Revenues were up at Clear Channel for the Q4 based on a $50M increase over the same quarter the year prior, helping to put total revenues in the plus column for the full year. Political and automotive were drivers of the gains.
“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,” Chief Executive Officer 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.”
The Media and Entertainment Group was up 4% on a $31M increase – national and local advertising were both credited with helping to push revenues up along with the beneficial effects of the elections. Consolidated revenues for the entire company rose 3% to $1.7B for Q4.
Revenues were up 1% for the full company to $6.25B for the year, with CCM&E enjoying a 3% gain on a $98M increase in income.
“Despite the slow economic recovery, we delivered a solid financial performance for the 2012 fourth quarter and full year,” Tom Casey, Executive Vice President and Chief Financial Officer, said. “At Clear Channel Media and 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.”
Clear Channel offered the following highlights from its Media & Entertainment unit:
* CCM+E and iHeartRadio ranked first among 18 non-network national TV, video and online media organizations inthe 2012 Myers Survey of Advertising Executives on National Media Sales Organizations Report. CCM+E was the #1 provider of multi-platform brand extensions/integrations among digital and non-digital network TV organizations, and was top rated by digital planners and buyers in providing multi-platform integration opportunities among non-network and digital organizations.
* iHeartRadio reached 23 million registered users, making it the fastest digital service to reach 20 million registered users in Internet history. The iHeartRadio mobile application was included in the Top 20 of iTunes Best of 2012 list, has more than 143 million cumulative downloads/upgrades, and now generates half of its listening through mobile.
* The second annual iHeartRadio Music Festival in Las Vegas attracted a live audience of more than 20,000 and more than 14 million tuning in from home – delivering record-setting ratings for The CW’s exclusive TV broadcast, Yahoo!’s most ever U.S. live streams for a concert and Xbox’s record viewership for a live U.S. event, as well as a CCM+E record of more than 1 billion social impressions.
* The company purchased AM radio station WOR 710 in New York City, which is the Company’s first AM station in NYC and another flagship for talk radio.
* The company purchased 101.7 FM in Boston and launched it as “Evolution 101.7”, the first major market station with the Electronic Dance Music (EDM) format. The station utilizes programming from iHeartRadio’s Evolution channel launched in November featuring British D.J. Pete Tong.
* The company entered into innovative, market-based agreements with a number of record labels to share digital and terrestrial revenues, building a sustainable business model to drive the growth of the Internet radio industry.