10-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q 

(Mark One)

[X]          QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2015

[  ]           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM  TO  

Commission File Number

001‑32663

CLEAR CHANNEL OUTDOOR HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware 86-0812139 

                      (State or other jurisdiction of(I.R.S. Employer Identification No.)

                     incorporation or organization)

                   200 East Basse Road, Suite 100                                                                             78209

                              San Antonio, Texas                                                                                    (Zip Code)

             (Address of principal executive offices)

(210) 832-3700

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes [X] No [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [  ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  [  ]       Accelerated filer   [X]    Non-accelerated filer [  ]       Smaller reporting company   [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes [  ] No [X]

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Class - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	Outstanding at July 28, 2015 - - - - - - - - - - - - - - - - - - - - - - - - - -
Class A Common Stock, $.01 par value Class B Common Stock, $.01 par value	46,381,597 315,000,000

CLEAR CHANNEL OUTDOOR HOLDINGS, INC.

INDEX

	Page No.
Part I -- Financial Information
Item 1.       Financial Statements	1
Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014	1
Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2015 and 2014	2
Consolidated Statements of Cash Flows for the six months ended June 30, 2015 and 2014	3
Notes to Consolidated Financial Statements	4
Item 2.       Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.       Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.       Controls and Procedures	33
Part II -- Other Information
Item 1.       Legal Proceedings	34
Item 1A.    Risk Factors	34
Item 2.       Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.       Defaults Upon Senior Securities	35
Item 4.       Mine Safety Disclosures	35
Item 5.       Other Information	35
Item 6.       Exhibits	35
Signatures	37

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

		June 30,
(In thousands)		2015		December 31,
		(Unaudited)		2014
CURRENT ASSETS
Cash and cash equivalents		$	129,883	$	186,204
Accounts receivable, net of allowance of $22,978 in 2015 and $24,308 in 2014			711,862		697,811
Prepaid expenses			143,492		134,041
Other current assets			70,493		61,893
	Total Current Assets		1,055,730		1,079,949
PROPERTY, PLANT AND EQUIPMENT
Structures, net			1,542,361		1,614,199
Other property, plant and equipment, net			267,586		291,452
INTANGIBLE ASSETS AND GOODWILL
Indefinite-lived intangibles			1,065,978		1,066,748
Other intangibles, net			382,840		412,064
Goodwill			807,460		817,112
OTHER ASSETS
Due from iHeartCommunications			936,931		947,806
Other assets			129,472		133,081
Total Assets		$	6,188,358	$	6,362,411
CURRENT LIABILITIES
Accounts payable		$	69,678	$	75,915
Accrued expenses			464,325		543,818
Deferred income			132,555		94,635
Current portion of long-term debt			2,573		3,461
	Total Current Liabilities		669,131		717,829
Long-term debt			4,927,997		4,930,468
Deferred tax liability			618,071		620,255
Other long-term liabilities			236,504		234,800
Commitments and Contingent liabilities (Note 4)
SHAREHOLDERS’ DEFICIT
Noncontrolling interest			182,773		203,334
Preferred stock, $.01 par value, 150,000,000 shares authorized, no shares issued and outstanding			-		-
Class A common stock, $.01 par value, 750,000,000 shares authorized, 46,598,129 and
	45,231,282 shares issued in 2015 and 2014, respectively		466		452
Class B common stock, $.01 par value, 600,000,000 shares authorized, 315,000,000 shares
	issued and outstanding		3,150		3,150
Additional paid-in capital			4,174,654		4,167,233
Accumulated deficit			(4,204,673)		(4,172,565)
Accumulated other comprehensive loss			(417,644)		(341,353)
Cost of shares (229,943 in 2015 and 140,702 in 2014) held in treasury			(2,071)		(1,192)
	Total Shareholders’ Deficit		(263,345)		(140,941)
	Total Liabilities and Shareholders’ Deficit	$	6,188,358	$	6,362,411

See Notes to Consolidated Financial Statements

1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

(UNAUDITED)

(In thousands, except per share data)			Three Months Ended				Six Months Ended
			June 30,				June 30,
			2015		2014		2015		2014
Revenue			$	722,819	$	781,205	$	1,337,862	$	1,416,456
Operating expenses:
		Direct operating expenses (excludes depreciation   and amortization)		372,342		413,144		735,313		794,657
		Selling, general and administrative expenses   (excludes depreciation and amortization)		132,522		140,271		259,652		273,221
		Corporate expenses (excludes depreciation   and amortization)		30,154		33,333		58,907		64,030
		Depreciation and amortization		93,405		98,726		187,499		197,467
		Other operating income (expense), net		659		247		(4,785)		2,901
Operating income				95,055		95,978		91,706		89,982
Interest expense				88,556		88,212		177,972		177,473
Interest income on Due from iHeartCommunications				15,049		15,227		30,302		29,900
Equity in earnings (loss) of nonconsolidated affiliates				(351)		327		171		(409)
Other income, net				15,276		11,983		35,214		13,880
Income (loss) before income taxes				36,473		35,303		(20,579)		(44,120)
Income tax benefit (expense)				(27,187)		24,820		(3,088)		7,875
Consolidated net income (loss)				9,286		60,123		(23,667)		(36,245)
	Less amount attributable to noncontrolling interest			7,876		9,086		8,441		9,588
Net income (loss) attributable to the Company			$	1,410	$	51,037	$	(32,108)	$	(45,833)
Other comprehensive income (loss), net of tax:
	Foreign currency translation adjustments			2,900		(12,025)		(78,587)		(16,562)
	Unrealized holding gain (loss) on marketable securities			(133)		(405)		689		679
	Other adjustments to comprehensive income (loss)			-		-		(1,154)		-
Other comprehensive income (loss)				2,767		(12,430)		(79,052)		(15,883)
Comprehensive income (loss)				4,177		38,607		(111,160)		(61,716)
	Less amount attributable to noncontrolling interest			(5,060)		(554)		(2,761)		(3,451)
Comprehensive income (loss) attributable to the Company			$	9,237	$	39,161	$	(108,399)	$	(58,265)
Net income (loss) attributable to the Company per common share:
	Basic		$	0.00	$	0.14	$	(0.09)	$	(0.13)
	Weighted average common shares outstanding – Basic			359,538		358,453		359,317		358,425
	Diluted		$	0.00	$	0.14	$	(0.09)	$	(0.13)
	Weighted average common shares outstanding – Diluted			361,063		359,832		359,317		358,425
Dividends declared per share			$	-	$	-	$	-	$	-

See Notes to Consolidated Financial Statements

2

CONSOLIDATED STATEMENTS OF CASH FLOWS
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

(UNAUDITED)

(In thousands)			Six Months Ended June 30,
			2015		2014
Cash flows from operating activities:
	Consolidated net loss		$	(23,667)	$	(36,245)
Reconciling items:
	Depreciation and amortization			187,499		197,467
	Deferred taxes			6,311		(27,723)
	Provision for doubtful accounts			5,144		4,143
	Share-based compensation			3,729		4,250
	Gain on sale of operating and fixed assets			(2,602)		(2,901)
	Amortization of deferred financing charges and note discounts, net			4,344		4,325
	Other reconciling items, net			(35,777)		(14,212)
	Changes in operating assets and liabilities, net of effects of acquisitions    and dispositions:
		Increase in accounts receivable		(40,921)		(33,857)
		Decrease in accrued expenses		(59,485)		(30,071)
		Decrease in accounts payable		(2,539)		(18,495)
		Increase in deferred income		40,740		43,277
		Changes in other operating assets and liabilities		(28,317)		(9,432)
Net cash provided by operating activities				54,459		80,526
Cash flows from investing activities:
	Purchases of property, plant and equipment			(90,033)		(92,967)
	Proceeds from disposal of assets			2,129		6,888
	Purchases of other operating assets			(853)		(175)
	Change in other, net			(1,036)		(1,305)
Net cash used for investing activities				(89,793)		(87,559)
Cash flows from financing activities:
	Draws on credit facilities			-		820
	Payments on credit facilities			(2,638)		(1,675)
	Payments on long-term debt			(27)		(23)
	Net transfers (to) from iHeartCommunications			10,875		(71,045)
	Dividends and other payments to noncontrolling interests			(28,099)		(9,673)
	Change in other, net			2,825		695
Net cash used for financing activities				(17,064)		(80,901)
Effect of exchange rate changes on cash				(3,923)		(637)
Net decrease in cash and cash equivalents				(56,321)		(88,571)
Cash and cash equivalents at beginning of period				186,204		314,545
Cash and cash equivalents at end of period			$	129,883	$	225,974
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest				174,631		176,217
Cash paid for income taxes				19,217		16,823

See Notes to Consolidated Financial Statements

3

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 – BASIS OF PRESENTATION

Preparation of Interim Financial Statements

The accompanying consolidated financial statements were prepared by Clear Channel Outdoor Holdings, Inc. (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations.  Management believes that the disclosures made are adequate to make the information presented not misleading.  Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full year.  The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2014 Annual Report on Form 10-K. All references in this Quarterly Report on Form 10-Q to “we,” “us” and “our” refer to the Company and its consolidated subsidiaries.  Our reportable segments are Americas outdoor advertising (“Americas”) and International outdoor advertising (“International”).

The consolidated financial statements include the accounts of the Company and its subsidiaries and give effect to allocations of expenses from the Company’s indirect parent entity, iHeartCommunications, Inc. (“iHeartCommunications”).  These allocations were made on a specifically identifiable basis or using relative percentages of headcount or other methods management considered to be a reasonable reflection of the utilization of services provided.  Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary.  Investments in companies in which the Company owns 20% to 50% of the voting common stock or otherwise exercises significant influence over operating and financial policies of the company are accounted for under the equity method.  All significant intercompany transactions are eliminated in the consolidation process.  Certain prior-period amounts have been reclassified to conform to the 2015 presentation.

During the first quarter of 2015, and in connection with the appointment of a new chief executive officer for the Company and a new chief executive officer for Americas, the Company reevaluated its segment reporting and determined that its Latin American operations should be managed by its Americas leadership team.  As a result, the operations of Latin America are no longer reflected within the Company’s International segment and are included in the results of its Americas segment. Accordingly, the Company has recast the corresponding segment disclosures for prior periods to include Latin America within the Americas segment.

New Accounting Pronouncements

During the first quarter of 2015, the Company adopted the Financial Accounting Standards Board’s (“FASB”) ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.  This update provides guidance for the recognition, measurement and disclosure of discontinued operations. The update is effective for annual periods beginning on or after 15 December 2014 and interim periods within those years.  The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements.

During the first quarter of 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis. This new standard eliminates the deferral of FAS 167, which has allowed entities with interest in certain investment funds to follow the previous consolidation guidance in FIN 46(R), and makes other changes to both the variable interest model and the voting model. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015.  The Company is currently evaluating the impact of the provisions of this new standard on its financial position and results of operations.

4

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 2 – PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL

Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets as of June 30, 2015 and December 31, 2014, respectively.
(In thousands)	June 30,		December 31,
	2015		2014
Land, buildings and improvements	$	198,076	$	198,280
Structures		3,005,159		2,999,582
Furniture and other equipment		149,387		152,084
Construction in progress		61,070		75,469
		3,413,692		3,425,415
Less: accumulated depreciation		1,603,745		1,519,764
Property, plant and equipment, net	$	1,809,947	$	1,905,651

Indefinite-lived Intangible Assets

The Company’s indefinite-lived intangible assets consist primarily of billboard permits in its Americas segment.  Due to significant differences in both business practices and regulations, billboards in the International segment are subject to long-term, finite contracts, unlike the Company’s permits in the United States and Canada.  Accordingly, there are no indefinite-lived intangible assets in the International segment.

Other Intangible Assets

Other intangible assets include definite-lived intangible assets and permanent easements.  The Company’s definite-lived intangible assets consist primarily of transit and street furniture contracts, site-leases and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows.  Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company.  The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets.  These assets are recorded at cost.

The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of June 30, 2015 and December 31, 2014, respectively:
(In thousands)		June 30, 2015				December 31, 2014
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Transit, street furniture and other outdoor    contractual rights		$	675,465	$	(465,228)	$	716,722	$	(476,523)
Permanent easements			171,641		-		171,272		-
Other			2,826		(1,864)		2,912		(2,319)
	Total	$	849,932	$	(467,092)	$	890,906	$	(478,842)

Total amortization expense related to definite-lived intangible assets for the three months ended June 30, 2015 and 2014 was $12.5 million and $17.0 million, respectively. Total amortization expense related to definite-lived intangible assets for the six months ended June 30, 2015 and 2014 was $27.2 million and $34.1 million, respectively.

5

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

As acquisitions and dispositions occur in the future, amortization expense may vary.  The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
(In thousands)
2016	$	37,978
2017		29,948
2018		25,108
2019		16,192
2020		13,438

The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments:
(In thousands)		Americas		International		Consolidated
Balance as of December 31, 2013		$	585,227	$	264,907	$	850,134
	Foreign currency		(653)		(32,369)		(33,022)
Balance as of December 31, 2014		$	584,574	$	232,538	$	817,112
	Foreign currency		(312)		(9,340)		(9,652)
Balance as of June 30, 2015		$	584,262	$	223,198	$	807,460

NOTE 3 – LONG-TERM DEBT
Long-term debt outstanding as of June 30, 2015 and December 31, 2014 consisted of the following:
(In thousands)		June 30,		December 31,
		2015		2014
Clear Channel Worldwide Holdings Senior Notes:
	6.5% Series A Senior Notes Due 2022	$	735,750	$	735,750
	6.5% Series B Senior Notes Due 2022		1,989,250		1,989,250
Clear Channel Worldwide Holdings Senior Subordinated Notes:
	7.625% Series A Senior Subordinated Notes Due 2020		275,000		275,000
	7.625% Series B Senior Subordinated Notes Due 2020		1,925,000		1,925,000
Senior revolving credit facility due 2018(1)			-		-
Other debt			11,444		15,107
Original issue discount			(5,874)		(6,178)
Total debt		$	4,930,570	$	4,933,929
	Less: current portion		2,573		3,461
Total long-term debt		$	4,927,997	$	4,930,468
(1)	The Senior revolving credit facility provides for borrowings up to $75.0 million (the revolving credit commitment).

The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $5.1 billion at both June 30, 2015 and December 31, 2014. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company’s debt is classified as Level 1.

Surety Bonds, Letters of Credit and Guarantees

As of June 30, 2015, the Company had $56.3 million and $54.2 million in letters of credit and bank guarantees outstanding, respectively. Bank guarantees of $13.2 million were backed by cash collateral. Additionally, as of June 30, 2015, iHeartCommunications had outstanding commercial standby letters of credit and surety bonds of $1.2 million and $56.1 million,

6

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

respectively, held on behalf of the Company.  These letters of credit, bank guarantees and surety bonds relate to various operational matters, including insurance, bid and performance bonds, as well as other items.

