iHeartMedia 2010 Annual Report Download - page 39
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Reconciliation of Segment Operating Income (Loss) to Consolidated Operating Income (Loss)
THE COMPARISON OF YEAR ENDED DECEMBER 31, 2009 TO YEAR ENDED DECEMBER 31, 2008 IS AS
FOLLOWS:
CCMH was formed in May 2007 by private equity funds sponsored by Bain Capital Partners, LLC and Thomas H. Lee Partners,
L.P. (together, the “Sponsors”) for the purpose of acquiring the business of Clear Channel. The acquisition was completed on July 30,
2008 pursuant to the Agreement and Plan of Merger, dated November 16, 2006, as amended on April 18, 2007, May 17, 2007 and
May 13, 2008.
Our 2008 consolidated statements of operations and statements of cash flows are presented for two periods: post-merger and
pre-merger. The merger resulted in a new basis of accounting beginning on July 31, 2008 and the financial reporting periods are
presented as follows:
The discussion in this MD&A is presented on a combined basis of the pre-merger and post-merger periods for 2008. The 2008
post-merger and pre-merger results are presented but are not discussed separately. We believe that the discussion on a combined basis
is more meaningful as it allows the results of operations to be analyzed to comparable periods in 2010 and 2009.
35
(In thousands)
Years Ended December 31,
2010
2009
Radio broadcastin
g
$840,106
$639,854
Americas outdoor advertisin
g
273,519
217,617
International outdoor advertisin
g
56,259
(68,727)
Other
20,716
(43,963)
Im
p
airment char
g
es
(15,364)
(4,118,924)
Other o
p
eratin
g
ex
p
ense - net
(16,710)
(50,837)
Cor
p
orate ex
p
enses
(293,685)
(262,166)
Consolidated o
p
eratin
g
income (loss)
$ 864,841
$(3,687,146)
(1) Corporate expenses include expenses related to radio broadcasting, Americas outdoor, International outdoor and our other
se
g
ment.
•
The period from July 31 through December 31, 2008 reflect our post-merger period. Subsequent to the acquisition, Clear
Channel became an indirect, wholly-owned subsidiary of CCMH and Clear Channel Capital’s business became that of
Clear Channel and its subsidiaries.
•
The period from January 1 through July 30, 2008 reflects our pre-merger period. The consolidated financial statements for
the pre-merger period were prepared using the historical basis of accounting for Clear Channel. As a result of the merger
and the associated purchase accounting, the consolidated financial statements of the post-merger periods are not
com
p
arable to
p
eriods
p
recedin
g
the mer
g
er.
(1)