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CC Media Holdings, Inc. Reports Results for 2013 First Quarter

  CC Media Holdings, Inc. Reports Results for 2013 First Quarter

  *OIBDAN^1 grew 3% year over year to $267 million, excluding foreign
    exchange and divestitures
  *Revenue declined less than 1% to $1.3 billion, excluding foreign exchange
    and divestitures
  *Prepaid $847 million Term Loan A due 2014 to enhance financial flexibility

Business Wire

SAN ANTONIO -- May 2, 2013

CC Media Holdings, Inc. (OTCBB: CCMO) today reported financial results for the
first quarter ended March 31, 2013.

“The strength of our businesses was clear in the company’s solid first quarter
results, which included growing returns from our strategic investments in key
digital assets,” Chief Executive Officer Bob Pittman said. “Across the
company, we are creating unique, engaging solutions for clients that use our
unparalleled multi-platform reach. With our advertisers, we are innovating new
ways to use our assets to reach consumers more effectively wherever they are –
which is increasingly out of their homes. Rather than staying in their
connected homes as once predicted, people are now making more mobile
connections than ever before. This trend toward the connected consumer plays
to the strengths of Clear Channel in broadcast and digital radio and outdoor
displays, and we are beginning to make progress in monetizing it.”

“Thanks to our operating discipline, we contained costs and kept building
momentum in our outdoor and our media and entertainment businesses during the
quarter,” said Tom Casey, Executive Vice President and Chief Financial
Officer. “We made solid progress in our broadcast, syndication and digital
businesses. Our operating leverage in Americas outdoor drove strong results
from last year’s investments, while International outdoor delivered
double-digit topline growth from emerging markets. Companywide, past strategic
investments are positively contributing to this quarter’s results, and we will
continue to be proactive about investing in growth areas and refocusing our
Outdoor business in Europe. We were also opportunistic in our capital
management and successfully completed a private offering due 2021 to help
pre-pay all of our 2014 bank debt maturities.”

First Quarter 2013 Results

Consolidated revenues decreased $18 million, or 1%, year over year, to $1.34
billion in the first quarter of 2013 compared to $1.36 billion in the same
period of 2012. Excluding the effects of movements in foreign exchange
rates^1, as well as an $8 million impact from the divestiture of two
businesses during the third quarter of 2012, revenues declined $9 million, or
less than 1%.

  *Media and Entertainment (“CCM+E”) revenues decreased $15 million, or 2%,
    driven primarily by the traffic business, which continues to reflect
    integration activities. Offsetting this decline was strength in radio
    stations, including national and digital operations.
  *Americas outdoor revenues rose $6 million, or 2%, on a reported basis and
    adjusted for movements in foreign exchange rates, driven by higher
    occupancy and capacity on digital displays, strong growth in posters on
    new advertisers, and growth in airports.
  *International outdoor revenues increased $2 million, or less than 1%,
    after adjusting for an $8 million revenue reduction due to the divestiture
    of two businesses during the third quarter of 2012 and a $1 million
    decrease from movements in foreign exchange rates. More robust economic
    conditions in emerging markets and certain other geographies were offset
    by weakened economic conditions in other markets, particularly Western
    Europe. On a reported basis, revenues decreased $7 million, or 2%,
    compared to the first three months of 2012.

The Company’s OIBDAN^1 increased 2%, or $6 million, to $267 million for the
three months ended March 31, 2013 compared to $260 million for the same period
of 2012. Excluding the $1 million effect of movements in foreign exchange
rates and a $1 million reduction due to the divestiture of two businesses
during the third quarter of 2012, OIBDAN increased $8 million, or 3%, to $267
million. Included in the 2013 first quarter OIBDAN of $267 million were $9
million of operating and corporate expenses associated with the Company’s
strategic revenue and cost initiatives to attract additional advertising
dollars to its businesses and improve operating efficiencies. OIBDAN for the
three months ended March 31, 2012 included $16 million of such expenses, and
also included $19 million of legal and other costs related to Brazil.