NOTE 4 – COMMITMENTS AND CONTINGENCIES

The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated.  These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies.  It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings.  Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations.

Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial disputes; employment and benefits related claims; governmental fines; and tax disputes.

Los Angeles Litigation

In 2008, Summit Media, LLC, one of the Company’s competitors, sued the City of Los Angeles (the “City”), Clear Channel Outdoor, Inc. (“CCOI”)and OUTFRONT Media Inc. (formerly CBS Outdoor Americas Inc.) in Los Angeles Superior Court (Case No. BS116611) challenging the validity of a settlement agreement that had been entered into in November 2006 among the parties and pursuant to which CCOI had taken down existing billboards and converted 83 existing signs from static displays to digital displays.  In 2009, the Los Angeles Superior Court ruled that the settlement agreement constituted an ultra vires act of the City, and nullified its existence.  After further proceedings, on April 12, 2013, the Los Angeles Superior Court invalidated 82 digital modernization permits issued to CCOI (77) of which displays were operating at the time of the ruling) and CCOI was required to turn off the electrical power to all affected digital displays on April 15, 2013.  The digital display structures remain intact but digital displays are currently prohibited in the City.  CCOI is seeking permits under the existing City sign code to either wrap the LED faces with vinyl or convert the LED faces to traditional static signs, and has obtained a number of such permits.  CCOI is also pursuing a new ordinance to permit digital signage in the City.

International Outdoor Investigation

On April 21, 2015, inspections were conducted at the premises of the Company in Denmark and Sweden as part of an investigation by Danish competition authorities.  Additionally, on the same day; Clear Channel UK received a communication from the UK competition authorities, also in connection with the investigation by Danish competition authorities. The Company and its affiliates are cooperating with the national competition authorities.

NOTE 5 — RELATED PARTY TRANSACTIONS

The Company records net amounts due from or to iHeartCommunications as “Due from/to iHeartCommunications” on the consolidated balance sheets.  The accounts represent the revolving promissory note issued by the Company to iHeartCommunications and the revolving promissory note issued by iHeartCommunications to the Company in the face amount of $1.0 billion, or if more or less than such amount, the aggregate unpaid principal amount of all advances.  The accounts accrue interest pursuant to the terms of the promissory notes and are generally payable on demand or when they mature on December 15, 2017.

Included in the accounts are the net activities resulting from day-to-day cash management services provided by iHeartCommunications.  As a part of these services, the Company maintains collection bank accounts swept daily into accounts of iHeartCommunications (after satisfying the funding requirements of the Trustee Accounts under the CCWH Senior Notes and the CCWH Subordinated Notes).  In return, iHeartCommunications funds the Company’s controlled disbursement accounts as checks or electronic payments are presented for payment.  The Company’s claim in relation to cash transferred from its concentration account is on an unsecured basis and is limited to the balance of the “Due from iHeartCommunications” account.

As of June 30, 2015 and December 31, 2014, the asset recorded in “Due from iHeartCommunications” on the consolidated balance sheet was $936.9 million and $947.8 million, respectively.  As of June 30, 2015, the fixed interest rate on the “Due from iHeartCommunications” account was 6.5%, which is equal to the fixed interest rate on the CCWH Senior Notes.  The net interest

7

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

income for the three months ended June 30, 2015 and 2014 was $15.0 million and $15.2 million, respectively.  The net interest income for the six months ended June 30, 2015 and 2014 was $30.3 million and $29.9 million, respectively. 

The Company provides advertising space on its billboards for radio stations owned by iHeartCommunications.  For the three months ended June 30, 2015 and 2014, the Company recorded $1.1 million and $1.1 million, respectively, in revenue for these advertisements.  For the six months ended June 30, 2015 and 2014, the Company recorded $2.2 million and $2.1 million, respectively, in revenue for these advertisements.

Under the Corporate Services Agreement between iHeartCommunications and the Company, iHeartCommunications provides management services to the Company, which include, among other things: (i) treasury, payroll and other financial related services; (ii) certain executive officer services; (iii) human resources and employee benefits services; (iv) legal and related services; (v) information systems, network and related services; (vi) investment services; (vii) procurement and sourcing support services; and (viii) other general corporate services.  These services are charged to the Company based on actual direct costs incurred or allocated by iHeartCommunications based on headcount, revenue or other factors on a pro rata basis. For the three months ended June 30, 2015 and 2014, the Company recorded $8.0 million and $7.1 million, respectively, as a component of corporate expenses for these services.  For the six months ended June 30, 2015 and 2014, the Company recorded $15.9 million and $16.3 million, respectively, as a component of corporate expenses for these services.

Pursuant to the Tax Matters Agreement between iHeartCommunications and the Company, the operations of the Company are included in a consolidated federal income tax return filed by iHeartCommunications.  The Company’s provision for income taxes has been computed on the basis that the Company files separate consolidated federal income tax returns with its subsidiaries.  Tax payments are made to iHeartCommunications on the basis of the Company’s separate taxable income.  Tax benefits recognized on the Company’s employee stock option exercises are retained by the Company.

The Company computes its deferred income tax provision using the liability method in accordance with the provisions of ASC 740-10, as if the Company was a separate taxpayer.  Deferred tax assets and liabilities are determined based on differences between financial reporting basis and tax basis of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled.  Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not some portion or all of the asset will not be realized.

Pursuant to the Employee Matters Agreement, the Company’s employees participate in iHeartCommunications’ employee benefit plans, including employee medical insurance and a 401(k) retirement benefit plan.  For each of the three month periods ended June 30, 2015 and 2014, the Company recorded $2.7 million, as a component of selling, general and administrative expenses for these services.  For each of the six month periods ended June 30, 2015 and 2014, the Company recorded $5.3 million, as a component of selling, general and administrative expenses for these services.

Stock Purchases

On August 9, 2010, iHeartCommunications announced that its board of directors approved a stock purchase program under which iHeartCommunications or its subsidiaries may purchase up to an aggregate of $100 million of the Company’s Class A common stock and/or the Class A common stock of iHeartMedia, Inc. (“iHeartMedia”). The stock purchase program did not have a fixed expiration date and could be modified, suspended or terminated at any time at iHeartCommunications’ discretion. As of December 31, 2014, an aggregate $34.2 million was available under this program.  In January 2015, CC Finco, LLC (“CC Finco”), an indirect wholly-owned subsidiary of iHeartCommunications, purchased an additional 2,000,000 shares of the Company’s Class A common stock for $20.4 million.  On April 2, 2015, CC Finco purchased an additional 2,172,946 shares of the Company’s Class A common stock for $22.2 million, increasing iHeartCommunications’ collective holdings to represent slightly more than 90% of the outstanding shares of the Company’s common stock on a fully-diluted basis, assuming the conversion of all of the Company’s Class B common stock into Class A common stock. As a result of this purchase, the stock purchase program concluded. The purchase of shares in excess of the amount available under the stock purchase program was separately approved by the iHeartCommunications’ board of directors.

8

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 6 – INCOME TAXES
Income Tax Benefit (Expense)
The Company’s income tax benefit (expense) for the three and six months ended June 30, 2015 and 2014, respectively, consisted of the following components:
(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Current tax benefit (expense)	$	(25,613)	$	19,563	$	3,223	$	(19,848)
Deferred tax benefit (expense)		(1,574)		5,257		(6,311)		27,723
Income tax benefit (expense)	$	(27,187)	$	24,820	$	(3,088)	$	7,875

The effective tax rates for the three and six months ended June 30, 2015 were 74.5% and (15.0)%, respectively. The effective rates were primarily impacted by the Company’s uncertainty of an ability to recognize the future benefit of certain deferred tax assets that consists of current period net operating losses in U.S. federal, state and certain foreign jurisdictions.  The Company has recorded a valuation allowance against these deferred tax assets as the reversing deferred tax liabilities and other sources of taxable income that may be available to realize the deferred tax assets was exceeded by the additional net operating losses in the current period.

The effective tax rates for the three and six months ended June 30, 2014 were (70.3)% and 17.8%, respectively.  The effective rates were primarily impacted by the Company’s inability to record tax benefits on tax losses in certain foreign jurisdictions due to the uncertainty of the ability to utilize those losses in future years. In addition, the effective tax rates were impacted by the timing and mix of earnings in the various jurisdictions in which the Company operates.

NOTE 7 – SHAREHOLDERS’ EQUITY
The Company reports its noncontrolling interests in consolidated subsidiaries as a component of equity separate from the Company’s equity. The following table shows the changes in shareholders’ equity attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest:
(In thousands)		The Company		Noncontrolling Interests		Consolidated
Balances as of January 1, 2015		$	(344,275)		203,334		(140,941)
	Net income (loss)		(32,108)		8,441		(23,667)
	Dividends and other payments to noncontrolling interests		-		(28,099)		(28,099)
	Foreign currency translation adjustments		(75,826)		(2,761)		(78,587)
	Unrealized holding gain on marketable securities		689		-		689
	Other adjustments to comprehensive loss		(1,154)		-		(1,154)
	Other, net		6,556		1,858		8,414
Balances as of June 30, 2015		$	(446,118)	$	182,773	$	(263,345)
Balances as of January 1, 2014		$	(41,938)	$	202,046	$	160,108
	Net income (loss)		(45,833)		9,588		(36,245)
	Foreign currency translation adjustments		(13,111)		(3,451)		(16,562)
	Unrealized holding gain on marketable securities		679		-		679
	Other, net		4,991		(9,673)		(4,682)
Balances as of June 30, 2014		$	(95,212)	$	198,510	$	103,298

9

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 8 — OTHER INFORMATION

Other Comprehensive Income (Loss) 

For the three months ended June 30, 2015 and 2014 the total increase (decrease) in deferred income tax liabilities of other comprehensive income (loss) related to pensions were $0.0 million and $0.0 million, respectively.  For the six months ended June 30, 2015 and 2014 the total increase (decrease) in deferred income tax liabilities of other comprehensive income (loss) related to pensions were $(0.6) million and $0.0 million, respectively.

NOTE 9 – SEGMENT DATA

The Company has two reportable segments, which it believes best reflect how the Company is currently managed – Americas and International.  The Americas segment consists of operations primarily in the United States, Canada and Latin America and the International segment primarily includes operations in Europe, Asia and Australia.  The Americas and International display inventory consists primarily of billboards, street furniture displays and transit displays.  Corporate includes infrastructure and support including information technology, human resources, legal, finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions.  Share-based payments are recorded in corporate expenses.

The following table presents the Company’s reportable segment results for the three months ended June 30, 2015 and 2014:
(In thousands)	Americas Outdoor Advertising		International Outdoor Advertising		Corporate and other reconciling items		Consolidated
Three months ended June 30, 2015
Revenue	$	341,286	$	381,533	$	-	$	722,819
Direct operating expenses		149,712		222,630		-		372,342
Selling, general and administrative expenses		57,346		75,176		-		132,522
Corporate expenses		-		-		30,154		30,154
Depreciation and amortization		51,113		40,956		1,336		93,405
Other operating income, net		-		-		659		659
Operating income (loss)	$	83,115	$	42,771	$	(30,831)	$	95,055
Capital expenditures	$	15,664	$	31,752	$	802	$	48,218
Share-based compensation expense	$	-	$	-	$	1,804	$	1,804
Three months ended June 30, 2014
Revenue	$	344,346	$	436,859	$	-	$	781,205
Direct operating expenses		153,875		259,269		-		413,144
Selling, general and administrative expenses		58,448		81,823		-		140,271
Corporate expenses		-		-		33,333		33,333
Depreciation and amortization		49,848		47,889		989		98,726
Other operating income, net		-		-		247		247
Operating income (loss)	$	82,175	$	47,878	$	(34,075)	$	95,978
Capital expenditures	$	21,683	$	31,776	$	880	$	54,339
Share-based compensation expense	$	-	$	-	$	2,240	$	2,240

10

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

During the first quarter of 2015, the Company revised its segment reporting, as discussed in Note 1.  The following table presents the Company’s reportable segment results for the six months ended June 30, 2015 and 2014:
(In thousands)	Americas Outdoor Advertising		International Outdoor Advertising		Corporate and other reconciling items		Consolidated
Six Months Ended June 30, 2015
Revenue	$	637,149	$	700,713	$	-	$	1,337,862
Direct operating expenses		295,946		439,367		-		735,313
Selling, general and administrative expenses		112,983		146,669		-		259,652
Corporate expenses		-		-		58,907		58,907
Depreciation and amortization		101,453		83,397		2,649		187,499
Other operating loss, net		-		-		(4,785)		(4,785)
Operating income (loss)	$	126,767	$	31,280	$	(66,341)	$	91,706
Capital expenditures	$	32,359	$	56,857	$	817	$	90,033
Share-based compensation expense	$	-	$	-	$	3,729	$	3,729
Six Months Ended June 30, 2014
Revenue	$	634,956	$	781,500	$	-	$	1,416,456
Direct operating expenses		297,239		497,418		-		794,657
Selling, general and administrative expenses		114,817		158,404		-		273,221
Corporate expenses		-		-		64,030		64,030
Depreciation and amortization		99,559		96,220		1,688		197,467
Other operating income, net		-		-		2,901		2,901
Operating income (loss)	$	123,341	$	29,458	$	(62,817)	$	89,982
Capital expenditures	$	38,127	$	52,638	$	2,202	$	92,967
Share-based compensation expense	$	-	$	-	$	4,250	$	4,250

