“We’re pleased with the success of our growth initiatives in the quarter,” said Bob Pittman, Chairman and Chief Executive Officer.
Bob Pittman |
"At Americas outdoor, we have also seen continued evolution based on our introduction of a full range of innovative technologies that use aggregated, anonymous, statistical insights from third-party data providers to enable marketers for the first time to buy our inventory with the same sophisticated tools used in digital campaigns. At International outdoor, we are seeing our business plan gaining traction, including key contract wins and notable progress in the digital conversion of our inventory worldwide.”
Rich Bressler |
“This solid performance of our operating businesses provides us with the flexibility to manage our capital structure in a prudent manner, and allows us to keep evaluating opportunities to strengthen our balance sheet and our businesses.”
Key financial highlights for the first quarter 2016 include:
- Consolidated revenues increased 4.1% after adjusting for a $15 million impact from movements in foreign exchange rates and the $20 million impact of the non-strategic Americas outdoor markets we sold in the first quarter of 2016. On a reported basis, consolidated revenue increased 1.4%.
- On a reported basis, iHeartMedia revenues increased $41 million, or 5.9%. Revenues increased $32 million, or 4.6%, excluding political revenue.
- Revenue from the company’s Premiere Networks syndication business was also up, spurred by growth in the news/talk format.
- Americas outdoor revenues increased $12 million, or 4.2%, after adjusting for a $5 million impact from movements in foreign exchange rates and a $20 million impact from the sale of non-strategic markets. The increase was driven by higher revenues from digital and static billboards. On a reported basis, revenues decreased 4.5%.
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