The Company’s consolidated net loss was $203 million in the first quarter of
2013 compared to a consolidated net loss of $144 million in the same period of
2012 due primarily to lower income tax benefits.

Key Highlights

The Company’s recent key highlights include:

Media ± Entertainment

  *Partnered with Target in March to launch Justin Timberlake’s “The 20/20
    Experience” album utilizing Clear Channel’s multi-platform assets -
    including radio, online, mobile, outdoor, entertainment, events, contests
    and talent relationships. Clear Channel ran a first-of-its-kind live
    “virtual press conference” across 800 stations at the same time to let
    Justin Timberlake introduce the album and kick off the exclusive
    iHeartRadio album release party. It was streamed live on iHeartRadio.com,
    aired on 175 stations nationwide, rebroadcast on the CW Network and
    attended by fans selected through a nationwide contest. Clear Channel
    Outdoor featured a countdown clock to the album release party that
    appeared on 399 of its nationwide digital billboards, delivering 65
    million impressions. In total, the Clear Channel campaign generated more
    than 600 million unpaid media impressions. In its first week on sale, the
    album sold 968,000 copies and ranked #1 on the Billboard 200, #1 on iTunes
    in 89 countries and among Target’s top three best-selling albums in the
    last decade.
  *iHeartRadio reached 29 million registered users. First quarter 2013
    iHeartRadio total listening hours were up 31% compared to the first
    quarter of 2012. Mobile represented 55% of iHeartRadio total listening
    hours during the quarter.
  *Announced the third annual iHeartRadio Music Festival for September 20-21,
    2013 in Las Vegas. Clear Channel will again partner with Macy’s for Macy’s
    iHeartRadio Rising Star -- a campaign designed to spotlight America’s
    emerging musicians with the winner performing at the Festival.
  *Announced the second annual iHeartRadio Ultimate Pool Party, presented by
    Visit Florida, at the Fontainebleau Miami Beach on June 28-29, 2013,
    featuring performances by Pitbull, Ke$ha, Afrojack, Icona Pop and
    Krewella. To promote the event, Clear Channel launched a national on-air
    and online promotion across more than 120 of its mainstream and rhythmic
    contemporary hit radio (CHR) and Electronic Dance Music (EDM) stations.
  *Successfully launched Evolution 93.5 in Miami, the second Electronic Dance
    Music (EDM) format to utilize programming from iHeartRadio’s Evolution
    channel introduced in November 2012.
  *Created local news, traffic and weather “Add-Ins” allowing iHeartRadio
    listeners to insert local content into their custom radio experience to
    give them greater convenience and control over their online listening.
  *Continued to enter into innovative, market-based agreements with record
    labels - including eOne, Wind-up Records, and Robbins Entertainment - to
    share digital and terrestrial revenues, building a sustainable business
    model to drive the growth of the Internet radio industry. To date, Clear
    Channel has entered into eleven agreements with record labels representing
    artists including Taylor Swift, Tim McGraw, Rascal Flatts, Reba McEntire,
    Mumford & Sons, Evanescence, Creed, and Seether.

Outdoor

  *Americas installed 11 new digital billboards for a total of 1,046 across
    37 U.S. markets.
  *Signed a new 10-year contract for a new installation of four 26-foot LED
    video towers at the Denver International Airport, providing advertisers
    with the ability to reach travelers visiting the fifth-busiest U.S.
    airport.
  *Partnered with Transport for London to launch “The Chiswick Towers,” a new
    premium roadside digital advertising site consisting of two architectural
    steel towers featuring double sided LED screens situated on the M4 between
    Heathrow Airport and central London, one of the UK’s most prominent
    advertising locations.
  *Rolled out 10,000 interactive panels in the UK featuring Near Field
    Communication (NFC) and QR code mobile technologies, reaching 80% of
    adults every four weeks. In Sweden, introduced the world’s first Near
    Field Communication (NFC) marketing campaign on a public transit system,
    featuring a subway car branded to look like a retail store of the mobile
    operator, Three.
  *Clear Channel’s Peruvian team created, in collaboration with Peru’s
    University of Engineering and Technology, an award-winning billboard that
    captures humidity in Lima’s desert air and turns it in to drinking water,
    providing local residents with much needed refreshment.
  *Pioneered large-format digital billboard networks in January 2013 in
    México City with 8 digital billboards and in Lima with 10 digital
    billboards.
  *Clear Channel Airports launched its ClearVision TV network at Dallas Love
    Field airport in April, featuring local, regional and national sponsors’
    products and services alongside news, sports and entertainment from major
    broadcast networks including, for the first time, children’s programming.

