iHeartMedia 2012 Annual Report Download - page 4

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PART I
ITEM 1. BUSINESS
Introduction
As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), the financial statements
and related footnotes included in Item 6 and Item 8 of Part II of this Annual Report on Form 10-K are those of Clear Channel Capital
I, LLC (“Clear Channel Capital I”), the direct parent of Clear Channel Communications, Inc., a Texas corporation (“Clear Channel” or
the “Subsidiary Issuer”), and contain certain footnote disclosures regarding the financial information of Clear Channel and Clear
Channel’s domestic wholly-owned subsidiaries that guarantee certain of Clear Channel’s outstanding indebtedness. All other financial
information and other data and information contained in this Annual Report on Form 10-K is that of Clear Channel, unless otherwise
indicated. Accordingly, all references in Part I, references in Item 5 of Part II through Item 7A of Part II, references in Item 9 and Item
9A of Part II and all references in Part III of this Annual Report on Form 10-K to “we,” “us,” and “our” refer to Clear Channel and its
consolidated subsidiaries.
Clear Channel
On November 16, 2006, Clear Channel entered into the merger agreement with an entity formed by private equity funds
sponsored by Bain Capital Partners, LLC (“Bain Capital”) and Thomas H. Lee Partners, L.P. (“THL”) (together, the “Sponsors”) to
effect the acquisition of Clear Channel by CC Media Holdings, Inc. (“CCMH”). Clear Channel held a special meeting of its
shareholders on July 24, 2008, at which time the proposed merger was approved. On July 30, 2008, upon the satisfaction of the
conditions set forth in the merger agreement, CCMH acquired Clear Channel. The acquisition was effected by the merger of an entity
formed by the Sponsors, then an indirect subsidiary of CCMH, with and into Clear Channel. As a result of the merger, Clear Channel
became a wholly-owned subsidiary of CCMH, held indirectly through intermediate holding companies including Clear Channel
Capital I. Upon the consummation of the merger, CCMH became a public company and Clear Channel was no longer a public
company.
You can find more information about us at our Internet website located at www.clearchannel.com. Our Annual Report on
Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and any amendments to those reports are
available free of charge through our Internet website as soon as reasonably practicable after we electronically file such material with,
or furnish such material to, the Securities and Exchange Commission (“SEC”). The contents of our website are not deemed to be part
of this Annual Report on Form 10-K or any of our other filings with the SEC.
Our principal executive offices are located at 200 East Basse Road, San Antonio, Texas 78209 (telephone: [phone]).
During the first quarter of 2012, and in connection with the appointment of the new chief executive officer of our indirect
subsidiary, Clear Channel Outdoor Holdings, Inc. (“CCOH”), we reevaluated our segment reporting and determined that our Latin
American operations were more appropriately aligned within the operations of our International outdoor advertising segment. As a
result, the operations of Latin America are no longer reflected within our Americas outdoor advertising segment and are currently
included in the results of our International outdoor advertising segment. Accordingly, we have recast the corresponding segment
disclosures for prior periods.
Our Business Segments
We are a diversified media and entertainment company with three reportable business segments: Media and Entertainment
(“CCME”); Americas outdoor advertising (“Americas outdoor”); and International outdoor advertising (“International outdoor”). Our
CCME segment provides media and entertainment services via broadcast and digital delivery and also includes our national
syndication business. Our Americas outdoor and International outdoor segments provide outdoor advertising services in their
respective geographic regions using various digital and traditional display types. Our Americas outdoor segment consists of
operations primarily in the United States and Canada. Our International outdoor segment consists of operations primarily in Asia,
Australia, Europe and Latin America. Our “Other” segment includes our full-service media representation business, Katz Media
Group (“Katz Media”), as well as other general support services and initiatives, which are ancillary to our other businesses.
Approximately half of our revenue is generated from our CCME segment. The remaining half is comprised of our Americas outdoor
and our International outdoor advertising segments, as well as Katz Media and other support services and initiatives.
We are a leading global media and entertainment company specializing in radio, digital, out-of-home, mobile and on-demand
entertainment and information services for national audiences and local communities while providing premiere opportunities for
advertisers. Through our strong capabilities and unique collection of assets, we have the ability to deliver compelling content as well
as innovative, effective marketing campaigns for advertisers and marketing, creative and strategic partners in the United States and
internationally.