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CC Media Holdings, Inc. Reports Results For 2013 Third Quarter

Stocks in this article: CCO

Key Highlights

The Company’s recent key highlights include:


  • Reaching 39 million iHeartRadio registered users as of September 30, 2013, up 114% from the end of the 2012 third quarter, and crossing the 30 million registered user mark faster than Facebook, Twitter, Spotify or Pandora, and second only to Instagram. iHeartRadio's total listening hours were up 30% in the third quarter of 2013 compared to the same period in 2012. Mobile represented 60% of iHeartRadio total listening hours during the quarter.
  • Reaching 68.4 million unique visitors in September 2013 across the Clear Channel Digital Network, including iHeartRadio and radio station websites.
  • Announcing a landmark partnership with Warner Music Group (WMG) that contractually defines one of the Company’s most strategic relationships, which has always operated on an ad hoc basis, to make it more predictable and drive digital growth, break new music, and create new marketing opportunities for established artists. The WMG agreement is the first-of-its kind partnership with a major label and is the 22nd agreement between Clear Channel and record labels to share digital and terrestrial revenues in a way that will build a sustainable business model.
  • Driving record listener engagement with the iHeartRadio Music Festival across all leading social media platforms including 2.3 billion total impressions during the Festival weekend – doubling the 2012 level – through Facebook, Twitter, and Instagram, the latter accounting for 23% of this social media activity compared to less than 1% in 2012.
  • Signing a five-year, multi-platform marketing partnership with The New York Mets to make Clear Channel’s 50,000-watt AM powerhouse 710 WOR the flagship radio station of the Mets – broadcasting spring training, regular season and postseason games, as well as the team’s pre- and post-game shows – and creating unique promotional opportunities across Clear Channel’s New York radio stations, digital platforms including iHeartRadio, outdoor advertising, events and community outreach.
  • Appointing Tim Spengler as President of Content Marketing and Revenue Strategy, where he will develop new and innovative media and advertising opportunities across Clear Channel’s multi-platform assets. Spengler joins from IPG Mediabrand’s MAGNA GLOBAL, where he was CEO.
  • Partnering with Nickelodeon to launch Nick Radio, a family-targeted station on iHeartRadio and – featuring shows including "On The Set With," "Nick Radio Dance Party," "Hangin' With" and "Nick Radio Top 10 Countdown" – programmed by Clear Channel and showcasing its leading DJs as well as Nickelodeon celebrity DJs.
  • Opening the new iHeartRadio Theater Los Angeles in the former Tonight Show studio in Burbank to showcase artists and connect them to their fans with pre-tour album release parties, performances, and radio and video broadcasts across Clear Channel's stations and iHeartRadio. Opening the theater was an album release party for Katy Perry's "PRISM" – sponsored by Sony, Walmart, Monster Headphones, and AT&T – that was broadcast live on 175 Clear Channel stations and televised on the CW Network.
  • Announcing the iHeartRadio Jingle Ball 2013 concert tour sponsored by Chase in 12 U.S. cities and – for the first time ever – a nationally televised broadcast on the CW Network on December 18 th. Clear Channel will contribute a portion of ticket sales to The Ryan Seacrest Foundation and the Kraddick Foundation’s Kidd’s Kids program. Featured artists include Miley Cyrus, Robin Thicke, Pitbull, Enrique Iglesias, Fall Out Boy, Macklemore & Ryan Lewis, Selena Gomez, Fifth Harmony, Ariana Grande, Jason Derulo, Austin Mahone, Flo Rida, One Republic, Icona Pop, Paramore, Travie McCoy, Chris Brown, Avril Lavigne, Armin Van Buuren, Bonnie McKee and Demi Lovato.
  • Expanding content on the iHeartRadio "Talk" channel through a partnership with Time Warner's Turner Broadcasting System to offer select audio content including CONAN and news segments from CNN – such as Anderson Cooper 360, New Day, Piers Morgan Live and The Lead with Jake Tapper – as well as sports clips from Bleacher Report. Full episodes of Anderson Cooper 360, Fareed Zakaria GPS, State of the Union and Erin Burnett Out Front will also be accessible via iHeartRadio Talk.
  • Making iHeartRadio available in select 2014 Nissan vehicles equipped with NissanConnect via the in-dash iHeartRadio for Auto app, and adding Nissan to a list of iHeartRadio automotive partners that includes Ford, Toyota, GM, and Chrysler.


