CC Media Holdings Reports Q4 2013 Results; CCM+E Posts 8% Rev Rise
February 20, 2014 at 4:07 AM (PT)
CC MEDIA HOLDINGS has reported financial results for the fourth quarter and full year ended DECEMBER 31st, 2013.
- Full-year revenues totaled $6.2 billion, including 2% increase at MEDIA+ENTERTAINMENT (up 4% excluding political), with Outdoor flat
- 2013 OIBDAN 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%)
“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,” sais Chairman/CEO BOB PITTMAN. “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 seven 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."
“We succeeded this year in delivering a steady financial performance while investing for future growth across the company, despite challenging economic conditions,” added Pres./CFO RICH BRESSLER. “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.”
- Announcing a multi-year partnership, the first of its kind for the industry, that "enables HORIZON MEDIA to leverage CLEAR CHANNEL’s unmatched cross-platform assets -- including out-of-home, broadcast, mobile, digital and events -- to deliver dynamic marketing solutions available nowhere else and prove the effectiveness and strong return on investment of broadcast and out-of-home to its clients."
- Reaching 43 million iHEARTRADIO registered users, as of DECEMBER 31st, 2013, growing 84% from the end of 2012; crossing the 20 million registered user milestone faster than any other digital service; and surpassing 40 million registered users "faster than FACEBOOK, TWITTER or PANDORA -- second only to INSTAGRAM." iHEARTRADIO’s total listening hours were up 29% over 2013, with approximately 300 million downloads and upgrades. Mobile represented 54% of iHEARTRADIO total listening hours during the fourth quarter of 2013.
- Continuing to work with NIELSEN AUDIO and NIELSEN CATALINA SOLUTIONS to deliver a first-ever, single-source ROI measurement for radio.
- Announcing the first-ever iHEARTRADIO COUNTRY FESTIVAL in AUSTIN, TEXAS on SATURDAY, MARCH 29th, featuring such country stars as LUKE BRYAN, JASON ALDEAN, FLORIDA GEORGIA LINE, LADY ANTEBELLUM, HUNTER HAYES, CARRIE UNDERWOOD, JAKE OWEN AND DAN + SHAY, among many more.
- Continuing to "innovate in the automotive space and integrating the iHEARTRADIO app into TOYOTA, LEXUS, FORD, GM, CHRYSLER, NISSAN, JAGUAR LAND ROVER, VOLVO and KIA vehicles, while also making it available on the following automotive platforms: AT&T Drive, QNX CAR PLATFORM FOR INFOTAINMENT, CHEVROLET APPSHOP and BOSCH SOFTTEC’s InControl Apps."
- Entering into "innovative, market-based agreements with independent record labels to share digital and terrestrial revenues, helping to build a sustainable business model to drive the growth of the Internet radio industry." CLEAR CHANNEL has reached 25 agreements with record labels to date (19 signed in 2013), including last year’s partnership with WARNER MUSIC GROUP.
- Renewing the agreement with RELATIVITY to promote its film releases with "one-of-a-kind, cross-media marketing campaigns that utilize CLEAR CHANNEL’s multi-platform media assets and unmatched reach, building on the successful collaborations for RELATIVITY’s previous films: LIMITLESS, IMMORTALS, ACT OF VALOR, SAFE HAVEN and FREE BIRDS."
- Creating the new unified Networks Group, headed by CLEAR CHANNEL veteran DARREN DAVIS, to further integrate MEDIA+ENTERTAINMENT’s PREMIERE NETWORKS, TOTAL TRAFFIC and WEATHER NETWORK, the 24/7 NEWS NETWORK and the iHEARTRADIO NETWORK, "and offer more compelling content opportunities for the company’s partners, affiliates, advertisers and consumers."
- Selling our 50% ownership stake in AUSTRALIA/NEW ZEALAND radio assets -- a joint venture that was not consolidated in our financial statements. Net proceeds totaled approximately $220 million.