CC Media Holdings, Inc. Reports Results for 2012 Fourth Quarter and Full Year

  CC Media Holdings, Inc. Reports Results for 2012 Fourth Quarter and Full
  Year

  *Annual revenue rose 3% to $6.33 billion, excluding foreign exchange
  *Fourth quarter revenue up 3% year over year, excluding foreign exchange
  *Fourth quarter OIBDAN^1 grew 2% year over year, excluding foreign exchange
  *Subsidiaries raised $7.5 billion of debt in 2012 for debt repayment,
    shareholder returns and financial flexibility

Business Wire

SAN ANTONIO -- February 19, 2013

CC Media Holdings, Inc. (OTCBB: CCMO) today reported financial results for the
fourth quarter and full year ended December 31, 2012.

“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.”

“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.”

Fourth Quarter 2012 Results

Consolidated revenues increased $44 million, or 3% year over year, to $1.70
billion in the fourth quarter of 2012 compared to $1.65 billion in the same
period of 2011. Excluding the effects of movements in foreign exchange
rates^1, revenues rose $49 million, or 3%.

  *Media and Entertainment (“CCM+E”) revenues grew $31 million, or 4%, due to
    increased political advertising as well as growth of local and national
    advertising.
  *Americas outdoor revenues rose $5 million, or 1% adjusted for movements in
    foreign exchange rates, driven by higher digital capacity and increased
    revenue at airports. On a reported basis, revenues grew $5 million, or 2%.
  *International outdoor revenues decreased $3 million, or less than 1%,
    adjusting for a $9 million revenue reduction due to the divestiture of two
    businesses during the third quarter of 2012 and a $6 million reduction
    from movements in foreign exchange rates. Stronger economic conditions in
    emerging markets and certain other geographies were offset by weakened
    economic conditions in other regions, particularly in Europe. On a
    reported basis, revenues decreased $18 million, or 4%.

The Company’s OIBDAN^1 increased to $546 million in the fourth quarter of 2012
compared to $537 million in the same quarter of 2011. Included in the 2012
fourth quarter OIBDAN of $546 million were $28 million of operating and
corporate expenses associated with the Company’s strategic revenue and cost
initiatives to attract additional advertising dollars to the business and
improve operating efficiencies. The fourth quarter of 2011 included $22
million of such expenses. Also reducing OIBDAN in the fourth quarter of 2012
were $6 million of litigation expenses and $7 million of legal and other costs
in Latin America. Excluding the effects of movements in foreign exchange
rates, OIBDAN totaled $547 million and grew $10 million, or 2%.

The Company’s consolidated net loss was $191 million in the fourth quarter of
2012 compared to a consolidated net loss of $43 million in the same period of
2011. Fourth quarter 2012 net loss included a $240 million pre-tax loss on
extinguishment of debt related to refinancing activities.

Full Year 2012 Results

Consolidated revenues increased 1% to $6.25 billion for the full year 2012
compared to $6.16 billion in 2011, driven by growth at CCM+E and Americas
outdoor partially offset by International outdoor. Excluding the effects of
movements in foreign exchange rates, revenues rose 3%.

  *CCM+E revenues grew $98 million, or 3%, compared to 2011, due primarily to
    stronger local and national advertising, including political, as well as
    digital growth driven by the expansion of the iHeartRadio platform.
  *Americas revenues rose $27 million, or 2% adjusted for movements in
    foreign exchange rates, compared to 2011, from increased digital capacity
    and increased airport revenues driven by higher occupancy and rates. On a
    reported basis, revenues also grew $27 million, or 2%.
  *International outdoor revenues were up $11 million, or approximately 1%,
    after adjusting for a $15 million revenue reduction due to the divestiture
    of two businesses during the third quarter of 2012 and a $79 million
    decrease from movements in foreign exchange rates. Stronger economic
    conditions in emerging markets and certain other geographies were offset
    by weakened economic conditions in other regions, particularly in Europe.
    On a reported basis, revenues decreased $83 million, including the effects
    of movements in foreign exchange rates.