11

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 10 – GUARANTOR SUBSIDIARIES
The Company and certain of the Company’s direct and indirect wholly-owned domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guarantee on a joint and several basis certain of the outstanding indebtedness of Clear Channel Worldwide Holdings, Inc. ("CCWH" or the “Subsidiary Issuer”).  The following consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X Rule 3-10(d):
(In thousands)		June 30, 2015
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents		$	905	$	-	$	-	$	138,473	$	(9,495)	$	129,883
Accounts receivable, net of allowance			-		-		213,532		498,330		-		711,862
Intercompany receivables			-		249,683		1,711,541		9,208		(1,970,432)		-
Prepaid expenses			1,340		-		64,807		77,345		-		143,492
Other current assets			(485)		(451)		56,633		14,796		-		70,493
	Total Current Assets		1,760		249,232		2,046,513		738,152		(1,979,927)		1,055,730
Structures, net			-		-		1,006,154		536,207		-		1,542,361
Other property, plant and equipment, net			-		-		154,366		113,220		-		267,586
Indefinite-lived intangibles			-		-		1,055,728		10,250		-		1,065,978
Other intangibles, net			-		-		313,943		68,897		-		382,840
Goodwill			-		-		571,932		235,528		-		807,460
Due from iHeartCommunications			936,931		-		-		-		-		936,931
Intercompany notes receivable			182,026		4,934,845		-		958		(5,117,829)		-
Other assets			178,516		766,569		1,227,842		49,676		(2,093,131)		129,472
	Total Assets	$	1,299,233	$	5,950,646	$	6,376,478	$	1,752,888	$	(9,190,887)	$	6,188,358
Accounts payable		$	-	$	-	$	17,522	$	61,651	$	(9,495)	$	69,678
Intercompany payable			1,711,541		-		258,891		-		(1,970,432)		-
Accrued expenses			-		3,199		85,993		375,133		-		464,325
Deferred income			-		-		60,874		71,681		-		132,555
Current portion of long-term debt			-		-		60		2,513		-		2,573
	Total Current Liabilities		1,711,541		3,199		423,340		510,978		(1,979,927)		669,131
Long-term debt			-		4,919,126		1,046		7,825		-		4,927,997
Intercompany notes payable			-		-		5,033,296		84,533		(5,117,829)		-
Deferred tax liability			772		1,367		610,419		5,513		-		618,071
Other long-term liabilities			-		-		129,799		106,705		-		236,504
Total shareholders' equity (deficit)			(413,080)		1,026,954		178,578		1,037,334		(2,093,131)		(263,345)
	Total Liabilities and Shareholders'    Equity	$	1,299,233	$	5,950,646	$	6,376,478	$	1,752,888	$	(9,190,887)	$	6,188,358

12

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(In thousands)		December 31, 2014
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents		$	905	$	-	$	-	$	205,259	$	(19,960)	$	186,204
Accounts receivable, net of allowance			-		-		202,771		495,040		-		697,811
Intercompany receivables			-		259,510		1,731,448		8,056		(1,999,014)		-
Prepaid expenses			1,299		-		64,922		67,820		-		134,041
Other current assets			-		6,850		21,485		33,558		-		61,893
	Total Current Assets		2,204		266,360		2,020,626		809,733		(2,018,974)		1,079,949
Structures, net			-		-		1,049,684		564,515		-		1,614,199
Other property, plant and equipment, net			-		-		172,809		118,643		-		291,452
Indefinite-lived intangibles			-		-		1,055,728		11,020		-		1,066,748
Other intangibles, net			-		-		322,550		89,514		-		412,064
Goodwill			-		-		571,932		245,180		-		817,112
Due from iHeartCommunications			947,806		-		-		-		-		947,806
Intercompany notes receivable			182,026		4,927,517		-		-		(5,109,543)		-
Other assets			264,839		793,626		1,287,717		50,568		(2,263,669)		133,081
	Total Assets	$	1,396,875	$	5,987,503	$	6,481,046	$	1,889,173	$	(9,392,186)	$	6,362,411
Accounts payable		$	-	$	-	$	27,866	$	68,009	$	(19,960)	$	75,915
Intercompany payable			1,731,448		-		267,566		-		(1,999,014)		-
Accrued expenses			467		3,475		103,243		436,633		-		543,818
Deferred income			-		-		44,363		50,272		-		94,635
Current portion of long-term debt			-		-		55		3,406		-		3,461
	Total Current Liabilities		1,731,915		3,475		443,093		558,320		(2,018,974)		717,829
Long-term debt			-		4,918,822		1,077		10,569		-		4,930,468
Intercompany notes payable			-		-		5,035,279		74,264		(5,109,543)		-
Deferred tax liability			772		85		607,841		11,557		-		620,255
Other long-term liabilities			-		-		128,855		105,945		-		234,800
Total shareholders' equity (deficit)			(335,812)		1,065,121		264,901		1,128,518		(2,263,669)		(140,941)
	Total Liabilities and Shareholders'    Equity	$	1,396,875	$	5,987,503	$	6,481,046	$	1,889,173	$	(9,392,186)	$	6,362,411

13

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(In thousands)		Three Months Ended June 30, 2015
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	301,915	$	420,904	$	-	$	722,819
Operating expenses:
	Direct operating expenses		-		-		126,404		245,938		-		372,342
	Selling, general and administrative    expenses		-		-		48,969		83,553		-		132,522
	Corporate expenses		3,239		-		15,826		11,089		-		30,154
	Depreciation and amortization		-		-		49,256		44,149		-		93,405
	Other operating income (expense), net		(118)		-		(269)		1,046		-		659
Operating income (loss)			(3,357)		-		61,191		37,221		-		95,055
Interest (income) expense, net			6		88,081		410		59		-		88,556
Interest income on Due from    iHeartCommunications			15,049		-		-		-		-		15,049
Intercompany interest income			4,024		85,113		15,227		-		(104,364)		-
Intercompany interest expense			15,049		-		89,137		178		(104,364)		-
Equity in earnings (loss) of nonconsolidated affiliates			24,634		20,877		12,851		(755)		(57,958)		(351)
Other income (expense), net			936		3,440		20,635		14,840		(24,575)		15,276
Income (loss) before income taxes			26,231		21,349		20,357		51,069		(82,533)		36,473
Income tax benefit (expense)			(246)		(9,577)		4,277		(21,641)		-		(27,187)
Consolidated net income (loss)			25,985		11,772		24,634		29,428		(82,533)		9,286
	Less amount attributable to    noncontrolling interest		-		-		-		7,876		-		7,876
Net income (loss) attributable to the Company		$	25,985	$	11,772	$	24,634	$	21,552	$	(82,533)	$	1,410
Other comprehensive (loss), net of tax:
	Foreign currency translation adjustments		-		(3,440)		134		6,206		-		2,900
	Unrealized holding gain on marketable    securities		-		-		-		(133)		-		(133)
	Other adjustments to comprehensive    loss		-		-		-		-		-		-
	Equity in subsidiary comprehensive    income		7,827		10,981		7,693		-		(26,501)		-
Comprehensive loss			33,812		19,313		32,461		27,625		(109,034)		4,177
	Less amount attributable to    noncontrolling interest		-		-		-		(5,060)		-		(5,060)
Comprehensive loss attributable    to the Company		$	33,812	$	19,313	$	32,461	$	32,685	$	(109,034)	$	9,237

14

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(In thousands)		Three Months Ended June 30, 2014
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	295,190	$	486,015	$	-	$	781,205
Operating expenses:
	Direct operating expenses		-		-		123,377		289,767		-		413,144
	Selling, general and administrative    expenses		-		-		48,493		91,778		-		140,271
	Corporate expenses		2,769		-		16,016		14,548		-		33,333
	Depreciation and amortization		-		-		47,466		51,260		-		98,726
	Other operating income (expense), net		(142)		-		814		(425)		-		247
Operating income (loss)			(2,911)		-		60,652		38,237		-		95,978
Interest (income) expense, net			(2)		88,069		430		(285)		-		88,212
Interest income on Due from    iHeartCommunications			15,227		-		-		-		-		15,227
Intercompany interest income			3,883		85,210		15,437		-		(104,530)		-
Intercompany interest expense			15,227		-		89,093		210		(104,530)		-
Loss on marketable securities			-		-		-		-		-		-
Equity in earnings (loss) of nonconsolidated affiliates			48,365		27,708		27,500		(33)		(103,213)		327
Other income (expense), net			2,074		-		(307)		10,216		-		11,983
Income (loss) before income taxes			51,413		24,849		13,759		48,495		(103,213)		35,303
Income tax benefit (expense)			(376)		898		34,607		(10,309)		-		24,820
Consolidated net income (loss)			51,037		25,747		48,366		38,186		(103,213)		60,123
	Less amount attributable to    noncontrolling interest		-		-		-		9,086		-		9,086
Net income (loss) attributable to the Company		$	51,037	$	25,747	$	48,366	$	29,100	$	(103,213)	$	51,037
Other comprehensive (loss), net of tax:
	Foreign currency translation adjustments		-		-		1,084		(13,109)		-		(12,025)
	Unrealized holding gain on marketable    securities		-		-		-		(405)		-		(405)
	Other adjustments to comprehensive    loss		-		-		-		-		-		-
	Equity in subsidiary comprehensive    income		(11,876)		(13,530)		(12,960)		-		38,366		-
Comprehensive loss			39,161		12,217		36,490		15,586		(64,847)		38,607
	Less amount attributable to    noncontrolling interest		-		-		-		(554)		-		(554)
Comprehensive loss attributable    to the Company		$	39,161	$	12,217	$	36,490	$	16,140	$	(64,847)	$	39,161

15

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(In thousands)		Six Months Ended June 30, 2015
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	558,626	$	779,236	$	-	$	1,337,862
Operating expenses:
	Direct operating expenses		-		-		250,014		485,299		-		735,313
	Selling, general and administrative    expenses		-		-		95,958		163,694		-		259,652
	Corporate expenses		6,492		-		29,507		22,908		-		58,907
	Depreciation and amortization		-		-		97,688		89,811		-		187,499
	Other operating income (expense), net		(220)		-		(6,955)		2,390		-		(4,785)
Operating income (loss)			(6,712)		-		78,504		19,914		-		91,706
Interest expense			12		176,161		975		824		-		177,972
Interest income on Due from    iHeartCommunications			30,302		-		-		-		-		30,302
Intercompany interest income			8,025		170,209		30,553		-		(208,787)		-
Intercompany interest expense			30,302		-		178,234		251		(208,787)		-
Equity in earnings (loss) of nonconsolidated affiliates			(10,032)		15,729		8,894		(788)		(13,632)		171
Other income (expense), net			1,683		3,440		21,249		33,417		(24,575)		35,214
Income (loss) before income taxes			(7,048)		13,217		(40,009)		51,468		(38,207)		(20,579)
Income tax benefit (expense)			(485)		(8,583)		29,977		(23,997)		-		(3,088)
Consolidated net income (loss)			(7,533)		4,634		(10,032)		27,471		(38,207)		(23,667)
	Less amount attributable to    noncontrolling interest		-		-		-		8,441		-		8,441
Net income (loss) attributable to the Company		$	(7,533)	$	4,634	$	(10,032)	$	19,030	$	(38,207)	$	(32,108)
Other comprehensive (loss), net of tax:
	Foreign currency translation adjustments		-		(3,440)		(7,026)		(68,121)		-		(78,587)
	Unrealized holding gain on marketable    securities		-		-		-		689		-		689
	Other adjustments to comprehensive    loss		-		-		-		(1,154)		-		(1,154)
	Equity in subsidiary comprehensive    income		(76,291)		(39,361)		(69,265)		-		184,917		-
Comprehensive loss			(83,824)		(38,167)		(86,323)		(49,556)		146,710		(111,160)
	Less amount attributable to    noncontrolling interest		-		-		-		(2,761)		-		(2,761)
Comprehensive loss attributable    to the Company		$	(83,824)	$	(38,167)	$	(86,323)	$	(46,795)	$	146,710	$	(108,399)

16

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(In thousands)		Six Months Ended June 30, 2014
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	543,687	$	872,769	$	-	$	1,416,456
Operating expenses:
	Direct operating expenses		-		-		243,137		551,520		-		794,657
	Selling, general and administrative    expenses		-		-		96,131		177,090		-		273,221
	Corporate expenses		6,054		-		32,729		25,247		-		64,030
	Depreciation and amortization		-		-		94,544		102,923		-		197,467
	Other operating income (expense), net		(270)		-		3,303		(132)		-		2,901
Operating income (loss)			(6,324)		-		80,449		15,857		-		89,982
Interest (income) expense, net			(7)		176,130		957		393		-		177,473
Interest income on Due from     iHeartCommunications			29,900		-		-		-		-		29,900
Intercompany interest income			7,743		170,425		30,337		-		(208,505)		-
Intercompany interest expense			29,900		-		178,168		437		(208,505)		-
Loss on marketable securities			-		-		-		-		-		-
Equity in earnings (loss) of nonconsolidated affiliates			(48,788)		(21)		(480)		(1,292)		50,172		(409)
Other income (expense), net			2,074		-		3,874		7,932		-		13,880
Income (loss) before income taxes			(45,288)		(5,726)		(64,945)		21,667		50,172		(44,120)
Income tax benefit (expense)			(545)		1,806		16,157		(9,543)		-		7,875
Consolidated net income (loss)			(45,833)		(3,920)		(48,788)		12,124		50,172		(36,245)
	Less amount attributable to    noncontrolling interest		-		-		-		9,588		-		9,588
Net loss attributable to the Company		$	(45,833)	$	(3,920)	$	(48,788)	$	2,536	$	50,172	$	(45,833)
Other comprehensive loss, net of tax:
	Foreign currency translation adjustments		-		21		2,012		(18,595)		-		(16,562)
	Unrealized holding gain on marketable    securities		-		-		-		679		-		679
	Other adjustments to comprehensive    loss		-		-		-		-		-		-
	Equity in subsidiary comprehensive    income		(12,432)		(14,521)		(14,444)		-		41,397		-
Comprehensive loss			(58,265)		(18,420)		(61,220)		(15,380)		91,569		(61,716)
	Less amount attributable to    noncontrolling interest		-		-		-		(3,451)		-		(3,451)
Comprehensive income (loss) attributable    to the Company		$	(58,265)	$	(18,420)	$	(61,220)	$	(11,929)	$	91,569	$	(58,265)

