CC Media Holdings, Inc. Reports Results for Third Quarter 2012

  CC Media Holdings, Inc. Reports Results for Third Quarter 2012

  Revenues increase to $1.59 billion, up 2% excluding foreign exchange rate
                                   impacts

 OIBDAN grows to $480 million, up 1% excluding foreign exchange rate impacts

Business Wire

SAN ANTONIO -- November 02, 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.”

Third Quarter 2012 Results

CC Media Holdings’ revenues increased $4 million to $1.59 billion in the third
quarter of 2012 compared to $1.58 billion in the same period of 2011.
Excluding the effects of movements in foreign exchange rates,^1 revenues rose
$29 million, or 2%.

  *Media and Entertainment (“CCME”) revenues grew $7 million, or 1%, compared
    to the third quarter of 2011, due primarily to 3% growth in radio
    revenues, excluding CCME’s acquired traffic business, largely from
    increased national advertising, as well as digital radio services and the
    iHeartRadio Music Festival.
  *Americas outdoor revenues rose $8 million, or 2%, compared to the same
    quarter of 2011, driven mainly by revenue growth from bulletins due to the
    continued deployment of digital displays and increased airport revenues on
    higher occupancy by the Company’s largest U.S. airport customers.
  *International outdoor revenues decreased $1 million compared to the third
    quarter of 2011, excluding the effects of movements in foreign exchange
    rates. Excluding a $6 million revenue reduction due to the divestiture of
    two businesses during the quarter, as well as the effects of movements in
    foreign exchange rates, revenues increased $5 million, or 1%. Revenue
    growth resulted mainly from higher street furniture revenues, particularly
    in Australia and China, and the Summer Olympic Games in the U.K.,
    partially offset by revenue declines from advertising weakness in certain
    European countries. On a reported basis, revenues decreased $25 million,
    or 6%, due to unfavorable movements in foreign exchange rates.

The Company’s OIBDAN^1 increased to $480 million in the third quarter of 2012
compared to $479 million in the same quarter of 2011. OIBDAN totaled $482
million and grew $3 million, or 1%, excluding the effects of movements in
foreign exchange rates. In the third quarter of 2012, the Company incurred $18
million of expenses related to its strategic revenue and cost initiatives to
attract additional advertising dollars to the business and improve operating
efficiencies.

The Company’s consolidated net loss declined to $39 million in the third
quarter of 2012 compared to a consolidated net loss of $67 million in the same
period of 2011.

Key Highlights

The Company’s key highlights in the quarter include:

Media & Entertainment

  *Hosting the second annual iHeartRadio Music Festival in Las Vegas, which
    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, Xbox's record viewership for a live U.S. event, a CCME record of
    more than 1 billion social impressions, and 275,000 downloads of the
    iHeartRadio mobile app for a total of 125 million; and partnering with
    Dodge for a nationwide tour promoting the 2013 Dodge Dart;
  *Purchasing AM radio station WOR 710 in New York City, pending FCC
    approval, which will be the Company's first AM station in NYC and another
    Company flagship for talk radio;
  *Building on its groundbreaking agreement earlier this year with Big
    Machine Label Group, over the past two months, the Company signed
    partnerships with two more independent record labels, Glassnote
    Entertainment Group and Naxos, highlighting that market-based solutions
    are the right business model to enhance the future growth of digital radio
    and benefit both artists and listeners; and
  *Renewing the Company's agreement with nationally syndicated radio
    personality Elvis Duran, host of the "Elvis Duran and the Morning Show" on
    New York's Z100 and more than 40 other radio stations across the country.

Outdoor

  *Installing 41 new digital billboards for a total of 1,004 across 37 U.S.
    markets;
  *Launching Clear Channel Airport's ClearVision, an innovative in-airport TV
    network featuring top entertainment, news, music, and sports programming
    that is accessible from travelers' mobile devices - debuting at
    Raleigh-Durham International Airport this fall;
  *Introducing a digital malls network in Switzerland, with screens installed
    in four of the country's biggest and busiest shopping centers, with
    additional confirmed bookings from new and existing national clients -
    taking CCI's digital presence to more than 7,000 displays in 13 countries;
    and
  *Starting to book advertising campaigns for 2013 across all public
    transport in Oslo and Akershus as part of one of the largest outdoor
    advertising contracts in Norway with the transportation company
    Sporveis-Annonsene AS signed in the second quarter.