The Company’s OIBDAN^1 declined 1% to $1.82 billion in 2012 compared to $1.83
billion in 2011. Excluding the effects of movements in foreign exchange rates,
OIBDAN was flat. Included in the full year 2012 OIBDAN of $1.82 billion were
$76 million of operating and corporate expenses related to the Company’s
strategic revenue and cost initiatives to attract additional advertising
dollars to the business and improve operating efficiencies. OIBDAN for 2011
included $36 million in such expenses. Also reducing OIBDAN in 2012 were $9
million of litigation expenses and $27 million of legal and other costs in
Latin America.

The Company’s consolidated EBITDA, as defined under its senior secured credit
facilities, was $2.033 billion in 2012, up 4% from 2011.

The Company’s consolidated net loss totaled $424 million for 2012 compared to
a consolidated net loss of $302 million in 2011. Full year 2012 results
included a $255 million pre-tax loss on extinguishment of debt related to
refinancing activity.

Key Highlights

The Company’s recent key highlights include:

Media & Entertainment

  *CCM+E and iHeartRadio ranked first among 18 non-network national TV, video
    and online media organizations in the 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.

Outdoor

  *Americas installed 178 new digital billboards for a total of 1,035 across
    37 U.S. markets, a 21% increase from 2011.
  *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, launched in Raleigh-Durham
    International Airport and, in February 2013, in Louis Armstrong New
    Orleans International Airport.
  *In January 2013, Suzanne Grimes, a highly-regarded advertising executive,
    joined as President & COO for the United States and Canada. Grimes
    formerly served as President of the U.S. Lifestyles Communities Group at
    Readers Digest, spent a decade at Condé Nast, and was publisher of TV
    Guide at News Corp.
  *International increased its digital presence to more than 3,400 displays
    in 13 countries.
  *Launched the first digital out-of-home network in the outdoor environment
    in the United Kingdom with 100 screens in central London targeting premium
    shopping areas.
  *France launched the only scale digital network in the country in 46
    premium malls, reaching a quarter of the population every two weeks.
  *International won a major public transportation contract in Norway that
    went live in January 2013.
  *Strengthened the International leadership team with Mark Thewlis,
    Executive Chairman of Clear Media (China) and Aris de Juan, Regional
    President of Latin America, improving Clear Channel’s presence in some of
    the world’s fastest-growing advertising markets.

Revenues, Operating Expenses, and OIBDAN by Segment

                                                                                           
(In                   Three Months Ended                               Year Ended
thousands)
                      December 31,                        %            December 31,                        %
                      2012            2011            Change       2012            2011            Change
Revenue^1
CCME                  $ 821,472         $ 790,753         4   %        $ 3,084,780       $ 2,986,828       3   %
Americas                343,407           337,925         2   %          1,279,257         1,252,725       2   %
Outdoor
International           459,787           478,077         (4  %)         1,667,687         1,751,149       (5  %)
Outdoor ^3
Other                   89,970            63,912          41  %          281,879           234,542         20  %
Eliminations           (18,300   )    (17,879   )                   (66,719   )    (63,892   )
Consolidated          $ 1,696,336    $ 1,652,788      3   %        $ 6,246,884    $ 6,161,352      1   %
revenue
                                                                                                           
Operating
expenses ^
1,2
CCME                  $ 480,964         $ 464,021         4   %        $ 1,863,691       $ 1,825,619       2   %
Americas                212,938           201,510         6   %          793,585           765,302         4   %
Outdoor
International           356,868           362,522         (2  %)         1,384,569         1,403,605       (1  %)
Outdoor ^3
Other                   45,167            43,806          3   %          177,482           175,288         1   %
Eliminations           (18,300   )    (17,879   )                   (66,719   )    (63,892   )
Consolidated
Operating             $ 1,077,637    $ 1,053,980      2   %        $ 4,152,608    $ 4,105,922      1   %
expenses
                                                                                                           
OIBDAN^1
CCME                  $ 340,508         $ 326,732         4   %        $ 1,221,089       $ 1,161,209       5   %
Americas                130,469           136,415         (4  %)         485,672           487,423         (0  %)
Outdoor
International           102,919           115,555         (11 %)         283,118           347,544         (19 %)
Outdoor ^3
Other                   44,803            20,106          123 %          104,397           59,254          76  %
Corporate              (73,110   )    (61,391   )                   (276,877  )    (221,801  )
Consolidated          $ 545,589      $ 537,417        2   %        $ 1,817,399    $ 1,833,629      (1  %)
OIBDAN
                                                                                                               
                                                                                                               

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.