17

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(In thousands)		Six Months Ended June 30, 2015
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)		$	(7,533)	$	4,634	$	(10,032)	$	27,471	$	(38,207)	$	(23,667)
Reconciling items:
	Impairment charges		-		-		-		-		-		-
	Depreciation and amortization		-		-		97,688		89,811		-		187,499
	Deferred taxes		-		1,282		10,390		(5,361)		-		6,311
	Provision for doubtful accounts		-		-		1,845		3,299		-		5,144
	Share-based compensation		-		-		2,568		1,161		-		3,729
	Gain on sale of operating and fixed assets		-		-		(212)		(2,390)		-		(2,602)
	Amortization of deferred financing    charges and note discounts, net		-		304		4,040		-		-		4,344
	Other reconciling items, net		10,032		(19,169)		(8,891)		(31,381)		13,632		(35,777)
Changes in operating assets and liabilities, net    of effects of acquisitions and dispositions:
	(Increase) decrease in accounts receivable		-		-		(12,604)		(28,317)		-		(40,921)
	Increase (decrease) in accrued expenses		17		7,025		(45,418)		(21,109)		-		(59,485)
	Increase (decrease) in accounts payable		-		-		(10,346)		(2,658)		10,465		(2,539)
	Increase (decrease) in deferred income		-		-		16,513		24,227		-		40,740
	Changes in other operating assets and liabilities		(41)		3,425		(20,484)		(11,217)		-		(28,317)
Net cash provided by (used for) operating activities			2,475		(2,499)		25,057		43,536		(14,110)		54,459
Cash flows from investing activities:
	Purchases of property, plant and equipment		-		-		(25,968)		(64,065)		-		(90,033)
	Proceeds from disposal of assets		-		-		993		1,136		-		2,129
	Purchases of other operating assets		-		-		(401)		(452)		-		(853)
	Decrease in intercompany notes receivable, net		-		(7,327)		(2,502)		-		9,829		-
	Dividends from subsidiaries		-		-		-		-		-		-
	Change in other, net		-		-		(911)		(1,032)		907		(1,036)
Net cash provided by (used for) investing activities			-		(7,327)		(28,789)		(64,413)		10,736		(89,793)
Cash flows from financing activities:
	Draws on credit facilities		-		-		-		-		-		-
	Payments on credit facilities		-		-		-		(2,638)		-		(2,638)
	Payments on long-term debt		-		-		(27)		-		-		(27)
	Net transfers to iHeartCommunications		10,875		-		-		-		-		10,875
	Dividends and other payments to    noncontrolling interests		-		-		-		(28,099)		-		(28,099)
	Dividends paid		-		-		-		(24,575)		24,575		-
	Decrease in intercompany notes payable, net		-		-		-		9,829		(9,829)		-
	Intercompany funding		(16,176)		9,826		3,760		2,590		-		-
	Change in other, net		2,826		-		(1)		907		(907)		2,825
Net cash provided by (used for) financing activities			(2,475)		9,826		3,732		(41,986)		13,839		(17,064)
Effect of exchange rate changes on cash			-		-		-		(3,923)		-		(3,923)
Net decrease in cash and cash    equivalents			-		-		-		(66,786)		10,465		(56,321)
Cash and cash equivalents at beginning of year			905		-		-		205,259		(19,960)		186,204
Cash and cash equivalents at end of  year		$	905	$	-	$	-	$	138,473	$	(9,495)	$	129,883

18

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(In thousands)		Six Months Ended June 30, 2014
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)		$	(45,833)	$	(3,920)	$	(48,788)	$	12,124	$	50,172	$	(36,245)
Reconciling items:
	Depreciation and amortization		-		-		94,544		102,923		-		197,467
	Deferred taxes		11		-		(24,520)		(3,214)		-		(27,723)
	Provision for doubtful accounts		-		-		1,485		2,658		-		4,143
	Share-based compensation		-		-		2,738		1,512		-		4,250
	(Gain) loss on sale of operating and fixed assets		270		-		(3,303)		132		-		(2,901)
	Amortization of deferred financing    charges and note discounts, net		-		3,709		616		-		-		4,325
	Other reconciling items, net		48,788		21		432		(13,281)		(50,172)		(14,212)
Changes in operating assets and liabilities, net    of effects of acquisitions and dispositions:
	(Increase) decrease in accounts receivable		-		-		(11,199)		(22,658)		-		(33,857)
	Increase in accrued expenses		(191)		(2,473)		(11,880)		(15,527)		-		(30,071)
	Decrease in accounts payable		-		21		(5,339)		(13,177)		-		(18,495)
	Increase (decrease) in deferred income		-		-		18,823		24,454		-		43,277
	Changes in other operating assets and liabilities		(270)		-		9,027		(18,189)		-		(9,432)
Net cash provided by operating activities			2,775		(2,642)		22,636		57,757		-		80,526
Cash flows from investing activities:
	Purchases of property, plant and equipment		-		-		(29,771)		(63,196)		-		(92,967)
	Proceeds from disposal of assets		-		-		6,267		621		-		6,888
	Purchases of other operating assets		-		-		(369)		194		-		(175)
	Decrease in intercompany notes receivable, net		-		-		-		-		-		-
	Dividends from subsidiaries		-		-		-		-		-		-
	Change in other, net		-		15,230		(10)		(1,295)		(15,230)		(1,305)
Net cash provided by (used for) investing activities			-		15,230		(23,883)		(63,676)		(15,230)		(87,559)
Cash flows from financing activities:
	Draws on credit facilities		-		-		-		820		-		820
	Payments on credit facilities		-		-		-		(1,675)		-		(1,675)
	Payments on long-term debt		-		-		(23)		-		-		(23)
	Net transfers to iHeartCommunications		(71,045)		-		-		-		-		(71,045)
	Payments to repurchase of noncontrolling    interests		-		-		-		-		-		-
	Dividends and other payments to    noncontrolling interests		-		-		-		(9,673)		-		(9,673)
	Decrease in intercompany notes payable, net		-		-		-		(15,230)		15,230		-
	Intercompany funding		19,508		(12,588)		2,591		(9,511)		-		-
	Change in other, net		698		-		(3)		-		-		695
Net cash used for financing activities			(50,839)		(12,588)		2,565		(35,269)		15,230		(80,901)
Effect of exchange rate changes on cash			-		-		-		(637)		-		(637)
Net increase (decrease) in cash and cash    equivalents			(48,064)		-		1,318		(41,825)		-		(88,571)
Cash and cash equivalents at beginning of year			83,185		-		5,885		225,475		-		314,545
Cash and cash equivalents at end of  year		$	35,121	$	-	$	7,203	$	183,650	$	-	$	225,974

19

ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Format of Presentation

Management’s discussion and analysis of our financial condition and results of operations (“MD&A”) should be read in conjunction with the consolidated financial statements and related footnotes.  Our discussion is presented on both a consolidated and segment basis.  All references in this Quarterly Report on Form 10-Q to “we,” “us” and “our” refer to Clear Channel Outdoor Holdings, Inc. and its consolidated subsidiaries.  Our reportable segments are Americas outdoor advertising (“Americas”) and International outdoor advertising (“International”).  Our Americas and International segments provide outdoor advertising services in their respective geographic regions using various digital and traditional display types. Certain prior period amounts have been reclassified to conform to the 2015 presentation.

Effective during the first quarter of 2015, and in connection with the appointment of a new chief executive officer for the Company and a new chief executive officer for Americas, the Company reevaluated its segment reporting and determined that its Latin American operations should be managed by its Americas leadership team.  As a result, the operations of Latin America are no longer reflected within the Company’s International segment and are included in the results of its Americas segment. Accordingly, the Company has recast the corresponding segment disclosures for prior periods to include Latin America within the Americas segment.

We manage our operating segments primarily focusing on their operating income, while Corporate expenses, Other operating income (expense), net, Interest expense, Interest income on the Revolving Promissory Note issued by iHeartCommunications to the Company (the “Due from iHeartCommunications Note”), Equity in earnings (loss) of nonconsolidated affiliates, Other income, net and Income tax benefit (expense) are managed on a total company basis and are, therefore, included only in our discussion of consolidated results.

Management typically monitors our businesses by reviewing the average rates, average revenue per display, occupancy and inventory levels of each of our display types by market.  Our advertising revenue is derived from selling advertising space on the displays we own or operate in key markets worldwide, consisting primarily of billboards, street furniture and transit displays.  Part of our long-term strategy is to pursue the technology of digital displays, including flat screens, LCDs and LEDs, as additions to traditional methods of displaying our clients’ advertisements.  We are currently installing these technologies in certain markets, both domestically and internationally.

Advertising revenue for our segments is correlated to changes in gross domestic product (“GDP”) as advertising spending has historically trended in line with GDP, both domestically and internationally.  Internationally, our results are impacted by fluctuations in foreign currency exchange rates and economic conditions in the foreign markets in which we have operations.

Executive Summary

The key developments in our business for the three months ended June 30, 2015 are summarized below:

·Consolidated revenue decreased $58.4 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding a $69.2 million impact from movements in foreign exchange rates, consolidated revenue increased $10.8 million during the three months ended June 30, 2015 compared to the same period of 2014.

·Americas revenue decreased $3.1 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding the $5.2 million impact from movements in foreign exchange rates, Americas revenue increased $2.1 million during the three months ended June 30, 2015 compared to the same period of 2014 primarily driven by higher revenues from digital billboards and our Spectacolor business.

·International revenue decreased $55.3 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding the $64.0 million impact from movements in foreign exchange rates, International revenue increased $8.7 million during the three months ended June 30, 2015 compared to the same period of 2014 primarily driven by growth in Europe and Australia.

·We spent $4.4 million on strategic revenue and cost-saving initiatives during the three months ended June 30, 2015 to realign and improve our ongoing business operations—a decrease of $4.6 million compared to the three months ended June 30, 2014.

20

RESULTS OF OPERATIONS
Consolidated Results of Operations
The comparison of our historical results of operations for the three and six months ended June 30, 2015 to the three and six months ended June 30, 2014 is as follows:
(In thousands)		Three Months Ended					Six Months Ended
		June 30,				%	June 30,				%
		2015		2014		Change	2015		2014		Change
Revenue		$	722,819	$	781,205	(7%)	$	1,337,862	$	1,416,456	(6%)
Operating expenses:
	Direct operating expenses (excludes    depreciation and amortization)		372,342		413,144	(10%)		735,313		794,657	(7%)
	Selling, general and administrative expenses    (excludes depreciation and amortization)		132,522		140,271	(6%)		259,652		273,221	(5%)
	Corporate expenses (excludes depreciation    and amortization)		30,154		33,333	(10%)		58,907		64,030	(8%)
	Depreciation and amortization		93,405		98,726	(5%)		187,499		197,467	(5%)
	Other operating income (expense), net		659		247	167%		(4,785)		2,901	(265%)
Operating income			95,055		95,978	(1%)		91,706		89,982	2%
Interest expense			88,556		88,212			177,972		177,473
Interest income on Due from    iHeartCommunications			15,049		15,227			30,302		29,900
Equity in earnings (loss) of nonconsolidated affiliates			(351)		327			171		(409)
Other income, net			15,276		11,983			35,214		13,880
Income (loss) before income taxes			36,473		35,303			(20,579)		(44,120)
Income tax benefit (expense)			(27,187)		24,820			(3,088)		7,875
Consolidated net income (loss)			9,286		60,123			(23,667)		(36,245)
Less amount attributable to noncontrolling    interest			7,876		9,086			8,441		9,588
Net income (loss) attributable to the Company		$	1,410	$	51,037		$	(32,108)	$	(45,833)

Consolidated Revenue

Consolidated revenue decreased $58.4 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding a $69.2 million impact from movements in foreign exchange rates, consolidated revenue increased $10.8 million during the three months ended June 30, 2015 compared to the same period of 2014. Americas revenue decreased $3.1 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding the $5.2 million impact from movements in foreign exchange rates, Americas revenue increased $2.1 million during the three months ended June 30, 2015 compared to the same period of 2014 primarily driven by higher revenues from digital billboards and our Spectacolor business. International revenue decreased $55.3 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding the $64.0 million impact from movements in foreign exchange rates, International revenue increased $8.7 million during the three months ended June 30, 2015 compared to the same period of 2014 primarily driven by new contracts and higher occupancy in Europe and growth in Australia.

Consolidated revenue decreased $78.6 million during the six months ended June 30, 2015 compared to the same period of 2014. Excluding a $122.9 million impact from movements in foreign exchange rates, consolidated revenue increased $44.3 million during the six months ended June 30, 2015 compared to the same period of 2014. Americas revenue increased $2.2 million during the six months ended June 30, 2015 compared to the same period of 2014. Excluding the $8.9 million impact from movements in foreign exchange rates, Americas revenue increased $11.1 million during the six months ended June 30, 2015 compared to the same period of 2014 primarily driven by higher revenues from digital billboards and our Spectacolor business. International revenue decreased $80.8 million during the six months ended June 30, 2015 compared to the same period of 2014. Excluding the $114.0 million impact from movements in foreign exchange rates, International revenue increased $33.2 million during the six months ended June 30, 2015

21

compared to the same period of 2014 primarily driven by new contracts and growth in Europe, Australia and China.

Consolidated Direct Operating Expenses

Consolidated direct operating expenses decreased $40.8 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding a $42.8 million impact from movements in foreign exchange rates, consolidated direct operating expenses increased $2.0 million during the three months ended June 30, 2015 compared to the same period of 2014. Americas direct operating expenses decreased $4.2 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding the $3.0 million impact from movements in foreign exchange rates, Americas direct operating expenses decreased $1.2 million during the three months ended June 30, 2015 compared to the same period of 2014 primarily due to lower production costs.  International direct operating expenses decreased $36.6 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding the $39.7 million impact from movements in foreign exchange rates, International direct operating expenses increased $3.1 million during the three months ended June 30, 2015 compared to the same period of 2014 primarily as a result of higher variable costs associated with higher revenue.

Consolidated direct operating expenses decreased $59.3 million during the six months ended June 30, 2015 compared to the same period of 2014. Excluding an $78.8 million impact from movements in foreign exchange rates, consolidated direct operating expenses increased $19.5 million during the six months ended June 30, 2015 compared to the same period of 2014. Americas direct operating expenses decreased $1.3 million during the six months ended June 30, 2015 compared to the same period of 2014. Excluding the $5.2 million impact from movements in foreign exchange rates, Americas direct operating expenses increased $3.9 million during the six months ended June 30, 2015 compared to the same period of 2014 primarily due to higher variable site lease expenses related to the increase in revenues. International direct operating expenses decreased $58.1 million during the six months ended June 30, 2015 compared to the same period of 2014. Excluding the $73.6 million impact from movements in foreign exchange rates, International direct operating expenses increased $15.5 million during the six months ended June 30, 2015 compared to the same period of 2014 primarily as a result of higher variable costs associated with higher revenue.

Consolidated Selling, General and Administrative (“SG&A”) Expenses

Consolidated SG&A expenses decreased $7.7 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding a $14.7 million impact from movements in foreign exchange rates, consolidated SG&A expenses increased $7.0 million during the three months ended June 30, 2015 compared to the same period of 2014. Americas SG&A expenses decreased $1.1 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding the $1.4 million impact from movements in foreign exchange rates, Americas SG&A expenses increased $0.3 million during the three months ended June 30, 2015 compared to the same period of 2014. International SG&A expenses decreased $6.6 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding the $13.3 million impact from movements in foreign exchange rates, International SG&A expenses increased $6.7 million during the three months ended June 30, 2015 compared to the same period of 2014 primarily due to higher compensation expense as well as higher litigation expenses.