More recently, the Company successfully completed a private offer that
exchanged approximately $2 billion aggregate principal amount of term loans
due in 2014 and 2016 for a like principal amount of newly issued 9.0% priority
guarantee notes due 2019. This offer was significantly oversubscribed, with
more than $8.6 billion of term loans submitted for exchange and
proportionately reduced to the approximately $2 billion accepted. Concurrent
with the exchange offer, the Company obtained the requisite consent from
lenders to certain amendments to the agreement governing its cash flow credit
facilities; the amendments became effective at the time of closing of the
exchange transaction.

Revenues, Operating Expenses, and OIBDAN by Segment

                        Three Months Ended
(In thousands)                                        %
                        September 30,
                        2012           2011           Change
Revenues^1:                           
CCME                    $ 798,759       $ 791,365       1   %
Americas Outdoor          335,021         326,882       2   %
International Outdoor     396,120         421,568       (6  %)
Other                     76,067          60,195        26  %
Eliminations             (18,636   )    (16,658   )
Consolidated revenues   $ 1,587,331    $ 1,583,352    0   %
                                                            

Operating expenses^1, 2:                               
CCME                       $ 488,286       $ 488,707       0  %
Americas Outdoor             198,946         192,081       4  %
International Outdoor        328,275         345,271       (5 %)
Other                        42,491          43,193        (2 %)
Eliminations                (18,636   )    (16,658   )
Consolidated operating     $ 1,039,362    $ 1,052,594    (1 %)
expenses
                                                              

OIBDAN^1:                                         
CCME                        $ 310,473     $ 302,658     3   %
Americas Outdoor              136,075       134,801     1   %
International Outdoor         67,845        76,297      (11 %)
Other                         33,576        17,002      97  %
Corporate^1, 2               (68,452 )    (51,724 )
Consolidated OIBDAN         $ 479,517    $ 479,034    0   %
                                                            

Certain prior period amounts have been reclassified to conform to the 2012
presentation of financials throughout the press release.

^1 See the end of this press release for reconciliations of (i) OIBDAN for
each segment to consolidated operating income (loss); (ii) revenues excluding
foreign exchange effects to revenues; (iii) direct operating and SG&A expenses
excluding foreign exchange effects to expenses; (iv) OIBDAN excluding foreign
exchange effects to OIBDAN; (v) direct operating and SG&A expenses excluding
non-cash compensation expenses to expenses; (vi) corporate expenses excluding
non-cash compensation expenses to corporate expenses; and (vii) OIBDAN to net
income (loss). See also the definition of OIBDAN under the Supplemental
Disclosure section in this release.

^2 The Company’s operating expenses include direct operating expenses and SG&A
expenses, but exclude non-cash compensation expenses associated with the
Company’s stock option grants and restricted stock. Corporate expenses also
exclude non-cash compensation expenses associated with the Company’s stock
option grants and restricted stock.

Media and Entertainment

CCME revenues were up $7 million, or 1%, during the third quarter of 2012
compared to the same period of 2011, driven primarily by a 3% increase in
radio revenues, excluding CCME’s acquired traffic business, from greater
national advertising sales across various markets, higher revenues from CCME’s
digital radio services in connection with its iHeartRadio platform and
advertiser sponsorships associated with the iHeartRadio Music Festival.
Revenue increases were partially offset by declines in CCME’s acquired traffic
business across television and radio advertising. Advertising categories with
strong growth during the quarter include automotive, political,
telecommunications and media and publishing.

Operating expenses declined slightly during the third quarter of 2012 compared
to the same period of 2011, mainly from a decrease in music license fees
driven by reduced royalty rates and lower personnel costs as a result of
strategic cost initiatives. These expense declines were partially offset by
higher digital streaming expenses from increased listenership, costs
associated with the iHeartRadio Music Festival and $6 million of expenses
related to certain investments in strategic revenue and cost savings programs.

CCME OIBDAN ^ for the third quarter of 2012 increased 3% to $310 million from
$303 million for the same period of 2011.