^3 During 2012, the Company disposed of two international businesses resulting
in decreases in revenue, operating expenses and OIBDAN of $15 million,$12
million and $3 million, respectively, for the year ended December 31, 2012 and
decreases in revenue, operating expenses and OIBDAN of $10 million, $8 million
and $2 million, respectively for the quarter ended December 31, 2012.

Media and Entertainment

CCM+E full year 2012 revenues grew $98 million, or 3%, compared to 2011, due
primarily to higher national and local advertising sales across the political,
automotive, and telecommunications categories. Digital revenues were higher,
driven by a 100% rise in listening hours on the iHeartRadio platform, while
advertiser event sponsorships were also up. Traffic revenues increased as a
result of the acquisition of a traffic business in the second quarter of 2011.
Revenue growth was partially offset by declines in national syndication
programming sales.

Operating expenses increased $38 million to $1.87 billion in 2012. Savings
from lower programming costs were offset by higher sales expenses, digital
streaming expenses resulting from increased listening hours, and a $4 million
increase in expenses related to investments in strategic revenue and cost
savings programs.

OIBDAN ^ rose $60 million, or 5%, to $1.22 billion in 2012, including expenses
related to investments in strategic revenue and cost savings programs of $22
million in 2012 and $18 million in 2011.

Americas Outdoor Advertising

Americas outdoor revenues, excluding foreign exchange impacts, rose $27
million, or 2%, compared to 2011, driven by higher digital bulletin capacity
and higher airport occupancy and rates. Partially offsetting this growth in
2012 was a decline in revenues from traditional bulletins and posters. On a
reported basis, revenues increased $27 million, or 2% compared to 2011,
including the effects of movements in foreign exchange rates.

Operating expenses, excluding foreign exchange impacts, grew $29 million to
$794 million in 2012, including an $11 million increase in 2012 expenses
related to certain investments in strategic revenue and cost savings programs.
Expenses increased due to personnel costs, growth from the airports business,
and higher site lease expenses resulting in part from the deployment of 178
digital billboards during the year. On a reported basis, expenses increased
$28 million, or 4%, compared to 2011, including the effects of movements in
foreign exchange rates.

OIBDAN, excluding foreign exchange impacts, declined less than 1% to $486
million in 2012, including expenses related to certain investments in
strategic revenue and cost savings programs of $15 million in 2012 and $4
million in 2011. On a reported basis, OIBDAN decreased $2 million compared to
2011, including the effects of movements in foreign exchange rates.

International Outdoor Advertising

Adjusting for a $15 million revenue reduction due to the divestiture of two
businesses during the third quarter of 2012, as well as a $79 million decrease
due to movements in foreign exchange rates, International revenues were up $11
million, or approximately 1%. Revenues increased primarily from new contracts
in countries including Australia, China and Mexico where economic conditions
were stronger, and in the U.K. which benefitted from the Summer Olympic Games.
Revenue increases were partially offset by weakened macroeconomic conditions
in certain geographies, particularly in southern Europe and the Nordic
countries. On a reported basis, revenues decreased $83 million, or 5%,
compared to 2011, including the effects of movements in foreign exchange
rates.

Operating expenses, excluding foreign exchange impacts, grew $64 million in
2012, adjusting for $12 million of expenses due to the divestiture of two
businesses during the third quarter of 2012 and excluding a $71 million
decrease from movements in foreign exchange rates. Operating expense increased
due to new contracts and higher personnel costs. This $64 million increase
includes a $27 million increase in legal and other expenses in Latin America
and a $6 million increase in investments in strategic revenue and cost savings
programs. On a reported basis, operating expenses declined $18 million,
including movements in foreign exchange rates.

