iHEARTMEDIA, INC. REPORTS RESULTS FOR 2014 THIRD QUARTER
Revenues up 3% totaling $1.6 billion -- 1% increase at iHeartMedia and 3% increase at Outdoor
OIBDAN1 up 9%, totaling $480 million -- 14% increase at International Outdoor, 1% increase at iHeartMedia and 1% decline at Americas Outdoor
San Antonio, October 28, 2014
– iHeartMedia, Inc. (OTCBB: IHRT) today reported financial results for the third quarter ended September 30, 2014.
“This quarter we became ‘iHeartMedia’ to better reflect who we are today – the leading media and entertainment company in the digital age,” Chairman and Chief Executive Officer Bob Pittman said. “We are a one-of-a-kind multi-platform media company that delivers unparalleled reach, scale and impact while continuing to provide the most live entertainment – with more content and more events in more places on more devices – to the industry’s most engaged audiences, wherever they are. And last month, our fourth annual iHeartRadio Music Festival generated more buzz than ever with five billion social media impressions, more than double last year’s total, and on par with the Academy Awards. Our constantly expanding platform of assets enables advertisers and partners to engage seamlessly across all of our diverse media platforms – broadcast, digital, outdoor, mobile, social and events.”
“We were pleased to continue to grow overall revenues while tightly managing our expenses through operating efficiencies to generate a 9% growth in OIBDAN this quarter,” said Rich Bressler, President and Chief Financial Officer. “We delivered year-overyear increases in revenues and OIBDAN at iHeartMedia and our International Outdoor business. Our Americas Outdoor segment continues to improve after coming off of a challenging first half of the year. We also continued to build our financial flexibility with
three successful debt refinancing activities during the third quarter, as well as $57.1 million in discounted repurchases of our 2016 and 2018 debt that we have completed in October, further extending our runway and enabling us to keep focusing on our operations and growth.”
About iHeartMedia, Inc./iHeartCommunications, Inc.
iHeartMedia, Inc (PINK: IHRT), the parent company of iHeartCommunications, Inc., is one of the leading global media and entertainment companies. The company specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local communities, and uses its unparalleled national reach to target both nationally and locally on behalf of its advertising partners. The company is dedicated to using the latest technology solutions to transform the company’s products and services for the benefit of its consumers, communities, partners and advertisers, and its outdoor business reaches over 35 countries across five continents, connecting people to brands using innovative new technology.
About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc., (NYSE: CCO) is one of the world’s largest outdoor advertising companies, with more than 650,000 displays in over 35 countries across five continents, including 43 of the 50 largest markets in the United States. Clear Channel Outdoor Holdings offers many types of displays across its global platform to meet the advertising needs of its customers. This includes a growing digital platform that now offers over 1,050 digital billboards across 29 U.S. markets. Clear Channel Outdoor Holdings’ International segment operates in 22 countries across Asia, Australia and Europe in a wide variety of formats.