Clear Channel Media, CCM+E Revenues Both Up 4% In Q4, 3% In 2012
February 19, 2013 at 2:34 PM (PT)
CLEAR CHANNEL MEDIA HOLDINGS reported a 4% increase in Q4 revenue, which made 2012's annual revenue up 3%, excluding foreign exchange. CLEAR CHANNEL MUSIC + ENTERTAINMENT also enjoyed a 4% increase in Q4, up $31 million, due to increased political advertising as well as growth of local and national advertising.
For the full year CCM+E revenues grew $98 million, or 3%, compared to 2011, due primarily to stronger local and national advertising, including political, as well as digital growth driven by the expansion of the iHEARTRADIO platform.
"We are very pleased with our Company’s progress in strengthening our businesses over the past year, and we look forward to continuing our momentum into 2013," CEO BOB PITTMAN said. "We have put the right management team in place to focus on bringing new advertising dollars to the sector by demonstrating the value of our assets -- especially our unique national platform across the media, entertainment and outdoor marketplaces. Moving forward, we will continue to use our unmatched national reach to grow our digital platforms, expand and deepen our relationships with national and local advertisers, launch innovative products and services and stage new and exciting events as only CLEAR CHANNEL can."
"Despite the slow economic recovery, we delivered a solid financial performance for the 2012 fourth quarter and full year," EVP/CFO TOM CASEY said. "At CLEAR CHANNEL MEDIA + ENTERTAINMENT, we continued to outpace the competition in national advertising, digital, and total revenues. At OUTDOOR, the AMERICAS’ progress in digital, airports and national advertising was encouraging, while International saw strength in emerging markets. Across the entire company, we remain aggressively focused on realigning our resources toward higher growth areas. 2012 was also an important year for capital markets activity, with $7.5 billion of debt raised at CLEAR CHANNEL COMMUNICATIONS and CLEAR CHANNEL WORLDWIDE HOLDINGS in four separate transactions. CLEAR CHANNEL WORLDWIDE HOLDINGS used proceeds for debt repayment and shareholder returns and CLEAR CHANNEL COMMUNICATIONS not only repaid debt but also gained important new flexibility to better manage liquidity and future maturities."
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