Adjusting for a $3 million OIBDAN reduction due to the divestiture of two
businesses during the third quarter of 2012 and excluding an $8 million
decrease from movements in foreign exchange rates, International outdoor
OIBDAN in 2012 declined $54 million, or 16%, to $291 million. OIBDAN in 2012
includes $27 million increase in legal and other expenses in Latin America,
and $19 million of costs incurred for investments in strategic revenue and
cost savings programs compared to $13 million included in 2011 OIBDAN. On a
reported basis, OIBDAN decreased 19% to $283 million.

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 host a conference call to discuss results on
February 19, 2013 at 4:30 p.m. Eastern Time. The conference call number is
866-254-5936 and the passcode is 281432. A live audio webcast of the
conference call will also be available on the investor section of
www.clearchannel.com  and www.clearchanneloutdoor.com. A replay of the call
will be available after the live conference call, beginning at 5:30 p.m.
Eastern Time, for a period of 30 days. The replay numbers are 800-475-6701
(U.S. callers) and 320-365-3844 (International callers) and the passcode for
both is 281432. An archive of the webcast 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

                                                                    
(In thousands)          Three Months Ended                    Year Ended
                        December 31,                          December 31,
                        2012            2011                2012            2011
Revenue                   1,696,336         1,652,788           6,246,884         6,161,352
Operating
expenses:
Direct
operating                 650,495           635,789             2,496,550         2,504,036
expenses
Selling,
general and               431,841           421,952             1,673,447         1,617,258
administrative
expenses
Corporate                 76,861            64,016              288,028           227,096
expenses
Depreciation
and                       189,730           192,422             729,285           763,306
amortization
Impairment                37,651            7,614               37,651            7,614
charges
Other operating
income                   968           (771      )        48,127        12,682    
(expense) - net
Operating                 310,726           330,224             1,070,050         1,054,724
income (loss)
Interest                  400,930           368,397             1,549,023         1,466,246
expense
Gain (loss) on
marketable                (4,580    )       (4,827    )         (4,580    )       (4,827    )
securities
Equity in
earnings (loss)
of                        6,643             13,502              18,557            26,958
nonconsolidated
affiliates
Loss on
extinguishment            (239,556  )       -                   (254,723  )       (1,447    )
of debt
Other income             1,929         (5,370    )        250           (3,169    )
(expense) – net
Loss before               (325,768  )       (34,868   )         (719,469  )       (394,007  )
income taxes
Income tax
benefit                  128,986       3,468             308,279       125,978   
(expense)
Consolidated
net income                (196,782  )       (31,400   )         (411,190  )       (268,029  )
(loss)
Less: Amount
attributable to          (5,518    )    11,627            13,289        34,065    
noncontrolling
interest
Net income
(loss)                  $ (191,264  )   $ (43,027   )       $ (424,479  )   $ (302,094  )
attributable to
the Company
                                                                                            
                                                                                            

Foreign exchange rate movements decreased the Company’s 2012 fourth quarter
revenues and direct operating and SG&A expenses by approximately $6 million
and $4 million, respectively, compared to the same period of 2011. Foreign
exchange rate movements reduced the Company’s 2012 revenues and direct
operating and SG&A expenses by approximately $79 million and $71 million,
respectively, compared to 2011.

TABLE 2 - Selected Balance Sheet Information

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

                                                          
(In millions)                                  December 31,       December 31,
                                               2012               2011
                                                                  
Cash                                           $ 1,225.0          $ 1,228.7
Total Current Assets                             2,993.8            2,985.3
Net Property, Plant and                          3,036.9            3,063.3
Equipment
Total Assets                                     16,292.7           16,542.0
                                                                  
Current Liabilities (excluding current           1,400.4            1,160.3
portion of long-term debt)
Long-Term Debt (including current                20,747.1           20,207.2
portion of long-term debt)
Shareholders’ Deficit                            (7,995.2 )         (7,471.9 )
                                                                             
                                                                             