Consolidated SG&A expenses decreased $13.6 million during the six months ended June 30, 2015 compared to the same period of 2014. Excluding a $27.2 million impact from movements in foreign exchange rates, consolidated SG&A expenses increased $13.6 million during the six months ended June 30, 2015 compared to the same period of 2014. Americas SG&A expenses decreased $1.8 million during the six months ended June 30, 2015 compared to the same period of 2014. Excluding the $2.3 million impact from movements in foreign exchange rates, Americas SG&A expenses increased $0.5 million during the six months ended June 30, 2015 compared to the same period of 2014. International SG&A expenses decreased $11.7 million during the six months ended June 30, 2015 compared to the same period of 2014. Excluding the $24.9 million impact from movements in foreign exchange rates, International SG&A expenses increased $13.2 million during the six months ended June 30, 2015 compared to the same period of 2014 primarily due to higher compensation expense, including commissions in connection with higher revenues.

Corporate Expenses

Corporate expenses decreased $3.2 million during the three months ended June 30, 2015 compared to the same period of 2014 primarily due to lower severence costs.

Corporate expenses decreased $5.1 million during the six months ended June 30, 2015 compared to the same period of 2014 primarily due to lower severance and strategic revenue and efficiency costs.

Revenue and Efficiency Initiatives

Included in the amounts for direct operating expenses, SG&A and corporate expenses discussed above are expenses incurred in connection with our strategic revenue and efficiency initiatives.  These costs consist primarily of severance related to workforce

22

initiatives, consolidation of locations and positions, consulting expenses and other costs incurred in connection with improving our businesses. These costs are expected to provide benefits in future periods as the initiative results are realized.

Strategic revenue and efficiency costs were $4.4 million during the three months ended June 30, 2015. Of these costs, $0.5 million was incurred by our Americas outdoor segment, $1.2 million was incurred by our International outdoor segment, and $2.6 million was incurred by Corporate. Of these expenses, $0.9 million are reported within direct operating expenses, $0.8 million are reported within SG&A and $2.6 million are reported within corporate expense.  In the second quarter of 2014, strategic revenue and efficiency costs totaled $0.9 million, $2.0 million and $6.0 million, respectively.

Strategic revenue and efficiency costs were $8.0 million during the six months ended June 30, 2015. Of these costs, $1.0 million was incurred by our Americas outdoor segment, $1.9 million was incurred by our International outdoor segment, and $5.1 million was incurred by Corporate. Additionally, $1.3 million are reported within direct operating expenses, $1.6 million are reported within SG&A and $5.1 million are reported within corporate expense.  In the first six months of 2014, strategic revenue and efficiency costs totaled $2.1 million, $3.2 million and $7.7 million, respectively.

Depreciation and Amortization

Depreciation and amortization decreased $5.3 million and $10.0 million during the three and six months ended June 30, 2015, respectively, compared to the same periods of 2014 primarily due to the impact from movements in foreign exchange rates.

Other Operating Income (Expense), Net

Other operating income (expense), net was $0.7 million for the second quarter of 2015. Other operating income (expense), net of $4.8 million for first six months of 2015 primarily related to acquisition/disposition transaction costs.

Other operating income (expense), net of $0.2 million and $2.9 million for the second quarter and first six months of 2014 primarily related to the proceeds from the disposal of operating and fixed assets.

Equity in Earnings (Loss) of Nonconsolidated Affiliates

Equity in earnings (loss) of nonconsolidated affiliates of $0.4 million and $0.2 million for the three and six months ended June 30, 2015 included the earnings from our equity investments in our Americas and International segments.

Income Tax Benefit (Expense)

Our operations are included in a consolidated income tax return filed by iHeartMedia.  However, for our financial statements, our provision for income taxes was computed as if we file separate consolidated federal income tax returns with our subsidiaries.

The effective tax rate for the three and six months ended June 30, 2015 were 74.5% and (15.0)%, respectively, primarily impacted by the valuation allowance recorded against current period net operating losses in U.S. federal, state and certain foreign jurisdictions due to the uncertainty of the ability to utilize those assets in future periods.

The effective tax rate for the three and six months ended June 30, 2014 were (70.3)% and 17.8%, respectively.  The effective rates were primarily impacted by our inability to record tax benefits on tax losses in certain foreign jurisdictions due to the uncertainty of the ability to utilize those losses in future years. In addition, the effective tax rates were impacted by the timing and mix of earnings in the various jurisdictions in which we operate.

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Americas Outdoor Advertising Results of Operations
Our Americas outdoor operating results were as follows:
(In thousands)	Three Months Ended					Six Months Ended
	June 30,				%	June 30,				%
	2015		2014		Change	2015		2014		Change
Revenue	$	341,286	$	344,346	(1%)	$	637,149	$	634,956	0%
Direct operating expenses		149,712		153,875	(3%)		295,946		297,239	(0%)
SG&A expenses		57,346		58,448	(2%)		112,983		114,817	(2%)
Depreciation and amortization		51,113		49,848	3%		101,453		99,559	2%
Operating income	$	83,115	$	82,175	1%	$	126,767	$	123,341	3%

Three Months

Americas revenue decreased $3.1 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding the $5.2 million impact from movements in foreign exchange rates, Americas revenue increased $2.1 million during the three months ended June 30, 2015 compared to the same period of 2014 driven primarily by an increase in revenues from our digital billboards as a result of increased capacity and occupancy, as well as higher revenues from our Spectacolor business.  These increases were partially offset by lower advertising revenues from our static bulletins and posters.

Americas direct operating expenses decreased $4.2 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding the $3.0 million impact from movements in foreign exchange rates, Americas direct operating expenses decreased $1.2 million during the three months ended June 30, 2015 compared to the same period of 2014 primarily due to lower production costs.  Americas SG&A expenses decreased $1.1 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding the $1.4 million impact from movements in foreign exchange rates, Americas SG&A expenses increased $0.3 million during the three months ended June 30, 2015 compared to the same period of 2014.

Six Months

Americas revenue increased $2.2 million during the six months ended June 30, 2015 compared to the same period of 2014. Excluding the $8.9 million impact from movements in foreign exchange rates, Americas revenue increased $11.1 million during the six months ended June 30, 2015 compared to the same period of 2014 driven primarily by an increase in revenues from our digital billboards as a result of increased capacity and occupancy, as well as higher revenues from our Spectacolor business, partially offset by lower advertising revenues from our static bulletins and posters.

Americas direct operating expenses decreased $1.3 million during the six months ended June 30, 2015 compared to the same period of 2014. Excluding the $5.2 million impact from movements in foreign exchange rates, Americas direct operating expenses increased $3.9 million during the six months ended June 30, 2015 compared to the same period of 2014 primarily due to higher variable site lease expenses related to the increase in revenues. Americas SG&A expenses decreased $1.8 million during the six months ended June 30, 2015 compared to the same period of 2014. Excluding the $2.3 million impact from movements in foreign exchange rates, Americas SG&A expenses increased $0.5 million during the six months ended June 30, 2015 compared to the same period of 2014.

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International Outdoor Advertising Results of Operations
Our International operating results were as follows:
(In thousands)	Three Months Ended					Six Months Ended
	June 30,				%	June 30,				%
	2015		2014		Change	2015		2014		Change
Revenue	$	381,533	$	436,859	(13%)	$	700,713	$	781,500	(10%)
Direct operating expenses		222,630		259,269	(14%)		439,367		497,418	(12%)
SG&A expenses		75,176		81,823	(8%)		146,669		158,404	(7%)
Depreciation and amortization		40,956		47,889	(14%)		83,397		96,220	(13%)
Operating income	$	42,771	$	47,878	(11%)	$	31,280	$	29,458	6%

Three Months

International revenue decreased $55.3 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding the $64.0 million impact from movements in foreign exchange rates, International revenue increased $8.7 million during the three months ended June 30, 2015 compared to the same period of 2014 primarily driven by new contracts and higher occupancy in certain European countries, including Italy, France, Sweden and Norway, as well as growth in Australia.

International direct operating expenses decreased $36.6 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding the $39.7 million impact from movements in foreign exchange rates, International direct operating expenses increased $3.1 million during the three months ended June 30, 2015 compared to the same period of 2014 primarily as a result of higher variable costs associated with higher revenue. International SG&A expenses decreased $6.6 million during the three months ended June 30, 2015 compared to the same period of 2014. Excluding the $13.3 million impact from movements in foreign exchange rates, International SG&A expenses increased $6.7 million during the three months ended June 30, 2015 compared to the same period of 2014 primarily due to higher compensation expense as well as higher litigation expenses.

Six Months

International revenue decreased $80.8 million during the six months ended June 30, 2015 compared to the same period of 2014. Excluding the $114.0 million impact from movements in foreign exchange rates, International revenue increased $33.2 million during the six months ended June 30, 2015 compared to the same period of 2014 primarily driven by new contracts and higher occupancy in certain European countries, including Italy, Sweden and Norway, as well as growth in Australia and China.

International direct operating expenses decreased $58.1 million during the six months ended June 30, 2015 compared to the same period of 2014. Excluding the $73.6 million impact from movements in foreign exchange rates, International direct operating expenses increased $15.5 million during the six months ended June 30, 2015 compared to the same period of 2014 primarily as a result of higher variable costs associated with higher revenue, partially offset by lower production expenses in certain countries. International SG&A expenses decreased $11.7 million during the six months ended June 30, 2015 compared to the same period of 2014. Excluding the $24.9 million impact from movements in foreign exchange rates, International SG&A expenses increased $13.2 million during the six months ended June 30, 2015 compared to the same period of 2014 primarily due to higher compensation expense, including commissions in connection with higher revenues.

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Reconciliation of Segment Operating Income to Consolidated Operating Income
(In thousands)		Three Months Ended June 30,				Six Months Ended June 30,
		2015		2014		2015		2014
Americas Outdoor Advertising			83,115		82,175	$	126,767		123,341
International Outdoor Advertising			42,771		47,878		31,280		29,458
Impairment charges			-		-		-		-
Corporate and other (1)			(31,490)		(34,322)		(61,556)		(65,718)
Other operating income, net			659		247		(4,785)		2,901
Consolidated operating income		$	95,055	$	95,978	$	91,706	$	89,982
(1)	Corporate and other includes expenses related to Americas and International and as well as overall executive, administrative and support functions.

Share-Based Compensation Expense

As of June 30, 2015, there was $20.4 million of unrecognized compensation cost related to unvested share-based compensation arrangements that will vest based on service conditions.  This cost is expected to be recognized over a weighted average period of approximately three years.  In addition, as of June 30, 2015, there was $1.4 million of unrecognized compensation cost related to unvested share-based compensation arrangements that will vest based on market, performance and service conditions.  This cost will be recognized when it becomes probable that the performance condition will be satisfied.

Share-based compensation expenses are recorded in corporate expenses and were $1.8 million and $2.2 million for the three months ended June 30, 2015 and 2014, respectively, and $3.7 million and $4.2 million for the six months ended June 30, 2015 and 2014, respectively.

LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
The following discussion highlights cash flow activities during the six months ended June 30, 2015 and 2014:
(In thousands)		Six Months Ended June 30,
		2015		2014
Cash provided by (used for):
	Operating activities	$	54,459	$	80,526
	Investing activities	$	(89,793)	$	(87,559)
	Financing activities	$	(17,064)	$	(80,901)

Operating Activities

Cash provided by operating activities was $54.5 million during the six months ended June 30, 2015compared to $80.5 million of cash provided during the six months ended June 30, 2014.  Our consolidated net loss for the the six months ended June 30, 2015 and 2014 included non-cash items of $168.6 million and $165.3 million, respectively. Non-cash items affecting our net loss include depreciation and amortization, deferred taxes, provision for doubtful accounts, share-based compensation, (gain) loss on sale of operating and fixed assets, amortization of deferred financing charges and note discounts, net and other reconciling items, net as presented on the face of the consolidated statement of cash flows.

Investing Activities

Cash used for investing activities of $89.8 million during the six months ended June 30, 2015 reflected our capital expenditures of $90.0 million.  We spent $32.4 million in our Americas segment primarily related to the construction of new advertising structures such as digital displays and $56.9 million in our International segment primarily related to new advertising structures such as billboards and street furniture and renewals of existing contracts.  Other cash provided by investing activities were $2.1 million of proceeds from sales of other operating and fixed assets.

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Cash used for investing activities of $87.6 million during the six months ended June 30, 2014 reflected capital expenditures of $93.0 million.  We spent $38.1 million in our Americas segment primarily related to the construction of new advertising structures such as digital displays, $52.6 million in our International segment primarily related to billboard and street furniture advertising structures and $2.2 million by Corporate. Partially offsetting cash used for investing activities were proceeds from sales of operating and fixed assets.

Financing Activities

Cash used for financing activities of $17.1 million during the six months ended June 30, 2015 primarily reflected the net payments to noncontrolling interests of $28.1 million partially offset by net transfers of $10.9 million in cash from iHeartCommunications, which represents the activity in the “Due from/to iHeartCommunications” account.

Cash used for financing activities of $80.9 million during the six months ended June 30, 2014 primarily reflected net transfers of $71.0 million in cash to iHeartCommunications, which represents the activity in the “Due from iHeartCommunications” account.  Other cash used for financing activities included payments to noncontrolling interests of $9.7 million.

Anticipated Cash Requirements

Our primary source of liquidity is cash on hand, cash flow from operations, the senior revolving credit facility and the promissory note issued by iHeartCommunications to the Company (the “Due from iHeartCommunications Note”).  Based on our current and anticipated levels of operations and conditions in our markets, we believe that cash on hand, cash flows from operations, any available borrowing capacity under the senior revolving credit facility and borrowing capacity under or repayment of amounts outstanding under the Due from iHeartCommunications Note will enable us to meet our working capital, capital expenditure, debt service and other funding requirements, including the debt service on the CCWH Senior Notes and the CCWH Subordinated Notes and dividends, for at least the next 12 months.  In addition, we were in compliance with the covenants contained in our material financing agreements as of June 30, 2015.  We believe our long-term plans, which include promoting outdoor media spending and capitalizing on our diverse geographic and product opportunities, including the continued deployment of digital displays, will enable us to continue generating cash flows from operations sufficient to meet our liquidity and funding requirements long-term.  However, our anticipated results are subject to significant uncertainty and there can be no assurance that we will be able to maintain compliance with these covenants.  In addition, our ability to comply with these covenants may be affected by events beyond our control, including prevailing economic, financial and industry conditions. As of June 30, 2015, we had $129.9 million of cash on our balance sheet, a portion of which is held by non-wholly owned non-U.S. subsidiaries or is otherwise subject to certain restrictions and not readily accessible to us.  We disclose in Item 8 of our Form 10-K within Note 1, Summary of Significant Accounting Policies, that our policy is to permanently reinvest the earnings of our non-U.S. subsidiaries as these earnings are generally redeployed in those jurisdictions for operating needs and continued functioning of their businesses.  We have the ability and intent to indefinitely reinvest the undistributed earnings of consolidated subsidiaries based outside of the United States.  If any excess cash held by our foreign subsidiaries were needed to fund operations in the United States, we could presently repatriate available funds without a requirement to accrue or pay U.S. taxes.  This is a result of significant current and historic deficits in our foreign earnings and profits, which gives us flexibility to make future cash distributions as non-taxable returns of capital.

