"Our second quarter results reflect the positive impact of the global advertising market recovery combined with the ongoing execution of our strategic plan to maximize our performance and improve profitability across our operations,” said Mark Mays, President and CEO of CC Media Holdings.  “During the quarter, we saw improvement in both revenue and profit margins across our radio and outdoor platforms.  The fundamentals of our business are clearly improving, as we return to revenue growth and attain the benefits of our cost reduction efforts.”

Mark Mays further noted, “Our assets represent an exceptional platform for reaching and influencing millions of consumers across the globe. As a result of our restructuring efforts, including the successful divestiture of non-strategic assets during the past year, we are now a more efficient and focused company, positioned to drive returns for our shareholders. Given the ongoing momentum we are seeing across our business, we remain optimistic regarding our growth prospects for the full year.”

CC Media Holdings reported revenues of $1.49 billion in the second quarter of 2010, an increase of 4% from the $1.44 billion reported for the second quarter of 2009, and revenues also would have increased 4% excluding the effects of movements in foreign exchange rates.

The Company’s operating expenses decreased 2% during the second quarter of 2010 compared to the second quarter of 2009, and would have declined 1% excluding the effects of movements in foreign exchange rates.  Included in the Company’s second quarter 2010 and 2009 operating and corporate expenses are approximately $15.6 million and $56.7 million of restructuring charges, respectively, and $8.5 million and $9.5 million, respectively, of non-cash compensation expense.

The Company’s consolidated net loss in the second quarter of 2010 decreased to $77.2 million compared to a consolidated net loss of $3.68 billion for the same period in 2009. Included in the 2009 results are impairment charges of approximately $4.04 billion and gains of $440.3 million associated with debt repurchases.

CC Media Holdings’ OIBDAN (defined as Operating income before Depreciation and amortization, Non-cash compensation expense, and Other operating income (expense) – net) was $456.9 million in the second quarter of 2010, a 14% increase from the second quarter of 2009.