  • Partnering with Lady Gaga and Clear Channel Media+Entertainment for the exclusive global unveiling of the cover artwork for her new album, ARTPOP – through a first-ever, out-of-home campaign that sequenced a stepped reveal of advertiser creative in unison on Clear Channel Outdoor's international network of digital billboards and screens. Also streamed live on, direct from CCO's Spectacolor billboard in Times Square, the reveal showcased the global scale, reach and impact of our digital inventory across 18 cities worldwide.
  • Coordinating with Clear Channel Media+Entertainment to launch Paul McCartney's latest album, NEW, on Clear Channel Outdoor's digital network in 30 major cities across 18 countries through a pre-event tease of the iHeartRadio Album Release Party – utilizing six different creative executions, all designed to drive listeners to the party and #whatsnewpaul.
  • Introducing the new “Storm” brand in the UK – a client-branded, out-of-home digital network that delivers completely customized solutions in extremely short time frames – reaching premium audiences with advanced digital displays at Cromwell Road, Chiswick Towers and Coventry House at Piccadilly Circus (
  • Creating an integrated social media plan with Coca-Cola for its “Share a Coke” campaign that allowed users – across several international markets – to see their name integrated into the iconic Coke logo on a Clear Channel digital display by posting their name on Facebook.
  • Installing 26 new digital bulletins for a total of 1,081 across 38 U.S. markets.
  • Expanding digital displays in Latin America by 50%, with 45 displays – including 15 in Chile, 16 in Mexico, and 14 in Peru.
  • Appointing Walker Jacobs as Chief Revenue Officer and President of Sales for Clear Channel Outdoor – North America, where he will have direct responsibility for the national advertising sales, sales marketing, revenue management, and sales operations teams. Jacobs joins from Time Warner’s Turner Broadcasting System, where he was Executive Vice President of Turner Digital.

Revenues, Operating Expenses, and OIBDAN by Segment

(In thousands) Three Months Ended Nine Months Ended
September 30, % September 30, %
  2013         2012       Change   2013         2012       Change
Revenue 1
CCME $ 823,863 $ 798,759 3 % $ 2,286,040 $ 2,263,308 1 %
Americas Outdoor 331,346 335,021 (1 %) 952,832 935,850 2 %
International Outdoor 3 391,667 396,120 (1 %) 1,187,262 1,207,900 (2 %)
Other 57,460 76,067 (24 %) 167,778 191,909 (13 %)
Eliminations   (16,814 )       (18,636 )   (45,235 )       (48,419 )
Consolidated revenue $ 1,587,522       $ 1,587,331   0 % $ 4,548,677       $ 4,550,548   (0 %)
Operating expenses 1,2
CCME $ 506,718 $ 490,195 3 % $ 1,432,628 $ 1,387,963 3 %
Americas Outdoor 196,711 198,946 (1 %) 584,908 580,647 1 %
International Outdoor 3 330,820 328,275 1 % 1,000,953 1,027,701 (3 %)
Other 40,032 42,491 (6 %) 124,091 132,315 (6 %)
Eliminations   (16,814 )       (18,636 )   (45,235 )       (48,419 )
Consolidated Operating expenses $ 1,057,467       $ 1,041,271   2 % $ 3,097,345       $ 3,080,207   1 %
CCME $ 317,145 $ 308,564 3 % $ 853,412 $ 875,345 (3 %)
Americas Outdoor 134,635 136,075 (1 %) 367,924 355,203 4 %
International Outdoor 3 60,847 67,845 (10 %) 186,309 180,199 3 %
Other 17,428 33,576 (48 %) 43,687 59,594 (27 %)
Corporate 1,4   (89,450 )       (66,543 )   (239,431 )       (198,531 )
Consolidated OIBDAN $ 440,605       $ 479,517   (8 %) $ 1,211,901       $ 1,271,810   (5 %)

Certain prior period amounts have been reclassified to conform to the 2013 presentation of financials throughout the press release.

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