CCME Revenues Up 2% for 2013
Clear Channel parent CC Media Holdings reported that overall consolidated revenues decreased less than 1% to $6.24 billion for 2013 compared to $6.25 billion in 2012.
For 2013, Media+Entertainment revenues grew $47 million, or 2% (up 4%, excluding political spending attributed to the 2012 totals), compared to 2012, driven primarily by stronger national and digital advertising, as well as promotional and event sponsorship of the iHeartRadio Music Festival and album release events, partially offset by the decline in political advertising spend.
CC Media Holdings’ consolidated EBITDA was $1.9 billion in 2013, down less than 1% from 2012.
The company’s overall net loss totaled $584 million for 2013 compared to a net loss of $411 million in 2012. CCMH attributes the rise primarily to lower operating income, higher interest expense and an impairment charge partially offset by a gain on the sale of marketable securities and reduced losses on extinguishment of debt in 2013.
For the fourth quarter, consolidated revenues of the entire company totaled $1.7 billion, consistent with the fourth quarter of 2012. Excluding political advertising, revenue was up 4%.
Media+Entertainment revenues increased $24 million, or 3% (up 8%, excluding political), due primarily to stronger national and digital advertising, as well as promotional and event sponsorship with the expansion of the Jingle Ball tour, iHeartRadio Music Festival and album release events.
The broadcaster sold its 50% ownership stake in Australia/New Zealand radio assets. Net proceeds totaled approximately $220 million, according to Clear Channel. Company President/CFO Rich Bressler defined the Australia/New Zealand holdings as a “non-core asset.” Selling that, along with “capital markets activities over the past months, including extending our maturities,” have given Clear Channel the financial flexibly to continue to grow its businesses, he said.