TABLE 3 – Total Debt

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

                                                          
(in millions)                                  December 31,       December 31,
                                               2012               2011
Senior Secured Credit Facilities               $ 9,075.5          $ 12,796.2
Receivables based facility                       -                  -
Priority Guarantee Notes                         3,749.8            1,750.0
Other secured debt                              25.5             30.9     
Total Consolidated Secured Debt                $ 12,850.8         $ 14,577.1
                                                                  
Senior Cash Pay and Senior Toggle              $ 1,626.1          $ 1,626.1
Notes
Clear Channel Senior Notes                       1,748.6            1,998.4
Subsidiary Senior Notes                          2,725.0            2,500.0
Subsidiary Senior Subordinated                   2,200.0            -
Notes
Other long-term debt                             5.6                19.9
Purchase accounting adjustments and             (409.0   )        (514.3   )
original issue discount
Total long term debt (including                $ 20,747.1        $ 20,207.2 
current portion of long-term debt)
                                                                             
                                                                             

The current portion of long-term debt was $382 million as of December 31,
2012.

Liquidity and Financial Position

For the year ended December 31, 2012, cash flow provided by operating
activities reached $489 million, cash flow used for investing activities
totaled $397 million, and cash flow used for financing activities was $95
million, for a net decrease in cash of $4 million.

Capital expenditures for the year ended December 31, 2012 were approximately
$390 million compared to $362 million for 2011.

During 2012, subsidiaries of the Company entered into various debt
transactions:

Clear Channel Communications, Inc. (a subsidiary of CC Media Holdings, Inc.)

  *Exchanged $2 billion of term loans due 2014 and 2016 for a like principal
    amount of newly issued 9.0% priority guarantee notes due 2019.
  *In conjunction with the debt exchange, amended its credit facilities to
    permit an additional $3 billion of term loan exchanges, to provide greater
    flexibility to prepay tranche A term loans and, following repayment or
    extension of tranche A, to enable the repurchase of junior debt and below
    par non-pro rata purchases of term loans in certain circumstances. The
    amendments also combined various loans and eliminated certain restrictions
    on subsidiary debt incurrence.
  *Refinanced its receivables based credit facility with a facility size of
    $535 million, subject to a borrowing base. The facility has a maturity of
    December 24, 2017; subject to certain levels of outstanding indebtedness,
    the maturity date becomes October 30, 2015 or May 2, 2016.

Clear Channel Worldwide Holdings, Inc. (a subsidiary of Clear Channel Outdoor
Holdings, Inc.)

  *Issued $275 million of 7.625% Series A Senior Subordinated notes due 2020
    and $1,925 million of 7.625% Series B Senior Subordinated notes due 2020.
    Through an intercompany loan, a total of $2,170 million in proceeds from
    both notes was paid as a special cash dividend to shareholders. Clear
    Channel Communications, Inc. used its portion of the dividend and cash on
    hand to repay $2,096 million of indebtedness under its senior secured
    credit facilities.
  *Issued $736 million of 6.5% Series A Senior Notes due 2022 and $1,989
    million 6.5% Series B Senior Notes due 2022. The proceeds and cash on hand
    were used to repay $500 million of 9.25% Series A Senior notes due 2017
    and $2,000 million of Series B Senior notes due 2017 in addition to fees
    and premiums.

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. Clear
Channel’s secured debt consists of the senior secured credit facilities, the
receivables-based credit facility, the priority guarantee notes and certain
other secured subsidiary debt. 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 December 31, 2012, Clear Channel’s
ratio was 5.9:1 compared to 6:9:1 at December 31, 2011. ^4

^3 Clear Channel’s consolidated EBITDA for the four quarters preceding
December 31, 2012 of $2.033 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 $80.2 million related to costs
incurred in connection with the closure and/or consolidation of facilities,
retention charges, consulting fees and other permitted activities; (ii) an
increase of $51.0 million for non-recurring or unusual gains or losses; (iii)
an increase of $45.5 million for non-cash items; (iv) an increase of $18.5
million for various other items; and (v) an increase of $20.1 million for cash
received from nonconsolidated affiliates.

