iHeartMedia 2002 Annual Report Download - page 27

We own or have permanent easements on relatively few parcels of real property that serve as the sites for our outdoor displays. Our
remaining outdoor display sites are leased. Our leases are for varying terms ranging from month-to-month to year-to-year and can be for terms
of ten years or longer, and many provide for renewal options. There is no significant concentration of displays under any one lease or subject to
negotiation with any one landlord. We believe that an important part of our management activity is to negotiate suitable lease renewals and
extensions.
Live Entertainment
The international headquarters of our live entertainment operations is in 191,383 square feet of leased office space in New York City, New
York. The lease on this premises expires in September 2020. Several members of the live entertainment senior management team as well as
other live entertainment operations are located in 95,165 square feet of leased office space in Houston, Texas. The lease on this premises
expires in March 2009. The types of properties required to support each of our live entertainment operations include offices and venues. Our
live entertainment venues generally include offices and are located in major metropolitan areas.
The studios and offices of our radio stations, outdoor advertising branches and live entertainment venues are located in leased or owned
facilities. These leases generally have expiration dates that range from one to twenty years. We either own or lease our transmitter and antenna
sites. These leases generally have expiration dates that range from five to fifteen years. We do not anticipate any difficulties in renewing those
leases that expire within the next several years or in leasing other space, if required. We own substantially all of the equipment used in our
radio broadcasting, outdoor advertising and live entertainment businesses.
As noted in Item 1 above, as of December 31, 2002, we owned or programmed 1,184 radio stations, owned or leased 716,039 outdoor
advertising display faces and owned or operated 102 entertainment venues in various markets throughout the world. See “Business —
Operating Segments.”Therefore, no one property is material to our overall operations. We believe that our properties are in good condition and
suitable for our operations.
ITEM 3. Legal Proceedings
We were among the defendants in a lawsuit filed on June 12, 2002 in the United States District Court for the Southern District of Florida by
Spanish Broadcasting System. The plaintiffs alleged that we were in violation of Section One and Section Two of the Sherman Antitrust Act as
well as various claims such as unfair trade practices, defamation among other counts. This case was dismissed with prejudice on January 31,
2003. The plaintiffs have filed with the court for reconsideration.
In addition, from time to time we become involved in various claims and lawsuits incidental to our business, including defamation actions.
In the opinion of our management, after consultation with counsel, any ultimate liability arising out of currently pending claims and lawsuits
will not have a material effect on our financial condition or operations.
ITEM 4. Submission of Matters to a Vote of Security Holders.
There were no matters submitted to a vote of security holders in the fourth quarter of fiscal year 2002.
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