Americas Outdoor Advertising

Americas outdoor revenues rose $8 million, or 2%, compared to the third
quarter of 2011, driven by bulletin revenue growth resulting from the
Company’s continued deployment of digital displays, as well as higher airport
sales on increased occupancy by the Company’s largest U.S. airport customers.
Declines in poster revenues partially offset overall revenue growth.

Operating expenses grew $7 million during the third quarter of 2012 compared
to the same period of 2011, including increased personnel costs and $3 million
of expenses associated with strategic revenue initiatives, as well as higher
site lease expenses resulting primarily from the deployment of 236 digital
billboards since the third quarter of 2011.

Americas outdoor OIBDAN for the third quarter of 2012 totaled $136 million, an
increase of 1% compared to OIBDAN of $135 million for the same period of 2011.

International Outdoor Advertising

International outdoor revenues decreased $1 million compared to the third
quarter of 2011, excluding the effects of movements in foreign exchange rates.
Adjusting for a $6 million revenue reduction due to the divestiture of two
businesses during the quarter, as well as the effects of movements in foreign
exchange rates, revenues grew $5 million, or 1%. Certain countries, including
Australia and China, experienced higher revenues, related primarily to the
street furniture business, while revenues in the U.K. benefitted from the
Summer Olympic Games hosted in London. Revenue increases were partially offset
by declines resulting from the continued weakened macroeconomic conditions
across France, southern Europe and the Nordic countries. On a reported basis,
revenues decreased $25 million, or 6%, compared to the same quarter of 2011,
resulting from $25 million of unfavorable movements in foreign exchange rates.

Operating expenses rose $5 million, excluding the effects of movements in
foreign exchange rates, reflecting $5 million of increased expenses related to
strategic revenue and cost initiatives, including sales personnel incentives
and branch rationalization in markets weakened by economic conditions. On a
reported basis, operating expenses decreased $17 million, including a $22
million decline due to the effects of movements in foreign exchange rates.

Excluding the effects of movements in foreign exchange rates, International
outdoor OIBDAN for the third quarter of 2012 declined 8%. On a reported basis,
OIBDAN decreased 11% to $68 million from $76 million in 2011.

Conference Call

CC Media Holdings, Inc. along with its wholly owned subsidiary, Clear Channel
Communications, Inc., and its publicly traded subsidiary, Clear Channel
Outdoor Holdings, Inc., will be hosting a teleconference to discuss results
today at 9:00 a.m. Eastern Time. The conference call number is 1-800-260-0719
and the passcode is 268765. The teleconference will also be available via a
live audio cast on the investor sections of the CC Media Holdings, Inc., Clear
Channel Communications, Inc., and Clear Channel Outdoor Holdings, Inc.
websites, located at http://www.ccmediaholdings.com/,
http://www.clearchannel.com/Investors/ and
http://www.clearchanneloutdoor.com/corporate/investor-relations/. A replay of
the call will be available after the live conference call, beginning at 11:00
a.m. Eastern Time, for a period of 30 days. The replay numbers are
1-800-475-6701 (U.S. callers) and 320-365-3844 (International callers) and the
passcode is 268765. The audio cast will also be archived on the websites and
will be available beginning 24 hours after the call for a period of 30 days.

TABLE 1 - Financial Highlights of CC Media Holdings, Inc. and Subsidiaries

                                                   Three Months Ended
(In thousands)                                   
                                                   September 30,
                                                   2012           2011
Revenues                                           $ 1,587,331     $1,583,352
Operating expenses:
Direct operating expenses (excludes depreciation     624,526         654,163
and amortization)
Selling, general and administrative expenses         419,855         402,160
(excludes depreciation and amortization)
Corporate expenses (excludes depreciation and        70,811          54,247
amortization)
Depreciation and amortization                        182,350         197,532
Other operating income (expense) – net              42,118        (6,490  )
Operating income                                     331,907         268,760
Interest expense                                     388,210         369,233
Equity in earnings of nonconsolidated affiliates     3,663           5,210
Other income – net                                  824           7,307   
Loss before income taxes                             (51,816   )     (87,956 )
Income tax benefit                                  13,232        20,665  
Consolidated net loss                                (38,584   )     (67,291 )
Less: amount attributable to noncontrolling         11,977        6,765   
interest
Net loss attributable to the Company               $ (50,561   )   $ (74,056 )
                                                                             

Foreign exchange rate movements decreased the Company’s 2012 third quarter
revenues and direct operating and SG&A expenses by approximately $25 million
and $22 million, respectively, compared to the same period of 2011.