^4 Clear Channel’s consolidated EBITDA for the four quarters preceding
December 31, 2011 of $1.955 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 $18.5 million for cash received
from nonconsolidated affiliates; (ii) an increase of $31.5 million for
non-cash items; (iii) an increase of $40.1 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 $31.6 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 and
years ended December 31, 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
                                                                              operating
(In                       Operating         Non-cash         Depreciation     income
thousands)                income            compensation     and              (expense) -     OIBDAN
                          (loss)            expenses         amortization     net and
                                                                              impairment
                                                                              charges
Three Months
Ended
December 31,
2012
CCME                      $ 268,893         $   3,151        $   68,464       $ -             $ 340,508
Americas                    79,338              810              50,321         -               130,469
Outdoor
International               46,408              738              55,773         -               102,919
Outdoor
Other                       34,106              -                10,697         -               44,803
Impairment                  (37,651   )         -                -              37,651          -
charges
Corporate                   (81,336   )         3,751            4,475          -               (73,110   )
Other
operating
income                     968             -             -           (968    )    -         
(expense) –
net
Consolidated              $ 310,726      $   8,450      $   189,730    $ 36,683     $ 545,589   
                                                                                              
Three Months
Ended
December 31,
2011
CCME                      $ 259,016         $   1,136        $   66,580       $ -             $ 326,732
Americas                    82,611              1,856            51,948         -               136,415
Outdoor
International               58,634              769              56,152         -               115,555
Outdoor
Other                       8,425               -                11,681         -               20,106
Impairment                  (7,614    )         -                -              7,614           -
charges
Corporate                   (70,077   )         2,625            6,061          -               (61,391   )
Other
operating
income                     (771      )      -             -           771         -         
(expense) –
net
Consolidated              $ 330,224      $   6,386      $   192,422    $ 8,385      $ 537,417   
                                                                                              
Year Ended
December 31,
2012
CCME                      $ 942,705         $   6,985        $   271,399      $ -             $ 1,221,089
Americas                    287,774             5,875            192,023        -               485,672
Outdoor
International               73,331              4,529            205,258        -               283,118
Outdoor
Other                       58,829              -                45,568         -               104,397
Impairment                  (37,651   )         -                -              37,651          -
charges
Corporate                   (303,065  )         11,151           15,037         -               (276,877  )
Other
operating
income                     48,127          -             -           (48,127 )    -         
(expense) –
net
Consolidated              $ 1,070,050    $   28,540     $   729,285    $ (10,476 )   $ 1,817,399 
                                                                                              
Year Ended
December 31,
2011
CCME                      $ 888,358         $   4,606        $   268,245      $ -             $ 1,161,209
Americas                    268,766             7,601            211,056        -               487,423
Outdoor
International               124,471             3,165            219,908        -               347,544
Outdoor
Other                       9,427               -                49,827         -               59,254
Impairment                  (7,614    )         -                -              7,614           -
charges
Corporate                   (241,366  )         5,295            14,270         -               (221,801  )
Other
operating
income                     12,682          -             -           (12,682 )    -         
(expense) –
net
Consolidated              $ 1,054,724    $   20,667     $   763,306    $ (5,068  )   $ 1,833,629 
                                                                                                          
                                                                                                          

Reconciliation of Revenues excluding Effects of Foreign Exchange Rates to
Revenues

                                                                                     
(In                   Three Months Ended                             Year Ended
thousands)
                      December 31,                      %            December 31,                    %
                      2012            2011          Change       2012          2011          Change
                                                                                                     
Consolidated          $ 1,696,336       $ 1,652,788     3   %        $ 6,246,884     $ 6,161,352     1   %
Revenue
Excluding:
Foreign
exchange               5,630         -                           79,347       -
(increase)
decrease
Revenue
excluding
effects of            $ 1,701,966    $ 1,652,788     3   %        $ 6,326,231   $ 6,161,352     3   %
foreign
exchange
                                                                                                     