In its Quarterly Report on Form 10-Q filed with the SEC on July 30, 2015, iHeartCommunications stated that it was in compliance with the covenants contained in its material financing agreements as of June 30, 2015.  iHeartCommunications similarly stated in such Quarterly Report that its anticipated results are also subject to significant uncertainty and there can be no assurance that actual results will be in compliance with the covenants.  Moreover, iHeartCommunications stated in such Quarterly Report that its ability to comply with the covenants in its material financing agreements may be affected by events beyond its control, including prevailing economic, financial and industry conditions.  As discussed therein, the breach of any covenants set forth in iHeartCommunications’ financing agreements would result in a default thereunder and an event of default would permit the lenders under a defaulted financing agreement to declare all indebtedness thereunder to be due and payable prior to maturity. Moreover, as discussed therein, the lenders under the receivables based credit facility under iHeartCommunications’ senior secured credit facilities would have the option to terminate their commitments to make further extensions of credit thereunder. In addition, iHeartCommunications stated in such Quarterly Report that if iHeartCommunications is unable to repay its obligations under any secured credit facility, the lenders could proceed against any assets that were pledged to secure such facility.  Finally, iHeartCommunications stated in such Quarterly Report that a default or acceleration under any of its material financing agreements could cause a default under other obligations that are subject to cross-default and cross-acceleration provisions.  If iHeartCommunications were to become insolvent, we would be an unsecured creditor of iHeartCommunications.  In such event, we would be treatedthe same as other unsecured creditors of iHeartCommunications and, if we were not entitled to the cash previously transferred to iHeartCommunications or could not obtain such cash on a timely basis, we could experience a liquidity shortfall.

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For so long as iHeartCommunications maintains significant control over us, a deterioration in the financial condition of iHeartCommunications could have the effect of increasing our borrowing costs or impairing our access to capital markets.  As of June 30, 2015, iHeartCommunications had $387.4 million recorded as “Cash and cash equivalents” on its consolidated balance sheets, of which $129.9 million was held by us and our subsidiaries.

Our ability to fund our working capital, capital expenditures, debt service and other obligations depends on our future operating performance and cash from operations and other liquidity-generating transactions.  If our future operating performance does not meet our expectations or our plans materially change in an adverse manner or prove to be materially inaccurate, we may need additional financing.  We may not be able to secure any such additional financing on terms favorable to us or at all.

We frequently evaluate strategic opportunities both within and outside our existing lines of business.  We expect from time to time to pursue additional acquisitions and may decide to dispose of certain businesses.  These acquisitions or dispositions could be material.

Sources of Capital
As of June 30, 2015 and December 31, 2014, we had the following debt outstanding, cash and cash equivalents and amounts due from iHeartCommunications:
(In millions)		June 30, 2015		December 31, 2014
Clear Channel Worldwide Holdings Senior Notes due 2022		$	2,725.0	$	2,725.0
Clear Channel Worldwide Holdings Senior Subordinated Notes due 2020			2,200.0		2,200.0
Senior Revolving Credit Facility due 2018			-		-
Other debt			11.5		15.1
Original issue discount			(5.9)		(6.2)
Total debt			4,930.6		4,933.9
	Less:  Cash and cash equivalents		129.9		186.2
	Less:  Due from iHeartCommunications		936.9		947.8
		$	3,863.8	$	3,799.9

We may from time to time repay our outstanding debt or seek to purchase our outstanding equity securities.  Such transactions, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.

Promissory Notes with iHeartCommunications

We maintain accounts that represent net amounts due to or from iHeartCommunications, which are recorded as “Due from/to iHeartCommunications” on our consolidated balance sheets.  The accounts represent our revolving promissory note issued by us to iHeartCommunications and the Due from iHeartCommunications Note, in each case in the face amount of $1.0 billion, or if more or less than such amount, the aggregate unpaid principal amount of all advances.  The accounts accrue interest pursuant to the terms of the promissory notes and are generally payable on demand or when they mature on December 15, 2017.  Included in the accounts are the net activities resulting from day-to-day cash management services provided by iHeartCommunications.  Such day-to-day cash management services relate only to our cash activities and balances in the U.S. and exclude any cash activities and balances of our non-U.S. subsidiaries.  As of June 30, 2015 and December 31, 2014, the asset recorded in “Due from iHeartCommunications” on our consolidated balance sheet was $936.9 million and $947.8 million, respectively.  As of June 30, 2015, we had no borrowings under the cash management note to iHeartCommunications.

In accordance with the terms of the settlement for the derivative litigation filed by our stockholders regarding the Due from iHeartCommunications Note, as previously disclosed, we established a committee of our board of directors, consisting of our independent and disinterested directors, for the specific purpose of monitoring the Due from iHeartCommunications Note.  If a demand is made in accordance with the terms of the committee charter, we will declare a simultaneous dividend equal to the amount so demanded, which would further reduce the amount of the “Due from iHeartCommunications” asset that is available to us as a source of liquidity for ongoing working capital, capital expenditure, debt service and other funding requirements.

The net interest income for the three months ended June 30, 2015 and 2014 was $15.0 million and $15.2 million, respectively. The net interest income for the six months ended June 30, 2015 and 2014 was $30.3 million and $29.9 million, respectively. As of June 30, 2015 and December 31, 2014, the fixed interest rate on the “Due from iHeartCommunications” account was 6.5%, which is equal to the fixed interest rate on the CCWH senior notes. If the outstanding balance on the Due from

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iHeartCommunications Note exceeds $1.0 billion and under certain other circumstances tied to iHeartCommunications’ liquidity, the rate will be variable but will in no event be less than 6.5% nor greater than 20%.

Our working capital requirements and capital for general corporate purposes, including acquisitions and capital expenditures, may be provided to us by iHeartCommunications, in its sole discretion, pursuant to a revolving promissory note issued by us to iHeartCommunications or pursuant to repayment of the Due from iHeartCommunications Note.  If we are unable to obtain financing from iHeartCommunications, we may need to obtain additional financing from banks or other lenders, or through public offerings or private placements of debt or equity, strategic relationships or other arrangements at some future date.  As stated above, we may be unable to successfully obtain additional debt or equity financing on satisfactory terms or at all.

As long as iHeartCommunications maintains a significant interest in us, pursuant to the Master Agreement between iHeartCommunications and us, iHeartCommunications will have the option to limit our ability to incur debt or issue equity securities, among other limitations, which could adversely affect our ability to meet our liquidity needs.  Under the Master Agreement with iHeartCommunications, we are limited in our borrowings from third parties to no more than $400.0 million at any one time outstanding, without the prior written consent of iHeartCommunications.

Clear Channel Worldwide Holdings Senior Notes

As of June 30, 2015, CCWH senior notes represented $2.7 billion aggregate principal amount of indebtedness outstanding, which consisted of $735.75 million aggregate principal amount of 6.5% Series A Senior Notes due 2022 (the “Series A CCWH Senior Notes”) and $1,989.25 million aggregate principal amount of 6.5% Series B CCWH Senior Notes due 2022 (the “Series B CCWH Senior Notes” and, together with the Series A CCWH Senior Notes, the “CCWH Senior Notes”). The CCWH Senior Notes are guaranteed by us, Clear Channel Outdoor, Inc. (“CCOI”) and certain of our direct and indirect subsidiaries.

The Series A CCWH Senior Notes indenture and Series B CCWH Senior Notes indenture restrict our ability to incur additional indebtedness but permit us to incur additional indebtedness based on an incurrence test. Under this test, in order to incur additional indebtedness, our debt to adjusted EBITDA ratios (as defined by the indentures) must be no greater than 7.0:1 and 5.0:1 for total debt and senior debt, respectively, and in order to incur additional indebtedness that is subordinated to the CCWH Senior Notes, our debt to adjusted EBITDA ratios (as defined by the indentures) must be no greater than 7.0:1. The indentures contain certain other exceptions that allow us to incur additional indebtedness. The Series B CCWH Senior Notes indenture also permits us to pay dividends from the proceeds of indebtedness or the proceeds from asset sales if our debt to adjusted EBITDA ratios (as defined by the indenture) are less than 7.0:1 and 5.0:1 for total debt and senior debt, respectively. The Series B CCWH Senior Notes indenture also contains certain other exceptions that allow us to pay dividends, including (i) $525.0 million of dividends made pursuant to general restricted payment baskets and (ii) dividends made using proceeds received upon a demand by us of amounts outstanding under the Due from iHeartCommunications Note. The Series A CCWH Senior Notes indenture does not limit our ability to pay dividends.

Our consolidated leverage ratio, defined as total debt divided by EBITDA (as defined by the CCWH Senior Notes indentures) for the preceding four quarters was 6.6:1 as of June 30, 2015, and senior leverage ratio, defined as senior debt divided by EBITDA (as defined by the CCWH Senior Notes indentures) for the preceding four quarters was 3.6:1 as of June 30, 2015. As required by the definition of EBITDA in the CCWH Senior Notes indentures, our EBITDA for the preceding four quarters of $751.0 million is calculated as operating income (loss) before depreciation, amortization, impairment charges and other operating income (expense), net, plus share-based compensation and is further adjusted for the following: (i) costs incurred in connection with severance, the closure and/or consolidation of facilities, retention charges, consulting fees and other permitted activities; (ii) extraordinary, non-recurring or unusual gains or losses or expenses; (iii) non-cash charges; and (iv) various other items.

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The following table reflects a reconciliation of EBITDA (as defined by the CCWH Senior Notes indentures) to operating income and net cash provided by operating activities for the four quarters ended June 30, 2015:
		Four Quarters Ended
(In Millions)		June 30, 2015
EBITDA (as defined by the CCWH Senior Notes indentures)		$	751.0
Less adjustments to EBITDA (as defined by the CCWH Senior Notes indentures):
	Costs incurred in connection with severance, the closure and/or consolidation of facilities, retention charges,    consulting fees and other permitted activities		(25.6)
	Extraordinary, non-recurring or unusual gains or losses or expenses (as referenced in the definition of    EBITDA in the CCWH Senior Notes indentures)		(11.9)
	Non-cash charges		(14.1)
	Other items		(8.1)
Less: Depreciation and amortization, Impairment charges, Other operating income, net and Share-based    compensation expense			(407.1)
Operating income			284.2
Plus: Depreciation and amortization, Impairment charges, Gain (loss) on disposal of operating and fixed assets    and Share-based compensation expense			399.5
Less: Interest expense			(353.8)
Plus: Interest income on Due from iHeartCommunications			60.6
Less: Current income tax expense			(1.7)
Plus: Other income, net			36.5
Adjustments to reconcile consolidated net loss to net cash provided by operating activities (including Provision    for doubtful accounts, Amortization of deferred financing charges and note discounts, net and Other    reconciling items, net)			(18.6)
Change in assets and liabilities, net of assets acquired and liabilities assumed			(84.3)
Net cash provided by operating activities		$	322.4

Clear Channel Worldwide Holdings Senior Subordinated Notes

As of June 30, 2015, CCWH Subordinated Notes represented $2.2 billion aggregate principal amount of indebtedness outstanding, which consist of $275.0 million aggregate principal amount of 7.625% Series A Senior Subordinated Notes due 2020 (the “Series A CCWH Subordinated Notes”) and $1,925.0 million aggregate principal amount of 7.625% Series B Senior Subordinated Notes due 2020 (the “Series B CCWH Subordinated Notes”).

The Series A CCWH Subordinated Notes indenture and Series B CCWH Subordinated Notes indenture restrict our ability to incur additional indebtedness but permit us to incur additional indebtedness based on an incurrence test. In order to incur additional indebtedness under this test, our debt to adjusted EBITDA ratio (as defined by the indentures) must be no greater than 7.0:1. The indentures contain certain other exceptions that allow us to incur additional indebtedness. The Series B CCWH Subordinated Notes indenture also permits us to pay dividends from the proceeds of indebtedness or the proceeds from asset sales if our debt to adjusted EBITDA ratios (as defined by the indenture) are less than 7.0:1. The Series B CCWH Subordinated Notes indenture also contains certain other exceptions that allow us to pay dividends, including (i) $525.0 million of dividends made pursuant to general restricted payment baskets and (ii) dividends made using proceeds received upon a demand by us of amounts outstanding under the Revolving Promissory Note issued by iHeartCommunications to us.The Series A CCWH Subordinated Notes indenture does not limit our ability to pay dividends.

Senior Revolving Credit Facility Due 2018

During the third quarter of 2013, we entered into a five-year senior secured revolving credit facility with an aggregate principal amount of $75.0 million.  The revolving credit facility may be used for working capital needs, to issue letters of credit and for other general corporate purposes.  As of June 30, 2015, there were no amounts outstanding under the revolving credit facility, and $56.1million of letters of credit under the revolving credit facility which reduce availability under the facility.

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Other Debt

Other debt consists primarily of loans with international banks.  As of June 30, 2015, approximately $11.5 million was outstanding as other debt.

iHeartCommunications’ Debt Covenants

iHeartCommunications’ senior secured credit facility contains a significant financial covenant which must be tested quarterly and requires iHeartCommunications to limit the ratio of its consolidated secured debt, net of cash and cash equivalents, to consolidated EBITDA (as defined by iHeartCommunications’ senior secured credit facility) for the preceding four quarters.  The maximum ratio permitted under this financial covenant was 8.75:1 for the four quarters ended June 30, 2015.  In its Quarterly Report on Form 10-Q filed with the SEC on July 30, 2015, iHeartCommunications stated that it was in compliance with this covenant as of June 30, 2015.

Commitments, Contingencies and Guarantees

We are currently involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued our estimate of the probable costs for resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated.  These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies.  It is possible, however, that future results of operations for any particular period could be materially affected by changes in our assumptions or the effectiveness of our strategies related to these proceedings.  Please refer to “Legal Proceedings” within Part II of this Quarterly Report on Form 10-Q.

Seasonality

Typically, both our Americas and International segments experience their lowest financial performance in the first quarter of the calendar year, with International historically experiencing a loss from operations in that period.  Our International segment typically experiences its strongest performance in the second and fourth quarters of the calendar year.  We expect this trend to continue in the future. Due to this seasonality and certain other factors, the results for the interim periods may not be indicative of results for the full year.

