social impressions with December's Jingle Ball national tour, following up on September's iHeartRadio Music Festival's 2.3 billion social impressions. We also partnered with The CW Network to air 7 shows on broadcast TV, reaching over 50 million TV viewers. Our results at Outdoor reflected our sharp focus on rolling out new digital products in the U.S. and internationally, and on taking advantage of fast-growing emerging markets in Latin America and Asia. As America's leading multi-platform media company as measured by reach, we look forward to continuing to serve advertisers and consumers even better in 2014."

Richard Bressler
"We succeeded this year in delivering a steady financial performance while investing for future growth across the company, despite challenging economic conditions," said Rich Bressler, President and Chief Financial Officer.

"We hired top-caliber leaders at both Media+Entertainment and Outdoor, while executing on our revenue and efficiency initiatives that are building a strong foundation for our long-term success. Importantly, our capital markets activities over the past months -- including extending our maturities and selling non-core assets, like our stake in radio assets in Australia/New Zealand -- have given us the financial flexibly to continue to grow our businesses."

Full Year 2013 Results

Consolidated revenues decreased less than 1% to $6.24 billion for the full year 2013 compared to $6.25 billion in 2012. Excluding political advertising, revenue was up 2%(1) . Growth at Media+Entertainment and Americas outdoor was offset by declines at International outdoor, as well as our media representation business for which political revenues decreased $40 million compared to 2012, a presidential election year.
  • Media+Entertainment revenues grew $47 million, or 2% (up 4%, excluding political1), compared to 2012, driven primarily by stronger national and digital advertising, as well as promotional and event sponsorship with the expansion of the Jingle Ball tour, iHeartRadio Music Festival and album release events, partially offset by the decline in political advertising spend. 
Fourth Quarter 2013 Results

Consolidated revenues totaled $1.7 billion, consistent with the fourth quarter of 2012. Excluding political advertising, revenue was up 4%.(1)
  • Media+Entertainment revenues increased $24 million, or 3% (up 8%, excluding political1), due primarily to stronger national and digital advertising, as well as promotional and event sponsorship with the expansion of the Jingle Ball tour, iHeartRadio Music Festival and album release events. 
 The Company's consolidated net loss was $302 million in the fourth quarter of 2013 compared to a consolidated net loss of $197 million in the same period of 2012. This was due primarily to equity in losses of nonconsolidated affiliates and higher interest expense, and offset in part by greater operating income and reduced losses on the extinguishment of debt.

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