iHeartMedia 2001 Annual Report Download - page 3

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3
PART I
ITEM 1. Business
The Company
Clear Channel Communications, Inc. is a diversified media company with three reportable
business segments: radio broadcasting, outdoor advertising and live entertainment. We were
incorporated in Texas in 1974. As of December 31, 2001, we owned, programmed, or sold airtime for
1,240 domestic radio stations, which includes those stations that we operated pursuant to a local
marketing agreement or joint sales agreement (FCC licenses not owned by Clear Channel) and owned a
leading national radio network. In addition, at December 31, 2001, we had equity interests in various
domestic and international radio broadcasting companies. We were also one of the world’s largest
outdoor advertising companies based on total advertising display inventory of 156,623 domestic display
faces and 573,416 international display faces. In addition, we were one of the world’s largest diversified
promoters, producers and venue operators for live entertainment events. As of December 31, 2001, we
owned or operated 104 live entertainment venues domestically and 31 live entertainment venues
internationally, which includes 36 domestic venues and three international venue where we either own a
non-controlling interest or have booking promotions or consulting agreements. We also own or program
19 television stations, own a media representation firm and represent professional athletes, all of which is
within the category “other”. The following table presents each segment’s percentage of total revenues for
the year ended December 31, 2001:
Percentage of
Segment Revenues
Radio Broadcasting 43%
Outdoor Advertising 22%
Live Entertainment 31%
Other 4%
Total 100%
Our principal executive offices are located at 200 East Basse Road, San Antonio, Texas 78209
(telephone: 210-822-2828).
Radio Broadcasting
Radio Stations
As of December 31, 2001, we owned, programmed or sold airtime for 368 AM and 797 FM
domestic radio stations, of which, 478 radio stations were in the top 100 markets, according to the
Arbitron fall 2001 ranking of U.S. markets. In addition, we currently own various interests in domestic
and international radio broadcasting companies, which we account for under the equity method of
accounting. Our radio stations employ various formats for their programming. A station’s format is
important in determining the size and characteristics of its listening audience. Advertisers tailor their
advertisements to appeal to selected population or demographic segments.
Radio Networks
As of December 31, 2001, we owned one of the leading national radio networks, based on a total
audience of over 180 million weekly listeners. The network syndicates talk programming including such
talent as Rush Limbaugh, Dr. Laura Schlessinger, Jim Rome, and music programming including such
talent as Rick Dees and Casey Kasem. We also operated several news and agricultural radio networks