Americas
Outdoor               $ 343,407         $ 337,925       2   %        $ 1,279,257     $ 1,252,725     2   %
revenue
Excluding:
Foreign
exchange               (486      )    -                           410          -
(increase)
decrease
Americas
Outdoor
revenue
excluding             $ 342,921      $ 337,925       1   %        $ 1,279,667   $ 1,252,725     2   %
effects of
foreign
exchange
                                                                                                     
International
Outdoor               $ 459,787         $ 478,077       (4  %)       $ 1,667,687     $ 1,751,149     (5  %)
revenue
Excluding:
Foreign
exchange               6,116         -                           78,937       -
(increase)
decrease
International
Outdoor
revenue
excluding             $ 465,903      $ 478,077       (3  %)       $ 1,746,624   $ 1,751,149     (0  %)
effects of
foreign
exchange
                                                                                                     
                                                                                                     

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

                                                                                     
(In                   Three Months Ended                             Year Ended
thousands)
                      December 31,                      %            December 31,                    %
                      2012            2011          Change       2012          2011          Change
                                                                                                     
Consolidated          $ 1,082,336       $ 1,057,741     2   %        $ 4,169,997     $ 4,121,294     1   %
expense
Excluding:
Foreign
exchange               3,857         -             –             71,362       -             –
(increase)
decrease
Consolidated
expense
excluding             $ 1,086,193    $ 1,057,741     3   %        $ 4,241,359   $ 4,121,294     3   %
effects of
foreign
exchange
                                                                                                     
Americas
Outdoor               $ 213,748         $ 203,366       5   %        $ 799,460       $ 772,903       3   %
expense
Excluding:
Foreign
exchange               (412      )    -             –             357          -             –
(increase)
decrease
Americas
Outdoor
expense
excluding             $ 213,336      $ 203,366       5   %        $ 799,817     $ 772,903       3   %
effects of
foreign
exchange
                                                                                                     
International
Outdoor               $ 357,606         $ 363,291       (2  %)       $ 1,389,098     $ 1,406,770     (1  %)
expense
Excluding:
Foreign
exchange               4,269         -             –             71,005       -             –
(increase)
decrease
International
Outdoor
expense
excluding             $ 361,875      $ 363,291       (0  %)       $ 1,460,103   $ 1,406,770     4   %
effects of
foreign
exchange
                                                                                                         
                                                                                                         

Reconciliation of OIBDAN excluding Effects of Foreign Exchange Rates to OIBDAN

                                                                                 
(In                   Three Months Ended                         Year Ended
thousands)
                      December 31,                  %            December 31,                    %
                      2012          2011        Change       2012          2011          Change
                                                                                                 
Consolidated          $ 545,589       $ 537,417     2   %        $ 1,817,399     $ 1,833,629     (1  %)
OIBDAN
Excluding:
Foreign
exchange               1,773       -                         7,985        -
(increase)
decrease
Consolidated
OIBDAN
excluding             $ 547,362    $ 537,417     2   %        $ 1,825,384   $ 1,833,629     (0  %)
effects of
foreign
exchange
                                                                                                 
Americas
Outdoor               $ 130,469       $ 136,415     (4  %)       $ 485,672       $ 487,423       (0  %)
OIBDAN
Excluding:
Foreign
exchange               (73     )    -                         53           -
(increase)
decrease
Americas
Outdoor
OIBDAN
excluding             $ 130,396    $ 136,415     (4  %)       $ 485,725     $ 487,423       (0  %)
effects of
foreign
exchange
                                                                                                 
International
Outdoor               $ 102,919       $ 115,555     (11 %)       $ 283,118       $ 347,544       (19 %)
OIBDAN
Excluding:
Foreign
exchange               1,846       -                         7,932        -
(increase)
decrease
International
Outdoor
OIBDAN
excluding             $ 104,765    $ 115,555     (9  %)       $ 291,050     $ 347,544      (16 %)
effects of
foreign
exchange
                                                                                                     
                                                                                                     

