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CC Media Holdings Q2 Revs Up 1% to $1.61 Billion
RADIO ONLINE | Thursday, August 1, 2013 |
CC Media Holdings, parent of Clear Channel, reported second quarter revenue grew 1% to $1.61 billion from $1.60 billion, excluding foreign exchange and divestitures. The media giant's operating income fell to $320.2 million from $346.1 million in 2012. OIBDAN1 declined 5% year over year to $505 million with a OIBDAN margin of 31%. The company posted a consolidated net income of $7 million swinging from a loss of $39 million in the year-ago period.
Clear Channel Media+Entertainment revenues increased two percent to $13 million, driven primarily by national and digital sales, as well as strong growth at Premiere Networks. Partially offsetting this growth were revenue declines in the Traffic business from lost contracts and lower sales resulting from integration activities.
"During the quarter, we made important progress across our businesses -- delivering overall topline growth in a challenging market while strengthening our digital and national advertising capabilities for the future," said Chairman CEO Bob Pittman. "During the quarter, we made important progress across our businesses -- delivering overall topline growth in a challenging market while strengthening our digital and national advertising capabilities for the future."
The company's consolidated net income was up due primarily to a $131 million gain on marketable securities related to the sale of an investment in SiriusXM Radio. Net income was also affected by lower operating income, higher interest expense, costs related to the debt financing activities, and higher taxes driven by the sale of the company's investment in SiriusXM.
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