Clear Channel Q2 Revs Up 1%, Earnings Swing to Loss

RADIO ONLINE | Wednesday, July 23, 2014

CC Media Holdings, the parent of Clear Channel, reported second quarter consolidated revenues increased one percent to $1.63 billion from $1.61 billion in 2013. Media+Entertainment revenues grew slightly to $806.3 million from $805.6 million. Operating expenses were up $2 million during Q2 versus the same period in 2013, primarily due to higher sports programming costs. The company posted a net loss of $186.6 million companred to earnings of $7.2 million in the year ago period.

"Our growing digital and events businesses continued their strong momentum during the quarter, further demonstrating the unique value that Clear Channel delivers to advertisers through our diverse set of media assets," said Chairman/CEO Bob Pittman. "At iHeartRadio, we introduced an even more personalized listener experience with the release of iHeartRadio 5.0 and grew our registered users by 50% year over year -- surpassing the milestone of 50 million registered users in record time."

"We continued to reinforce our foundation for growth this quarter and make progress in advancing our strategy to become one of the leading technology-fueled multi-platform media and entertainment companies in America," said President/CFO Rich Bressler. "We grew overall revenues despite some market challenges, and I am especially pleased with our efforts in International Outdoor and Media+Entertainment."