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

                                                                                           
(In                   Three Months Ended                               Year Ended
thousands)
                      December 31,                        %            December 31,                        %
                      2012            2011            Change       2012            2011            Change
CCME                  $ 484,115         $ 465,157         4   %        $ 1,870,676       $ 1,830,225       2   %
Less:
Non-cash               (3,151    )    (1,136    )                   (6,985    )    (4,606    )
compensation
expense
                        480,964           464,021         4   %          1,863,691         1,825,619       2   %
                                                                                                           
Americas                213,748           203,366         5   %          799,460           772,903         3   %
Outdoor
Less:
Non-cash               (810      )    (1,856    )                   (5,875    )    (7,601    )
compensation
expense
                        212,938           201,510         6   %          793,585           765,302         4   %
                                                                                                           
International           357,606           363,291         (2  %)         1,389,098         1,406,770       (1  %)
Outdoor
Less:
Non-cash               (738      )    (769      )                   (4,529    )    (3,165    )
compensation
expense
                        356,868           362,522         (2  %)         1,384,569         1,403,605       (1  %)
                                                                                                           
Other                   45,167            43,806          3   %          177,482           175,288         1   %
Less:
Non-cash               -             -                            -             -         
compensation
expense
                        45,167            43,806          3   %          177,482           175,288         1   %
                                                                                                           
Eliminations            (18,300   )       (17,879   )                    (66,719   )       (63,892   )
                                                                                                           
Plus:
Non-cash               4,699         3,761                        17,389        15,372    
compensation
expense
Consolidated
divisional            $ 1,082,336    $ 1,057,741      2   %        $ 4,169,997    $ 4,121,294      1   %
operating
expenses
                                                                                                               
                                                                                                               

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

(In              Three Months Ended                    Year Ended                   
thousands)
                     December 31,                  %            December 31,                    %
                     2012         2011         Change       2012          2011          Change
Corporate            $ 76,861     $ 64,016       20  %        $ 288,028     $ 227,096       27  %
Expense
Less:
Non-cash              (3,751 )    (2,625 )                   (11,151 )    (5,295  )
compensation
expense
                     $ 73,110    $ 61,391      19  %        $ 276,877    $ 221,801      25  %
                                                                                                    
                                                                                                    

Reconciliation of OIBDAN to Net Loss

                                                                                          
(In thousands)          Three Months Ended                            Year Ended
                        December 31,                     %            December 31,                        %
                        2012           2011          Change       2012            2011            Change
                                                                                                          
OIBDAN                  $ 545,589        $ 537,417       2   %        $ 1,817,399       $ 1,833,629       (1  %)
Non-cash
compensation              8,450            6,386                        28,540            20,667
expense
Depreciation
and                       189,730          192,422                      729,285           763,306
amortization
Impairment                37,651           7,614                        37,651            7,614
charges
Other operating
income                   968          (771    )                   48,127        12,682    
(expense) – net
Operating                 310,726          330,224                      1,070,050         1,054,724
income
                                                                                                          
Interest                  400,930          368,397                      1,549,023         1,466,246
expense
Gain (loss) on
marketable                (4,580   )       (4,827  )                    (4,580    )       (4,827    )
securities
Equity in
earnings (loss)
of                        6,643            13,502                       18,557            26,958
nonconsolidated
affiliates
Loss on
extinguishment            (239,556 )       -                            (254,723  )       (1,447    )
of debt
Other income             1,929        (5,370  )                   250           (3,169    )
(expense) – net
Loss before               (325,768 )       (34,868 )                    (719,469  )       (394,007  )
income taxes
Income tax
benefit                  128,986      3,468                      308,279       125,978   
(expense)
Consolidated              (196,782 )       (31,400 )                    (411,190  )       (268,029  )
net loss
Amount
attributable to          (5,518   )    11,627                     13,289        34,065    
noncontrolling
interest
Net income
(loss)                  $ (191,264 )   $ (43,027 )                  $ (424,479  )   $ (302,094  )
attributable to
the Company
                                                                                                          
                                                                                                          

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. More information is available at
www.clearchannel.com.

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:

CC Media Holdings, Inc.
Media
Wendy Goldberg, 212-549-0965
Senior Vice President – Communications
or
Investors
Gregory Lundberg, 212-549-1717
Senior Vice President – Investor Relations
 
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