                                                           
Revenues, Operating Expenses, and OIBDAN by Segment
                                                              
(In thousands)                    Three Months Ended
                                  March 31,                   %
                                   2013        2012        Change
Revenue^1
CCME                              $ 656,566     $ 671,510     (2%)
Americas Outdoor                    286,461       280,151     2%
International Outdoor ^3            363,749       371,132     (2%)
Other                               49,219        51,698      (5%)
Eliminations                       (12,937)     (13,768)
Consolidated revenue              $ 1,343,058   $ 1,360,723   (1%)
                                                              
Operating expenses ^ 1,2
CCME                              $ 443,410     $ 457,085     (3%)
Americas Outdoor                    191,263       195,057     (2%)
International Outdoor ^3            334,489       349,004     (4%)
Other                               41,955        47,276      (11%)
Eliminations                       (12,937)     (13,768)
Consolidated Operating expenses   $ 998,180     $ 1,034,654   (4%)
                                                              
OIBDAN^1
CCME                              $ 213,156     $ 214,425     (1%)
Americas Outdoor                    95,198        85,094      12%
International Outdoor ^3            29,260        22,128      32%
Other                               7,264         4,422       64%
Corporate                          (78,246)     (65,709)
Consolidated OIBDAN               $ 266,632     $ 260,360     2%
                                                              

Certain prior period amounts have been reclassified to conform to the 2013
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. For the
three months ended March 31, 2012, these businesses contributed $8 million in
revenues, $7 million in operating expenses, and $1 million in OIBDAN.

Media and Entertainment

CCM+E first quarter 2013 revenues decreased $15 million, or 2%, compared to
the same period of 2012, driven primarily by the traffic business as a result
of certain contract losses and lower sales resulting from integration
activities, and to a lesser extent by Premiere, whose performance continued to
improve over the quarter. Offsetting these declines was strength in the
stations, particularly in national and digital revenues.

Operating expenses decreased $14 million during the first quarter of 2013
compared to the same period in 2012. This decline was driven by a decrease in
traffic costs and music license fees, partially offset by increased digital
costs as well as increased expenses related to the growth of our national
advertising program. Expenses in the first quarter of 2013 also reflect a $4
million decrease in expenses related to investments in strategic revenue and
cost savings programs.

OIBDAN ^ decreased $1 million, or less than 1%, to $213 million in the first
quarter of 2013, including expenses related to investments in strategic
revenue and cost savings programs of $1 million.

Americas Outdoor Advertising

Americas outdoor revenues rose $6 million, or 2% compared to the same period
of 2012, on a reported basis and adjusted for movements in foreign exchange
rates, driven by higher occupancy and capacity on digital displays, strong
growth in posters on new advertisers, and growth in airports. Partially
offsetting these increases was a decline in specialty business revenues.

Operating expenses fell $4 million, or 2%, to $191 million, on both a reported
basis and adjusted for the effects of movements in foreign exchange rates.
Expenses decreased due to a favorable product mix with increased sales in our
higher margin product lines, and also due to the benefits of past strategic
cost initiatives.

OIBDAN, on a reported basis and excluding foreign exchange impacts, grew $10
million, or 12%, to $95 million during the first quarter of 2013 compared to
the same period in 2012. First quarter 2013 and 2012 OIBDAN both included
approximately $1 million of expenses related to certain investments in
strategic revenue and cost savings programs.