Other operating income (expense) – net increased $49 million compared to the
same quarter of 2011 primarily related to the gain on the sale of the
Company’s international neon business in August 2012.

TABLE 2 - Selected Balance Sheet Information

Selected balance sheet information for September 30, 2012 and December 31,
2011 was:

(In millions)                          September 30, 2012  December 31, 2011
                                                             
Cash                                    $   1,296.6          $   1,228.7
Total Current Assets                    $   3,067.4          $   2,985.3
Net Property, Plant and Equipment       $   3,006.5          $   3,063.3
Total Assets                            $   16,402.3         $   16,542.0
                                                             
Current Liabilities (excluding          $   1,198.2          $   1,160.3
current portion of long-term debt)
Long-Term Debt (including current       $   20,737.8         $   20,207.2
portion of long-term debt)
Shareholders’ Deficit                   $   (7,847.3   )     $   (7,471.9   )
                                                                            

TABLE 3 – Total Debt

At September 30, 2012 and December 31, 2011, CC Media Holdings had total debt
of:

                                                               
(In millions)                                     September 30,   December 31,
                                                  2012            2011
Senior Secured Credit Facilities                  $  11,300.3     $ 12,796.2
Receivables Based Facility                           —              —
Priority Guarantee Notes                             1,750.0        1,750.0
Other secured subsidiary debt                       26.6         30.9     
Total Consolidated Secured Debt                      13,076.9       14,577.1
                                                                  
Senior Cash Pay and Senior Toggle Notes              1,626.1        1,626.1
Clear Channel Senior Notes                           1,748.5        1,998.4
Subsidiary Senior Notes                              2,500.0        2,500.0
Subsidiary Senior Subordinated Notes                 2,200.0        —
Other long-term subsidiary debt                      15.9           19.9
Purchase accounting adjustments and original        (429.6   )    (514.3   )
issue discount
Total long-term debt (including current portion   $  20,737.8    $ 20,207.2 
of long-term debt)
                                                                             

The current portion of long-term debt was $420 million as of September 30,
2012.

Liquidity and Financial Position

For the quarter ended September 30, 2012, cash flow provided by operating
activities was $39 million, cash flow used for investing activities was $54
million, and cash flow used for financing activities was $5 million, for a net
decrease in cash of $20 million.

Capital expenditures for the quarter ended September 30, 2012 totaled
approximately $86 million compared to $79 million for the quarter ended
September 30, 2011.

The senior secured credit facilities currently require Clear Channel to comply
on a quarterly basis with a financial covenant limiting the ratio of Clear
Channel’s consolidated secured debt, net of cash and cash equivalents, to
Clear Channel’s consolidated EBITDA^3 for the preceding four quarters.
Non-compliance with the financial covenant could result in the acceleration of
Clear Channel’s obligations to repay all amounts outstanding under the
facilities. The maximum ratio under this covenant is currently set at 9.5:1.
At September 30, 2012, Clear Channel’s ratio was 6.1:1 compared to 7.1:1 at
September 30, 2011.^4

^3Clear Channel’s consolidated EBITDA for the four quarters preceding
September 30, 2012 of $2.0 billion is calculated as operating income (loss)
before depreciation, amortization, impairment charges and other operating
income - net, plus non-cash compensation, and is further adjusted for the
following items: (i) an increase of $21.2 million for cash received from
nonconsolidated affiliates; (ii) an increase of $45.2 million for non-cash
items; (iii) an increase of $93.3 million related to expenses incurred in
connection with the closure and/or consolidation of facilities, retention
charges, consulting fees and other permitted activities; and (iv) an increase
of $23.9 million for various other items.

^4Clear Channel’s consolidated EBITDA for the four quarters preceding
September 30, 2011 of $1.9 billion is calculated as operating income (loss)
before depreciation, amortization, impairment charges and other operating
income (expense) - net, plus non-cash compensation, and is further adjusted
for the following items: (i) an increase of $15.6 million for cash received
from nonconsolidated affiliates; (ii) an increase of $36.3 million for
non-cash items; (iii) an increase of $28.6 million related to expenses
incurred in connection with the closure and/or consolidation of facilities,
retention charges, consulting fees and other permitted activities; and (iv) an
increase of $36.9 million for various other items.