MARKET RISK

We are exposed to market risks arising from changes in market rates and prices, including movements in equity security prices and foreign currency exchange rates.

Foreign Currency Exchange Rate Risk

We have operations in countries throughout the world.  Foreign operations are measured in their local currencies.  As a result, our financial results could be affected by factors such as changes in foreign currency exchange rates or weak economic conditions in the foreign markets in which we have operations.  We believe we mitigate a small portion of our exposure to foreign currency fluctuations with a natural hedge through borrowings in currencies other than the U.S. dollar. Our foreign operations reported net income of $29.1 million and $26.4 million for the three and six months ended June 30, 2015, respectively.  We estimate a 10% increase in the value of the U.S. dollar relative to foreign currencies would have decreased our net income for the three months ended June 30, 2015 by $2.9 million and we estimate that our net income for the six months ended June 30, 2015 would have decreased by $2.6 million.  A 10% decrease in the value of the U.S. dollar relative to foreign currencies during the three and six months ended June 30, 2015 would have increased our net income for the three and six months ended June 30, 2015 by corresponding amounts.

This analysis does not consider the implications that such currency fluctuations could have on the overall economic activity that could exist in such an environment in the U.S. or the foreign countries or on the results of operations of these foreign entities.

Inflation

Inflation is a factor in the economies in which we do business and we continue to seek ways to mitigate its effect.  Inflation has affected our performance in terms of higher costs for wages, salaries and equipment.  Although the exact impact of inflation is indeterminable, we believe we have offset these higher costs by increasing the effective advertising rates of most of our outdoor display faces.

31

Cautionary Statement Concerning Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf.  Except for the historical information, this report contains various forward-looking statements which represent our expectations or beliefs concerning future events, including, without limitation, our future operating and financial performance, our ability to comply with the covenants in the agreements governing our indebtedness and the availability of capital and the terms thereof.  Statements expressing expectations and projections with respect to future matters are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  We caution that these forward-looking statements involve a number of risks and uncertainties and are subject to many variables which could impact our future performance.  These statements are made on the basis of management’s views and assumptions, as of the time the statements are made, regarding future events and performance.  There can be no assurance, however, that management’s expectations will necessarily come to pass.  Actual future events and performance may differ materially from the expectations reflected in our forward-looking statements.  We do not intend, nor do we undertake any duty, to update any forward-looking statements.

A wide range of factors could materially affect future developments and performance, including but not limited to:

·risks associated with weak or uncertain global economic conditions and their impact on the capital markets;

·other general economic and political conditions in the United States and in other countries in which we currently do business, including those resulting from recessions, political events and acts or threats of terrorism or military conflicts;

·industry conditions, including competition;

·the level of expenditures on advertising;

·legislative or regulatory requirements;

·fluctuations in operating costs;

·technological changes and innovations;

·changes in labor conditions and management;

·capital expenditure requirements;

·risks of doing business in foreign countries;

·fluctuations in exchange rates and currency values;

·the outcome of pending and future litigation;

·taxes and tax disputes;

·changes in interest rates;

·shifts in population and other demographics;

·access to capital markets and borrowed indebtedness;

·our ability to implement our business strategies;

·the risk that we may not be able to integrate the operations of acquired businesses successfully;

·the risk that our cost savings initiatives may not be entirely successful or that any cost savings achieved from strategic revenue and efficiency initiatives may not persist;

·the impact of our substantial indebtedness, including the effect of our leverage on our financial position and earnings;

·our ability to generate sufficient cash from operations or other liquidity-generating transactions and our need to allocate significant amounts of our cash to make payments on our indebtedness, which in turn could reduce our financial flexibility and ability to fund other activities;

·our relationship with iHeartCommunications, including its ability to elect all of the members of our Board of Directors and its ability as our controlling stockholder to determine the outcome of matters submitted to our stockholders and certain additional matters governed by intercompany agreements between us;

·the impact of the above and similar factors on iHeartCommunications, our primary direct or indirect external source of capital, which could have a significant need for capital in the future; and

·certain other factors set forth in our other filings with the SEC.

This list of factors that may affect future performance and the accuracy of forward-looking statements is illustrative and is not intended to be exhaustive.  Accordingly, all forward-looking statements should be evaluated with the understanding of their inherent uncertainty.

ITEM 3.  Quantitative and Qualitative Disclosures about Market Risk

Required information is presented under “Market Risk” within Item 2 of this Part I.

32

ITEM 4.  Controls and Procedures

As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), under the supervision and with the participation of management, including our Chief Executive Officer and our Chief Financial Officer, we have carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report.  Our disclosure controls and procedures are designed to provide reasonable assurance that information we are required to disclose in reports that are filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified by the SEC.  Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2015 at the reasonable assurance level.

There were no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

33

PART II -- OTHER INFORMATION

Item 1.  Legal Proceedings

We currently are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated.  These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies.  It is possible, however, that future results of operations for any particular period could be materially affected by changes in our assumptions or the effectiveness of our strategies related to these proceedings.  Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on our financial condition or results of operations.

Although we are involved in a variety of legal proceedings in the ordinary course of business, a large portion of our litigation arises in the following contexts: commercial disputes; employment and benefits related claims; governmental fines; and tax disputes.

Los Angeles Litigation

In 2008, Summit Media, LLC, one of the Company’s competitors, sued the City of Los Angeles (the “City”), Clear Channel Outdoor, Inc. (“CCOI”)and OUTFRONT Media Inc. (formerly CBS Outdoor Americas Inc.) in Los Angeles Superior Court (Case No. BS116611) challenging the validity of a settlement agreement that had been entered into in November 2006 among the parties and pursuant to which CCOI had taken down existing billboards and converted 83 existing signs from static displays to digital displays.  In 2009 the Los Angeles Superior Court ruled that the settlement agreement constituted an ultra vires act of the City, and nullified its existence.  After further proceedings, on April 12, 2013 the Los Angeles Superior Court invalidated 82 digital modernization permits issued to CCOI (77 of which displays were operating at the time of the ruling) and CCOI was required to turn off the electrical power to all affected digital displays on April 15, 2013.  The digital display structures remain intact but digital displays are currently prohibited in the City.  CCOI is seeking permits under the existing City sign code to either wrap the LED faces with vinyl or convert the LED faces to traditional static signs, and has obtained a number of such permits.  CCOI is also pursuing a new ordinance to permit digital signage in the City.

International Outdoor Investigation

On April 21, 2015, inspections were conducted at the premises of the Company in Denmark and Sweden as part of an investigation by Danish competition authorities.  Additionally, on the same day; Clear Channel UK received a communication from the UK competition authorities, also in connection with the investigation by Danish competition authorities. The Company and its affiliates are cooperating with the national competition authorities.

Item 1A.  Risk Factors

For information regarding our risk factors, please refer to Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2014.  There have not been any material changes in the risk factors disclosed in the Form 10-K.

34

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table sets forth the purchases of shares of our Class A common stock made during the quarter ended June 30, 2015 by or on behalf of us or an affiliated purchaser:
Period		Total Number of Shares Purchased(1)	Average Price Paid per Share(1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs(1)
April 1 through April 30		2,172,946	$	10.20	2,172,946		-
May 1 through May 31		-		-	-		-
June 1 through June 30		-		-	-		-
Total		2,172,946	$	10.20	2,172,946	$	-
(1)	On August 9, 2010, iHeartCommunications announced that its board of directors approved a stock purchase program under which iHeartCommunications or its subsidiaries may purchase up to an aggregate of $100.0 million of the Company’s Class A common stock and/or the Class A common stock of iHeartMedia, Inc. (“iHeartMedia”). The stock purchase program did not have a fixed expiration date and could be modified, suspended or terminated at any time at iHeartCommunications’ discretion.  As of December 31, 2014, an aggregate $34.2 million was available under this program.  In January 2015, a subsidiary of iHeartCommunications purchased an additional 2,000,000 shares of the Company’s Class A common stock for $20.4 million.  On April 2, 2015, a subsidiary of iHeartCommunications purchased an additional 2,172,946 shares of the Company’s Class A common stock for $22.2 million, increasing iHeartCommunications’ collective holdings to represent slightly more than 90% of the outstanding shares of the Company’s common stock on a fully-diluted basis, assuming the conversion of all of the Company’s Class B common stock into Class A common stock. As a result of this purchase, the stock purchase program concluded. The purchase of shares in excess of the amount available under the stock purchase program was separately approved by the iHeartCommunications’ board of directors.

Item 3.  Defaults Upon Senior Securities

None.

Item 4.  Mine Safety Disclosures

Not applicable.

Item 5.  Other Information

None.

ITEM 6.  EXHIBITS

35

Exhibit Number	Description
11*	Statement re: Computation of Income (Loss) Per Share.
31.1*	Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101*	Interactive Data Files.

__________________

*              Filed herewith.

**           Furnished herewith.

36

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

                                                                                                CLEAR CHANNEL OUTDOOR HOLDINGS, INC.

July 30, 2015                                                                        /s/ SCOTT D. HAMILTON                   

                                                                                                Scott D. Hamilton

                                                                                                Senior Vice President, Chief Accounting Officer and

                                                                                                Assistant Secretary

37

EX-11

 

EXHIBIT 11 – COMPUTATION OF INCOME (LOSS) PER SHARE
(In thousands, except per share data)		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2015		2014		2015		2014
NUMERATOR:
Net income (loss) attributable to the       Company – common shares		$	1,410	$	51,037	$	(32,108)	$	(45,833)
	Less: Participating securities dividends		-		-		-
Net income (loss) attributable to the Company per       common share – basic and diluted		$	1,410	$	51,037	$	(32,108)	$	(45,833)
DENOMINATOR:
Weighted average common shares outstanding – basic			359,538		358,453		359,317		358,425
Effect of dilutive securities:
	Stock options and restricted stock (1)		2,065		1,379		-		-
Weighted average common shares outstanding – diluted			361,603		359,832		359,317		358,425
Net income (loss) attributable to the Company       per common share:
	Basic	$	0.00	$	0.14	$	(0.09)	$	(0.13)
	Diluted	$	0.00	$	0.14	$	(0.09)	$	(0.13)
(1)	Equity awards of 2.4 million and 6.2 million were outstanding for the three months ended June 30, 2015 and 2014, respectively, and 8.5 million and 9.6 million were outstanding for the six months ended June 30, 2015 and 2014, respectively, but were not included in the computation of diluted earnings per share because to do so would have been antidilutive.

EX-31

 

EXHIBIT 31.1 -   CERTIFICATION PURSUANT TO RULES 13A-14(A) AND 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert W. Pittman, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Clear Channel Outdoor Holdings, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee  of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  July 30, 2015

/s/ ROBERT w. PITTMAN

Robert W. Pittman

Chief Executive Officer

EX-31

 

EXHIBIT 31.2 -   CERTIFICATION PURSUANT TO RULES 13A-14(A) AND 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Richard J. Bressler, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Clear Channel Outdoor Holdings, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee  of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  July 30, 2015

/s/ RICHARD J. BRESSLER

Richard J. Bressler

Chief Financial Officer

EX-32

 

EXHIBIT 32.1 –  CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

This certification is provided pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and accompanies the Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”) of Clear Channel Outdoor Holdings, Inc. (the “Company”).  The undersigned hereby certifies that to his knowledge, the Form 10-Q fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:  July 30, 2015

By:         /s/ ROBERT W. PITTMAN

Name:    Robert W. Pittman

Title:       Chief Executive Officer

EX-32

 

EXHIBIT 32.2 – CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

This certification is provided pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and accompanies the Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”) of Clear Channel Outdoor Holdings, Inc. (the “Company”). The undersigned hereby certifies that to his knowledge, the Form 10-Q fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:  July 30, 2015