International Outdoor Advertising

International outdoor revenues were up $2 million, or less than 1% compared to
the same period in 2012, excluding $8 million in revenues due to the
divestiture of two businesses during the third quarter of 2012, as well as a
$1 million decrease due to movements in foreign exchange rates. More robust
economic conditions in emerging markets and certain other geographies were
offset by weakened economic conditions in other markets, particularly Western
Europe. On a reported basis, revenues decreased $7 million, or 2%, compared to
the first quarter of 2012.

Operating expenses fell $8 million in the first quarter of 2013, adjusting for
$7 million of expenses due to the divestiture of two businesses during the
third quarter of 2012. There was minimal impact during the quarter from
movements in foreign exchange rates. Operating expenses declined due to lower
variable expenses and rent driven by revenue declines in certain markets,
offset by higher costs from new contracts in markets with increased revenue.
Operating expenses in the first quarter of 2012 included $18 million of legal
and other costs related to Brazil that did not recur in the first quarter of
2013. Operating expenses in the first quarter of 2013 also included an
increase of approximately $3 million in investments in strategic revenue and
cost savings programs.

International outdoor OIBDAN in the first quarter of 2013 increased $9
million, or 45%, to $30 million, adjusting for a $1 million OIBDAN reduction
due to the divestiture of two businesses during the third quarter of 2012 and
excluding a $1 million decrease from movements in foreign exchange rates.
OIBDAN in the first quarter of 2013 included $5 million of costs incurred for
investments in strategic revenue and cost savings programs compared to $3
million included in the first quarter of 2012. On a reported basis, OIBDAN
increased 32% to $29 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 May
2, 2013 at 4:30 p.m. Eastern Time. The conference call number is 866-233-3841
(U.S. callers) and 612-234-9962 (International callers) and the passcode is
290477. 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
                                               March 31,
                                                2013            2012      
Revenue                                        $ 1,343,058       $ 1,360,723
Operating expenses:
Direct operating expenses                        594,866           614,434
Selling, general and administrative              406,435           424,575
expenses
Corporate expenses                               80,642            68,251
Depreciation and amortization                    182,182           175,366
Other operating income (expense) - net          2,395           3,124     
Operating income (loss)                          81,328            81,221
Interest expense                                 385,525           374,016
Gain (loss) on marketable securities             3,641             3,555
Equity in earnings (loss) of                     (3,888    )       (15,167   )
nonconsolidated affiliates
Other income (expense) – net                    (1,000    )      (1,106    )
Loss before income taxes                         (305,444  )       (305,513  )
Income tax benefit (expense)                    96,325          157,398   
Consolidated net income (loss)                   (209,119  )       (148,115  )
Less: Amount attributable to                    (6,116    )      (4,486    )
noncontrolling interest
Net income (loss) attributable to the          $ (203,003  )     $ (143,629  )
Company
                                                                 

Foreign exchange rate movements decreased the Company’s 2013 first quarter
revenues by approximately $1 million, and had a minimal impact on direct
operating and SG&A expenses, compared to the same period of 2012.

                                                             
TABLE 2 - Selected Balance Sheet Information

Selected balance sheet information for March 31, 2013 and December 31, 2012:
                                                                  
(In millions)                                    March 31,        December 31,
                                                 2013             2012
                                                                  
Cash                                             $ 721.6          $ 1,225.0
Total Current Assets                               2,369.2          2,987.8
Net Property, Plant and Equipment                  2,965.9          3,036.9
Total Assets                                       15,519.2         16,292.7
                                                                  
Current Liabilities (excluding current             1,247.3          1,400.4
portion of long-term debt)
Long-Term Debt (including current portion of       20,426.1         20,747.1
long-term debt)
Shareholders’ Deficit                              (8,209.7 )       (7,995.2 )
                                                                  
                                                                  
                                                                  
TABLE 3 – Total Debt
                                                                  
At March 31, 2013 and December 31, 2012, CC Media Holdings had total debt of:
                                                                  
