1 See the end of this press release for reconciliations of (i) OIBDAN for each segment to consolidated operating income (loss); (ii) revenues excluding foreign exchange effects to revenues; (iii) direct operating and SG&A expenses excluding foreign exchange effects to expenses; (iv) OIBDAN excluding foreign exchange effects to OIBDAN; (v) corporate expenses excluding non-cash compensation expenses to corporate expenses; and (vi) OIBDAN to net income (loss). See also the definition of OIBDAN under the Supplemental Disclosure section in this release.
2 The Company’s operating expenses include direct operating expenses and SG&A expenses.
3 During 2012, the Company disposed of international businesses. For the three months ended September 30, 2012, these businesses contributed $3 million in revenues, $3 million in operating expenses, and less than $1 million in OIBDAN.
4 Includes Corporate for Clear Channel Outdoor Holdings, Inc. of $28 million and $86 million for the three and nine months ended September 30, 2013, respectively. Includes Corporate for Clear Channel Outdoor Holdings, Inc. of $25 million and $77 million for the three and nine months ended September 30, 2012, respectively.Media and Entertainment Media+Entertainment revenues rose $25 million, or 3%, driven primarily by local, national and digital sales, as well as improvements in the traffic business due to improved sales strategies and expanded services, including weather. Increases across multiple advertising categories were led by telecommunications, retail and auto advertising markets. Digital revenues benefited from to higher total listening hours, which increased 30%. Operating expenses rose $17 million during the third quarter of 2013 compared to the same period in 2012. This increase reflects our continual investment in people, as well as greater expenses related to higher sales and increased listening hours, as well as promotional costs particularly related to the iHeartRadio Music Festival. Expenses in the third quarter of 2013 also included a $3 million decrease in expenses related to investments in strategic revenue and cost savings initiatives.