CC Media Holdings, Inc. Reports Results For Third Quarter 2012
View the complete CC Media Holdings, Inc. Q3 2012 Quarterly Earnings
San Antonio, Texas November 2, 2012...CC Media Holdings, Inc. (OTCBB: CCMO) today reported financial results for the third quarter ended September 30, 2012.
“We are continuing to deliver solid results in a difficult economy, while investing in our digital future and growing the value we provide to our marketing partners with bold, new offerings across multiple platforms," Chief Executive Officer Bob Pittman said. “Increased revenues from major national advertisers drove improved performance at Media & Entertainment in the quarter. The successful return of the iHeartRadio Music Festival drew record audiences and attracted a diverse array of major brand sponsors. To help achieve a sustainable business model that will spur the growth of digital radio, we forged our second music rights agreement with an independent record label. At our Outdoor business, we have made substantial progress in optimizing our operations in the U.S. to maximize our revenue and profit potential, while taking the necessary steps to adjust to the new economic realities in Europe.”
“We continue to focus on driving growth across all of our businesses, investing in new growth opportunities and improving our operations, while closely managing our expenses,” Tom Casey, Executive Vice President and Chief Financial Officer, said. “In addition, with significant support from our lenders, last week we exchanged $2 billion of credit facility loans for notes maturing in 2019 in a private offer that was significantly oversubscribed and attained an important package of amendments to our credit facilities that provides more flexibility to manage our liquidity and debt maturity profile in the future.”