(In millions)                                    March 31,        December 31,
                                                 2013             2012
Senior Secured Credit Facilities                 $ 8,228.6        $ 9,075.5
Receivables based facility                         247.0            -
Priority Guarantee Notes                           4,324.8          3,749.8
Other secured debt                                24.1           25.5     
Total Consolidated Secured Debt                  $ 12,824.5       $ 12,850.8
                                                                  
Senior Cash Pay and Senior Toggle Notes          $ 1,626.1        $ 1,626.1
Clear Channel Senior Notes                         1,436.4          1,748.6
Subsidiary Senior Notes                            2,725.0          2,725.0
Subsidiary Senior Subordinated Notes               2,200.0          2,200.0
Other long-term debt                               2.7              5.6
Purchase accounting adjustments and original      (388.6   )      (409.0   )
issue discount
Total long term debt (including current          $ 20,426.1      $ 20,747.1 
portion of long-term debt)
                                                                  

The current portion of long-term debt was $68 million as of March 31, 2013.

Liquidity and Financial Position

For the three months ended March 31, 2013, cash flow used by operating
activities was $87 million, cash flow used for investing activities totaled
$57 million, cash flow used for financing activities was $354 million, and the
effect of exchange rate changes on cash was $5 million, for a net decrease in
cash of $503 million.

Capital expenditures for the three months ended March 31, 2013 were
approximately $62 million compared to $73 million for the same period in 2012.

During the first quarter of 2013, subsidiaries of the Company entered into the
following debt transactions:

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

  *Issued $575 million aggregate principal amount of 11.25% Priority
    Guarantee Notes due 2021.
  *Repaid 5.75% senior notes at maturity for $312 million.
  *Repaid all $847 million outstanding under term loan A under the senior
    secured credit facilities.

The senior secured credit facilities require Clear Channel to comply on a
quarterly basis with a financial covenant limiting the ratio of consolidated
secured debt, net of cash and cash equivalents, to consolidated EBITDA (as
defined by Clear Channel’s senior secured credit facilities) 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. As required by the
definition of consolidated EBITDA in Clear Channel’s senior secured credit
facilities, Clear Channel’s consolidated EBITDA for the preceding four
quarters of $2.0 billion is calculated as operating income (loss) before
depreciation, amortization, impairment charges and other operating income
(expense), net plus share-based compensation and is further adjusted for the
following items: (i) costs incurred in connection with the closure and/or
consolidation of facilities, retention charges, consulting fees and other
permitted activities; (ii) extraordinary, non-recurring or unusual gains or
losses or expenses and severance; (iii) non-cash charges; (iv) cash received
from nonconsolidated affiliates; and (v) various other items.

The following table reflects a reconciliation of consolidated EBITDA (as
defined by Clear Channel’s senior secured credit facilities) to operating
income and net cash provided by operating activities for the four quarters
ended March 31, 2013:

                                                               Four Quarters
                                                                 Ended
(In Millions) Note: numbers may not sum due to rounding          March 31,
                                                                 2013
Consolidated EBITDA (as defined by Clear Channel’s senior        $  2,021
secured credit facilities)
                                                                 
Less adjustments to consolidated EBITDA (as defined by Clear
Channel’s senior secured credit facilities):
Cost incurred in connection with the closure and/or
consolidation of facilities, retention charges, consulting          (74     )
fees, and other permitted activities
Extraordinary, non-recurring or unusual gains or losses or
expenses and severance (as referenced in the definition of          (59     )
consolidated EBITDA in Clear Channel’s senior secured credit
facilities)
Non-cash charges                                                    (23     )
Cash received from nonconsolidated affiliates                       (21     )
Other items                                                         (21     )
Less: Depreciation and amortization, Impairment charges,
Other operating income (expense), net, and Share-based             (754    )
compensation expense
Operating income                                                    1,070
                                                                 
Plus: Depreciation and amortization, Impairment charges,
Other operating income (expense), net, and Share-based              754
compensation expense
Less: Interest expense                                              (1,561  )
Less: Current income tax benefit                                    (66     )
Plus: Other income (expense), net                                   0
Adjustments to reconcile consolidated net loss to net cash
provided by operating activities (including Provision for
doubtful accounts, Amortization of deferred financing               177
charges and note discounts, net and Other reconciling items,
net)
Change in assets and liabilities, net of assets acquired and       32      
liabilities assumed
Net cash provided by operating activities                        $  406     
                                                                 

The maximum ratio under this financial covenant is currently set at 9.5:1 and
reduces to 9.25:1, 9:1 and 8.75:1 for the four quarters ended June 30, 2013,
December 31, 2013 and December 31, 2014, respectively. At March 31, 2013, our
ratio was 6.0:1.