       Supplemental Disclosure Regarding Non-GAAP Financial Information

The following tables set forth the Company’s OIBDAN for the three months ended
September 30, 2012 and 2011. The Company defines OIBDAN as consolidated net
income (loss) adjusted to exclude non-cash compensation expenses and the
following line items presented in its Statement of Operations: Income tax
benefit (expense); Other income (expense) - net; Equity in earnings (loss) of
nonconsolidated affiliates; Gain (loss) on marketable securities; Interest
expense; Other operating income (expense) – net; D&A and Impairment charges.

The Company uses OIBDAN, among other things, to evaluate the Company's
operating performance. This measure is among the primary measures used by
management for the planning and forecasting of future periods, as well as for
measuring performance for compensation of executives and other members of
management. We believe this measure is an important indicator of the Company's
operational strength and performance of its business because it provides a
link between profitability and net income. It is also a primary measure used
by management in evaluating companies as potential acquisition targets.

The Company believes the presentation of this measure is relevant and useful
for investors because it allows investors to view performance in a manner
similar to the method used by the Company's management. The Company believes
it helps improve investors’ ability to understand the Company's operating
performance and makes it easier to compare the Company's results with other
companies that have different capital structures, stock option structures or
tax rates. In addition, the Company believes this measure is also among the
primary measures used externally by the Company's investors, analysts and
peers in its industry for purposes of valuation and comparing the operating
performance of the Company to other companies in its industry.

Since OIBDAN is not a measure calculated in accordance with GAAP, it should
not be considered in isolation of, or as a substitute for, net income as an
indicator of operating performance and may not be comparable to similarly
titled measures employed by other companies. OIBDAN is not necessarily a
measure of the Company's ability to fund its cash needs. As it excludes
certain financial information compared with operating income and net income
(loss), the most directly comparable GAAP financial measures, users of this
financial information should consider the types of events and transactions
which are excluded.

In addition, because a significant portion of the Company’s advertising
operations are conducted in foreign markets, principally the Euro area, the
U.K. and China, management reviews the operating results from its foreign
operations on a constant dollar basis. A constant dollar basis (in which a
foreign currency adjustment is made to show the 2012 actual foreign revenues,
expenses and OIBDAN at average 2011 foreign exchange rates) allows for
comparison of operations independent of foreign exchange rate movements.

As required by the SEC, the Company provides reconciliations below to the most
directly comparable amounts reported under GAAP, including (i) OIBDAN for each
segment to consolidated operating income (loss); (ii) Revenues excluding
foreign exchange effects to revenues; (iii) Expenses excluding foreign
exchange effects to expenses; (iv) OIBDAN excluding foreign exchange effects
to OIBDAN; (v) Expenses excluding non-cash compensation expenses to expenses;
(vi) Corporate expenses excluding non-cash compensation expenses to Corporate
expenses; and (vii) OIBDAN to net income (loss).

Reconciliation of OIBDAN for each segment to Consolidated Operating Income
(Loss)

                                                          Other
(In           Operating     Non-cash       Depreciation   operating
thousands)    income       compensation  and           income       OIBDAN
              (loss)        expenses       amortization   (loss) –
                                                          net
                                                                        
Three Months Ended September 30, 2012
CCME          $ 241,099     $    1,418     $   67,956     $ —           $ 310,473
Americas        84,005           1,893         50,177       —             136,075
Outdoor
International   16,397           1,708         49,740       —             67,845
Outdoor
Other           22,913           —             10,663       —             33,576
Corporate and   (74,625 )        2,359         3,814        —             (68,452 )
other
Other
operating      42,118         —            —           (42,118 )    —       
income (loss)
– net
Consolidated  $ 331,907    $    7,378     $   182,350    $ (42,118 )   $ 479,517 
                                                                        