Supplemental Disclosure Regarding Non-GAAP Financial Information

The following tables set forth the Company’s OIBDAN for the three months ended
March 31, 2013 and 2012. 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 2013 actual foreign revenues,
expenses and OIBDAN at average 2012 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)
                                                                           
(In                                                           Other
thousands)                                                    operating
                                                              income
                                Non-cash                      (expense)
                                                              -
                  Operating     compensation   Depreciation   net and
                                               and            impairment
                 income        expenses       amortization   charges      OIBDAN
                  (loss)
Three Months
Ended March
31, 2013
CCME              $ 143,832     $    1,492     $   67,832     $ -          $ 213,156
Americas            45,619           894           48,685       -            95,198
Outdoor
International       (22,468 )        735           50,993       -            29,260
Outdoor
Other               (2,718  )        -             9,982        -            7,264
Impairment          -                -             -            -            -
charges
Corporate           (85,332 )        2,396         4,690        -            (78,246 )
Other
operating
income             2,395         -           -          (2,395 )   -       
(expense) –
net
Consolidated      $ 81,328    $    5,517    $   182,182   $ (2,395 )  $ 266,632 
                                                                           
Three Months
Ended March
31, 2012
CCME              $ 146,155     $    1,214     $   67,056     $ -          $ 214,425
Americas            40,204           1,932         42,958       -            85,094
Outdoor
International       (28,116 )        1,209         49,035       -            22,128
Outdoor
Other               (8,431  )        -             12,853       -            4,422
Impairment          -                -             -            -            -
charges
Corporate           (71,715 )        2,542         3,464        -            (65,709 )
Other
operating
income             3,124         -           -          (3,124 )   -       
(expense) –
net
Consolidated      $ 81,221    $    6,897    $   175,366   $ (3,124 )  $ 260,360 
                                                                                     


Reconciliation of Revenues excluding Effects of Foreign Exchange Rates to
Revenues
                                                                   
(In thousands)                              Three Months Ended
                                            March 31,                   %
                                            2013         2012         Change
                                                                        
Consolidated Revenue                        $ 1,343,058   $ 1,360,723   (1  %)
Excluding: Foreign exchange (increase)       856         -
decrease
Revenue excluding effects of foreign        $ 1,343,914  $ 1,360,723   (1  %)
exchange
                                                                        
Americas Outdoor revenue                    $ 286,461     $ 280,151     2   %
Excluding: Foreign exchange (increase)       89          -
decrease
Americas Outdoor revenue excluding          $ 286,550    $ 280,151     2   %
effects of foreign exchange
                                                                        
International Outdoor revenue               $ 363,749     $ 371,132     (2  %)
Excluding: Foreign exchange (increase)       767         -
decrease
International Outdoor revenue excluding     $ 364,516    $ 371,132     (2  %)
effects of foreign exchange
                                                                        


Reconciliation of Expenses (Direct Operating and SG&A Expenses) excluding
Effects of Foreign Exchange Rates to Expenses
                                                                  
(In thousands)                    Three Months Ended
                                  March 31,                            %
                                  2013               2012            Change
                                                                       
Consolidated expense              $  1,001,301        $  1,039,009     (4  %)
Excluding: Foreign exchange         14               -
(increase) decrease
Consolidated expense excluding    $  1,001,315      $  1,039,009     (4  %)
effects of foreign exchange
                                                                       
Americas Outdoor expense          $  192,157          $  196,989       (2  %)
Excluding: Foreign exchange         78               -
(increase) decrease
Americas Outdoor expense
excluding effects of foreign      $  192,235        $  196,989       (2  %)
exchange
                                                                       