Three Months Ended September 30, 2011
CCME          $ 233,448     $    1,034     $   68,176     $ —           $ 302,658
Americas        72,781           1,903         60,117       —             134,801
Outdoor
International   20,688           792           54,817       —             76,297
Outdoor
Other           4,950            —             12,052       —             17,002
Corporate and   (56,617 )        2,523         2,370        —             (51,724 )
other
Other
operating      (6,490  )       —            —           6,490       —       
income (loss)
– net
Consolidated  $ 268,760    $    6,252     $   197,532    $ 6,490      $ 479,034 
                                                                                  

Reconciliation of Revenues excluding Effects of Foreign Exchange Rates to
Revenues

                                            Three Months Ended
(In thousands)                                                        %
                                            September 30,
                                            2012         2011         Change
                                                        
Consolidated revenues                       $ 1,587,331   $ 1,583,352   0   %
Excluding: Foreign exchange (increase)       24,879       —
decrease
Revenues excluding effects of foreign       $ 1,612,210   $ 1,583,352   2   %
exchange
                                                                        
Americas Outdoor revenues                   $ 335,021     $ 326,882     2   %
Excluding: Foreign exchange (increase)       201          —
decrease
Americas Outdoor revenues excluding         $ 335,222     $ 326,882     3   %
effects of foreign exchange
                                                                        
International Outdoor revenues              $ 396,120     $ 421,568     (6  %)
Excluding: Foreign exchange (increase)       24,678       —
decrease
International Outdoor revenues excluding    $ 420,798     $ 421,568     0   %
effects of foreign exchange
                                                                            

Reconciliation of Expenses (Direct Operating and SG&A Expenses) excluding
Effects of Foreign Exchange Rates to Expenses

                                            Three Months Ended
(In thousands)                                                        %
                                            September 30,
                                            2012         2011         Change
                                                        
Consolidated expenses                       $ 1,044,381   $ 1,056,323   (1  %)
Excluding: Foreign exchange (increase)       22,442       —
decrease
Consolidated expenses excluding effects     $ 1,066,823   $ 1,056,323   1   %
of foreign exchange
                                                                        
Americas Outdoor expenses                   $ 200,839     $ 193,984     4   %
Excluding: Foreign exchange (increase)       493          —
decrease
Americas Outdoor expenses excluding         $ 201,332     $ 193,984     4   %
effects of foreign exchange
                                                                        
International Outdoor expenses              $ 329,983     $ 346,063     (5  %)
Excluding: Foreign exchange (increase)       21,949       —
decrease
International Outdoor expenses excluding    $ 351,932     $ 346,063     2   %
effects of foreign exchange
                                                                            

Reconciliation of OIBDAN excluding Effects of Foreign Exchange Rates to OIBDAN

                                              Three Months Ended
(In thousands)                                                        %
                                              September 30,
                                              2012         2011       Change
Consolidated OIBDAN                           $ 479,517    $ 479,034   0   %
Excluding: Foreign exchange (increase)         2,437       —
decrease
Consolidated OIBDAN excluding effects of      $ 481,954    $ 479,034   1   %
foreign exchange
                                                                        
Americas Outdoor OIBDAN                       $ 136,075     $ 134,801   1   %
Excluding: Foreign exchange (increase)         (292    )    —
decrease
Americas Outdoor OIBDAN excluding effects     $ 135,783    $ 134,801   1   %
of foreign exchange
                                                                        
International Outdoor OIBDAN                  $ 67,845      $ 76,297    (11 %)
Excluding: Foreign exchange (increase)         2,729       —
decrease
International Outdoor OIBDAN excluding        $ 70,574     $ 76,297    (8  %)
effects of foreign exchange
                                                                            

Reconciliation of Expenses (Direct Operating and SG&A Expenses) excluding
Non-cash compensation expenses to Expenses

                                        Three Months Ended
(In thousands)                                                        %
                                        September 30,
                                        2012           2011           Change
CCME                                    $ 489,704      $ 489,741       0   %
Less: Non-cash compensation expenses     (1,418    )    (1,034    )
                                          488,286         488,707       0   %
                                                                        
Americas Outdoor                          200,839         193,984       4   %
Less: Non-cash compensation expenses     (1,893    )    (1,903    )
                                          198,946         192,081       4   %
                                                                        
International Outdoor                     329,983         346,063       (5  %)
Less: Non-cash compensation expenses     (1,708    )    (792      )
                                          328,275         345,271       (5  %)
                                                                        
Other                                     42,491          43,193        (2  %)
Less: Non-cash compensation expenses     —             —         
                                          42,491          43,193        (2  %)
                                                                        
Eliminations                              (18,636   )     (16,658   )
                                                                        
Plus: Non-cash compensation expenses     5,019         3,729     
Consolidated divisional operating       $ 1,044,381    $ 1,056,323    (1  %)
expenses
                                                                            

Reconciliation of Corporate Expenses excluding Non-cash compensation expenses
to Corporate Expenses

                                       Three Months Ended
(In thousands)                                                 %
                                       September 30,
                                       2012        2011        Change
Corporate Expenses                     $ 70,811    $ 54,247     31  %
Less: Non-cash compensation expenses    (2,359 )    (2,523 )
                                       $ 68,452    $ 51,724    32  %
                                                                     

Reconciliation of OIBDAN to Net Loss

(In thousands)                                      Three Months Ended
                                                     September 30,
                                                     2012         2011
OIBDAN                                               $ 479,517    $ 479,034
Non-cash compensation expenses                         7,378         6,252
Depreciation and amortization                          182,350       197,532
Other operating income (expense) – net                42,118      (6,490  )
Operating income                                       331,907       268,760
                                                                   
Interest expense                                       388,210       369,233
Equity in earnings of nonconsolidated affiliates       3,663         5,210
Other income – net                                    824         7,307   
Loss before income taxes                               (51,816 )     (87,956 )
Income tax benefit                                    13,232      20,665  
Consolidated net loss                                  (38,584 )     (67,291 )
Less: amount attributable to noncontrolling           11,977      6,765   
interest
Net loss attributable to the Company                 $ (50,561 )   $ (74,056 )
                                                                             

About CC Media Holdings, Inc.

CC Media Holdings, Inc. (OTCBB: CCMO), the parent company of Clear Channel
Communications, is one of the leading global media and entertainment companies
specializing in radio, digital, outdoor, mobile, live events, and on-demand
entertainment and information services for local communities and providing
premier opportunities for advertisers.

Certain statements in this release constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of CC Media Holdings, Inc. and its subsidiaries, including Clear
Channel Communications, Inc. and Clear Channel Outdoor Holdings, Inc., to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. The words or phrases
“guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and
similar words or expressions are intended to identify such forward-looking
statements. In addition, any statements that refer to expectations or other
characterizations of future events or circumstances are forward-looking
statements.

Various risks that could cause future results to differ from those expressed
by the forward-looking statements included in this release include, but are
not limited to: the impact of the Company’s substantial indebtedness,
including the use of cash flow to make payments on its indebtedness; changes
in business, political and economic conditions in the United States and in
other countries in which the Company currently does business (both general and
relative to the advertising industry); changes in operating performance;
changes in governmental regulations and policies and actions of regulatory
bodies; changes in the level of competition for advertising dollars;
fluctuations in operating costs; technological changes and innovations;
changes in labor conditions; changes in capital expenditure requirements;
fluctuations in exchange rates and currency values; the outcome of litigation;
fluctuations in interest rates; taxes and tax disputes; shifts in population
and other demographics; access to capital markets and borrowed indebtedness;
risks relating to the integration of acquired businesses; and risks that we
may not achieve or sustain anticipated cost savings. Other unknown or
unpredictable factors also could have material adverse effects on the
Company’s future results, performance or achievements. In light of these
risks, uncertainties, assumptions and factors, the forward-looking events
discussed in this release may not occur. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
stated, or if no date is stated, as of the date of this document. Other key
risks are described in the Company’s reports filed with the U.S. Securities
and Exchange Commission, including in the section entitled “Item 1A. Risk
Factors” of CC Media Holdings, Inc.’s Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q. Except as otherwise stated in this release,
the Company does not undertake any obligation to publicly update or revise any
forward-looking statements because of new information, future events or
otherwise.

Contact:

Media
Wendy Goldberg, 212-549-0965
Senior Vice President – Communications
or
Investors
Brian Coleman, 210-822-2828
Senior Vice President and Treasurer
or
www.clearchannel.com
www.ccmediaholdings.com.
 
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