International Outdoor expense     $  335,224          $  350,213       (4  %)
Excluding: Foreign exchange         (64        )      -
(increase) decrease
International Outdoor expense
excluding effects of foreign      $  335,160        $  350,213       (4  %)
exchange
                                                                           


Reconciliation of OIBDAN excluding Effects of Foreign Exchange Rates to OIBDAN
                                                                 
(In thousands)                                Three Months Ended
                                              March 31,                 %
                                              2013        2012       Change
                                                                        
Consolidated OIBDAN                           $ 266,632     $ 260,360   2   %
Excluding: Foreign exchange (increase)         842        -
decrease
Consolidated OIBDAN excluding effects         $ 267,474   $ 260,360   3   %
of foreign exchange
                                                                        
Americas Outdoor OIBDAN                       $ 95,198      $ 85,094    12  %
Excluding: Foreign exchange (increase)         11         -
decrease
Americas Outdoor OIBDAN excluding             $ 95,209    $ 85,094    12  %
effects of foreign exchange
                                                                        
International Outdoor OIBDAN                  $ 29,260      $ 22,128    32  %
Excluding: Foreign exchange (increase)         831        -
decrease
International Outdoor OIBDAN excluding        $ 30,091    $ 22,128    36  %
effects of foreign exchange
                                                                        


Reconciliation of Expenses (Direct Operating and SG&A Expenses) excluding
Non-cash compensation expenses to Expenses
                                                                 
(In thousands)               Three Months Ended
                             March 31,                                %
                             2013                2012               Change
CCME                         $   444,902          $  458,299          (3   %)
Less: Non-cash                  (1,492     )      (1,214     )
compensation expense
                                 443,410             457,085          (3   %)
                                                                      
Americas Outdoor                 192,157             196,989          (2   %)
Less: Non-cash                  (894       )      (1,932     )
compensation expense
                                 191,263             195,057          (2   %)
                                                                      
International Outdoor            335,224             350,213          (4   %)
Less: Non-cash                  (735       )      (1,209     )
compensation expense
                                 334,489             349,004          (4   %)
                                                                      
Other                            41,955              47,276           (11  %)
Less: Non-cash                  -                -          
compensation expense
                                 41,955              47,276           (11  %)
                                                                      
Eliminations                     (12,937    )        (13,768    )
                                                                      
Plus: Non-cash                  3,121            4,355      
compensation expense
Consolidated divisional      $   1,001,301      $  1,039,009       (4   %)
operating expenses
                                                                      


Reconciliation of Corporate Expenses excluding Non-cash compensation expenses
to Corporate Expenses
                                                                
(In thousands)             Three Months Ended
                           March 31,                                 %
                           2013                2012                Change
Corporate Expense          $   80,642          $   68,251           18    %
Less: Non-cash                (2,396   )         (2,542   )
compensation expense
                           $   78,246         $   65,709          19    %
                                                                     


Reconciliation of OIBDAN to Net Loss
                                                                    
(In thousands)                            Three Months Ended
                                          March 31,                     %
                                          2013          2012          Change
                                                                        
OIBDAN                                    $ 266,632      $ 260,360      2   %
Non-cash compensation expense               5,517          6,897
Depreciation and amortization               182,182        175,366
Impairment charges                          -              -
Other operating income (expense) – net     2,395       3,124    
Operating income                            81,328         81,221
                                                                        
Interest expense                            385,525        374,016
Equity in earnings (loss) of                3,641          3,555
nonconsolidated affiliates
Loss on extinguishment of debt              (3,888   )     (15,167  )
Other income (expense) – net               (1,000   )   (1,106   )
Loss before income taxes                    (305,444 )     (305,513 )
Income tax benefit (expense)               96,325      157,398  
Consolidated net loss                       (209,119 )     (148,115 )
Amount attributable to noncontrolling      (6,116   )   (4,486   )
interest
Net income (loss) attributable to the     $ (203,003 )  $ (143,629 )
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