By:         /s/ RICHARD J. BRESSLER           

Name:    Richard J. Bressler

Title:       Chief Financial Officer

XML

Guarantor Subsidiaries (Schedule Of Guarantor Obligations, Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue	$ 722,819	$ 781,205	$ 1,337,862	$ 1,416,456
Operating Expenses [Abstract]
Direct operating expenses	372,342	413,144	735,313	794,657
Selling, general and administrative expenses	132,522	140,271	259,652	273,221
Corporate expenses	30,154	33,333	58,907	64,030
Depreciation and amortization	93,405	98,726	187,499	197,467
Other operating income (expense), net	659	247	(4,785)	2,901
Operating income (loss)	95,055	95,978	91,706	89,982
Interest (income) expense, net	88,556	88,212	177,972	177,473
Interest income on Due from iHeartCommunications	15,049	15,227	30,302	29,900
Equity in earnings (loss) of nonconsolidated affiliates	(351)	327	171	(409)
Other income (expense), net	15,276	11,983	35,214	13,880
Income (loss) before income taxes	36,473	35,303	(20,579)	(44,120)
Income tax benefit (expense)	(27,187)	24,820	(3,088)	7,875
Consolidated net income (loss)	9,286	60,123	(23,667)	(36,245)
Less amount attributable to noncontrolling interest	7,876	9,086	8,441	9,588
Net income (loss) attributable to the Company	1,410	51,037	(32,108)	(45,833)
Other comprehensive income (loss):
Foreign currency translation adjustments	2,900	(12,025)	(78,587)	(16,562)
Unrealized gain (loss) on marketable securities	(133)	(405)	689	679
Other adjustments to comprehensive income (loss)	0	0	(1,154)	0
Reclassification adjustment for realized gain (loss) on securities included in net loss			0	0
Comprehensive income (loss)	4,177	38,607	(111,160)	(61,716)
Less amount attributable to noncontrolling interest	(5,060)	(554)	(2,761)	(3,451)
Comprehensive income (loss) attributable to the Company	9,237	39,161	(108,399)	(58,265)
Parent Company [Member]
Revenue				0
Operating Expenses [Abstract]
Direct operating expenses				0
Selling, general and administrative expenses				0
Corporate expenses	3,239	2,769	6,492	6,054
Depreciation and amortization			0	0
Impairment charges			0	0
Other operating income (expense), net	(118)	(142)	(220)	(270)
Operating income (loss)	(3,357)	(2,911)	(6,712)	(6,324)
Interest (income) expense, net	6	(2)	12	(7)
Interest income on Due from iHeartCommunications	15,049	15,227	30,302	29,900
Intercompany interest income	4,024	3,883	8,025	7,743
Intercompany interest expense	15,049	15,227	30,302	29,900
Loss on marketable securities				0
Equity in earnings (loss) of nonconsolidated affiliates	24,634	48,365	(10,032)	(48,788)
Other income (expense), net	936	2,074	1,683	2,074
Income (loss) before income taxes	26,231	51,413	(7,048)	(45,288)
Income tax benefit (expense)	(246)	(376)	(485)	(545)
Consolidated net income (loss)	25,985	51,037	(7,533)	(45,833)
Less amount attributable to noncontrolling interest				0
Net income (loss) attributable to the Company	25,985	51,037	(7,533)	(45,833)
Other comprehensive income (loss):
Foreign currency translation adjustments			0	0
Unrealized gain (loss) on marketable securities				0
Other adjustments to comprehensive income (loss)				0
Reclassification adjustment for realized gain (loss) on securities included in net loss			0	0
Equity in subsidiary comprehensive income (loss)	7,827	(11,876)	(76,291)	(12,432)
Comprehensive income (loss)	33,812	39,161	(83,824)	(58,265)
Less amount attributable to noncontrolling interest				0
Comprehensive income (loss) attributable to the Company	33,812	39,161	(83,824)	(58,265)
Subsidiary Issuer [Member]
Revenue				0
Operating Expenses [Abstract]
Direct operating expenses				0
Selling, general and administrative expenses				0
Corporate expenses			0	0
Depreciation and amortization			0	0
Impairment charges			0	0
Other operating income (expense), net				0
Operating income (loss)			0	0
Interest (income) expense, net	88,081	88,069	176,161	176,130
Interest income on Due from iHeartCommunications				0
Intercompany interest income	85,113	85,210	170,209	170,425
Intercompany interest expense				0
Loss on marketable securities				0
Equity in earnings (loss) of nonconsolidated affiliates	20,877	27,708	15,729	(21)
Other income (expense), net	3,440		3,440	0
Income (loss) before income taxes	21,349	24,849	13,217	(5,726)
Income tax benefit (expense)	(9,577)	898	(8,583)	1,806
Consolidated net income (loss)	11,772	25,747	4,634	(3,920)
Less amount attributable to noncontrolling interest				0
Net income (loss) attributable to the Company	11,772	25,747	4,634	(3,920)
Other comprehensive income (loss):
Foreign currency translation adjustments	(3,440)		(3,440)	21
Unrealized gain (loss) on marketable securities				0
Other adjustments to comprehensive income (loss)				0
Reclassification adjustment for realized gain (loss) on securities included in net loss				0
Equity in subsidiary comprehensive income (loss)	10,981	(13,530)	(39,361)	(14,521)
Comprehensive income (loss)	19,313	12,217	(38,167)	(18,420)
Less amount attributable to noncontrolling interest				0
Comprehensive income (loss) attributable to the Company	19,313	12,217	(38,167)	(18,420)
Guarantor Subsidiaries [Member]
Revenue	301,915	295,190	558,626	543,687
Operating Expenses [Abstract]
Direct operating expenses	126,404	123,377	250,014	243,137
Selling, general and administrative expenses	48,969	48,493	95,958	96,131
Corporate expenses	15,826	16,016	29,507	32,729
Depreciation and amortization	49,256	47,466	97,688	94,544
Impairment charges			0	0
Other operating income (expense), net	(269)	814	(6,955)	3,303
Operating income (loss)	61,191	60,652	78,504	80,449
Interest (income) expense, net	410	430	975	957
Interest income on Due from iHeartCommunications				0
Intercompany interest income	15,227	15,437	30,553	30,337
Intercompany interest expense	89,137	89,093	178,234	178,168
Loss on marketable securities				0
Equity in earnings (loss) of nonconsolidated affiliates	12,851	27,500	8,894	(480)
Other income (expense), net	20,635	(307)	21,249	3,874
Income (loss) before income taxes	20,357	13,759	(40,009)	(64,945)
Income tax benefit (expense)	4,277	34,607	29,977	16,157
Consolidated net income (loss)	24,634	48,366	(10,032)	(48,788)
Less amount attributable to noncontrolling interest				0
Net income (loss) attributable to the Company	24,634	48,366	(10,032)	(48,788)
Other comprehensive income (loss):
Foreign currency translation adjustments	134	1,084	(7,026)	2,012
Unrealized gain (loss) on marketable securities				0
Other adjustments to comprehensive income (loss)				0
Reclassification adjustment for realized gain (loss) on securities included in net loss				0
Equity in subsidiary comprehensive income (loss)	7,693	(12,960)	(69,265)	(14,444)
Comprehensive income (loss)	32,461	36,490	(86,323)	(61,220)
Less amount attributable to noncontrolling interest				0
Comprehensive income (loss) attributable to the Company	32,461	36,490	(86,323)	(61,220)
Non-Guarantor Subsidiaries [Member]
Revenue	420,904	486,015	779,236	872,769
Operating Expenses [Abstract]
Direct operating expenses	245,938	289,767	485,299	551,520
Selling, general and administrative expenses	83,553	91,778	163,694	177,090
Corporate expenses	11,089	14,548	22,908	25,247
Depreciation and amortization	44,149	51,260	89,811	102,923
Impairment charges			0	0
Other operating income (expense), net	1,046	(425)	2,390	(132)
Operating income (loss)	37,221	38,237	19,914	15,857
Interest (income) expense, net	59	(285)	824	393
Interest income on Due from iHeartCommunications				0
Intercompany interest income				0
Intercompany interest expense	178	210	251	437
Loss on marketable securities			0	0
Equity in earnings (loss) of nonconsolidated affiliates	(755)	(33)	(788)	(1,292)
Other income (expense), net	14,840	10,216	33,417	7,932
Income (loss) before income taxes	51,069	48,495	51,468	21,667
Income tax benefit (expense)	(21,641)	(10,309)	(23,997)	(9,543)
Consolidated net income (loss)	29,428	38,186	27,471	12,124
Less amount attributable to noncontrolling interest	7,876	9,086	8,441	9,588
Net income (loss) attributable to the Company	21,552	29,100	19,030	2,536
Other comprehensive income (loss):
Foreign currency translation adjustments	6,206	(13,109)	(68,121)	(18,595)
Unrealized gain (loss) on marketable securities	(133)	(405)	689	679
Other adjustments to comprehensive income (loss)	0		(1,154)	0
Reclassification adjustment for realized gain (loss) on securities included in net loss			0	0
Equity in subsidiary comprehensive income (loss)				0
Comprehensive income (loss)	27,625	15,586	(49,556)	(15,380)
Less amount attributable to noncontrolling interest	(5,060)	(554)	(2,761)	(3,451)
Comprehensive income (loss) attributable to the Company	32,685	16,140	(46,795)	(11,929)
Eliminations [Member]
Revenue				0
Operating Expenses [Abstract]
Direct operating expenses				0
Selling, general and administrative expenses				0
Corporate expenses				0
Depreciation and amortization			0	0
Impairment charges			0	0
Other operating income (expense), net				0
Operating income (loss)				0
Interest (income) expense, net				0
Interest income on Due from iHeartCommunications				0
Intercompany interest income	(104,364)	(104,530)	(208,787)	(208,505)
Intercompany interest expense	(104,364)	(104,530)	(208,787)	(208,505)
Loss on marketable securities				0
Equity in earnings (loss) of nonconsolidated affiliates	(57,958)	(103,213)	(13,632)	50,172
Other income (expense), net	(24,575)		(24,575)	0
Income (loss) before income taxes	(82,533)	(103,213)	(38,207)	50,172
Income tax benefit (expense)				0
Consolidated net income (loss)	(82,533)	(103,213)	(38,207)	50,172
Less amount attributable to noncontrolling interest				0
Net income (loss) attributable to the Company	(82,533)	(103,213)	(38,207)	50,172
Other comprehensive income (loss):
Foreign currency translation adjustments				0
Unrealized gain (loss) on marketable securities				0
Other adjustments to comprehensive income (loss)				0
Reclassification adjustment for realized gain (loss) on securities included in net loss				0
Equity in subsidiary comprehensive income (loss)	(26,501)	38,366	184,917	41,397
Comprehensive income (loss)	(109,034)	(64,847)	146,710	91,569
Less amount attributable to noncontrolling interest				0
Comprehensive income (loss) attributable to the Company	$ (109,034)	$ (64,847)	$ 146,710	$ 91,569

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Related Party Transations (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Apr. 02, 2015	Jan. 07, 2015	Dec. 31, 2014
Related Party Transactions [Abstract]
Due from iHeartCommunications	$ 936,931		$ 936,931				$ 947,806
Fixed interest rate on Due from iHeartCommunications			6.50%
Interest income on Due from iHeartCommunications	15,049	$ 15,227	$ 30,302	$ 29,900
Total authorized stock repurchase amount	100,000		100,000
iHeartCommunications
Related Party Transactions [Abstract]
Face value of promisory note with related party	1,000,000		1,000,000
Interest income on Due from iHeartCommunications	15,000	15,200	30,300	29,900
Advertising revenue	1,100	1,100	2,200	2,100
Allocation of corporate expenses	8,000	7,100	15,900	16,300
Period cost for employee benefit plans	$ 2,700	$ 2,700	$ 5,300	$ 5,300
Available stock repurchase amount							$ 34,200
Open market purchase amount					$ 22,200	$ 20,400
Shares Purchased By Parent					2,172,946	2,000,000
Percentage of shares outstanding					90.00%

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Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Definite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Other Intangible Assets [Line Items]
Gross Carrying Amount	$ 849,932	$ 890,906
Accumulated Amortization	(467,092)	(478,842)
Transit, street furniture and other contractual rights [Member]
Other Intangible Assets [Line Items]
Gross Carrying Amount	675,465	716,722
Accumulated Amortization	(465,228)	(476,523)
Permanent easements [Member]
Other Intangible Assets [Line Items]
Gross Carrying Amount	171,641	171,272
Accumulated Amortization	0	0
Other [Member]
Other Intangible Assets [Line Items]
Gross Carrying Amount	2,826	2,912
Accumulated Amortization	$ (1,864)	$ (2,319)

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Segment Data (Schedule Of Operating Segment Results) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Revenue	$ 722,819	$ 781,205	$ 1,337,862	$ 1,416,456
Direct operating expenses	372,342	413,144	735,313	794,657
Selling, general and administrative expenses	132,522	140,271	259,652	273,221
Depreciation and amortization	93,405	98,726	187,499	197,467
Corporate expenses	30,154	33,333	58,907	64,030
Other operating income (expense), net	659	247	(4,785)	2,901
Operating income (loss)	95,055	95,978	91,706	89,982
Capital expenditures	48,218	54,339	90,033	92,967
Share-based compensation expense	1,804	2,240	3,729	4,250
Americas [Member]
Segment Reporting Information [Line Items]
Revenue	341,286	344,346	637,149	634,956
Direct operating expenses	149,712	153,875	295,946	297,239
Selling, general and administrative expenses	57,346	58,448	112,983	114,817
Depreciation and amortization	51,113	49,848	101,453	99,559
Operating income (loss)	83,115	82,175	126,767	123,341
Capital expenditures	15,664	21,683	32,359	38,127
International [Member]
Segment Reporting Information [Line Items]
Revenue	381,533	436,859	700,713	781,500
Direct operating expenses	222,630	259,269	439,367	497,418
Selling, general and administrative expenses	75,176	81,823	146,669	158,404
Depreciation and amortization	40,956	47,889	83,397	96,220
Operating income (loss)	42,771	47,878	31,280	29,458
Capital expenditures	31,752	31,776	56,857	52,638
All Other Segments [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization	1,336	989	2,649	1,688
Impairment charges			0	0
Corporate expenses	30,154	33,333	58,907	64,030
Other operating income (expense), net	659	247	(4,785)	2,901
Operating income (loss)	(30,831)	(34,075)	(66,341)	(62,817)
Capital expenditures	802	880	817	2,202
Share-based compensation expense	$ 1,804	$ 2,240	$ 3,729	$ 4,250

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2015

Commitments And Contingencies [Abstract]

Commitments and Contingencies [Text Block]

NOTE 4 – COMMITMENTS ANDCONTINGENCIES

The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations.

Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial disputes; employment and benefits related claims; governmental fines; and tax disputes.

Los Angeles Litigation

In 2008, Summit Media, LLC, one of the Company’s competitors, sued the City of Los Angeles (the “City”), Clear Channel Outdoor, Inc. (“CCOI”)and OUTFRONT Media Inc. (formerly CBS Outdoor Americas Inc.) in Los Angeles Superior Court (Case No. BS116611) challenging the validity of a settlement agreement that had been entered into in November 2006 among the parties and pursuant to which CCOI had taken down existing billboards and converted 83 existing signs from static displays to digital displays. In 2009, the Los Angeles Superior Court ruled that the settlement agreement constituted an ultra vires act of the City, and nullified its existence. After further proceedings, on April 12, 2013, the Los Angeles Superior Court invalidated 82 digital modernization permits issued to CCOI (77) of which displays were operating at the time of the ruling) and CCOI was required to turn off the electrical power to all affected digital displays on April 15, 2013. The digital display structures remain intact but digital displays are currently prohibited in the City. CCOI is seeking permits under the existing City sign code to either wrap the LED faces with vinyl or convert the LED faces to traditional static signs, and has obtained a number of such permits. CCOI is also pursuing a new ordinance to permit digital signage in the City.

International Outdoor Investigation

On April 21, 2015, inspections were conducted at the premises of the Company in Denmark and Sweden as part of an investigation by Danish competition authorities.  Additionally, on the same day; Clear Channel UK received a communication from the UK competition authorities, also in connection with the investigation by Danish competition authorities. The Company and its affiliates are cooperating with the national competition authorities.

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Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total long-term debt	$ 4,930,570	$ 4,933,929
Current portion of long-term debt	2,573	3,461
Long Term Debt, Noncurrent	4,927,997	4,930,468
Subisidary Senior Notes [Member]
Debt Instrument [Line Items]
Total long-term debt	4,925,000	4,925,000
Other Debt [Member]
Debt Instrument [Line Items]
Total long-term debt	11,444	15,107
Purchase accounting adjustments and original issue discount [Member]
Debt Instrument [Line Items]
Total long-term debt	$ (5,874)	$ (6,178)

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Long-term Debt (Narrative) (Details) - USD ($) $ in Billions	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Abstract]
LongTermDebtFairValue	$ 5.1	$ 5.1

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Long-Term Debt (Schedule of CCWH Senior Notes) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total senior notes	$ 4,930,570	$ 4,933,929
Subisidary Senior Notes [Member]
Debt Instrument [Line Items]
Total senior notes	4,925,000	4,925,000
Subisidary Senior Notes [Member] | 6.5% Series A Senior Notes Due 11/15/2022 [Member]
Debt Instrument [Line Items]
Total senior notes	$ 735,750	$ 735,750
Stated interest rate	6.50%	6.50%
Subisidary Senior Notes [Member] | 6.5% Series B Senior Notes Due 11/15/2022 [Member]
Debt Instrument [Line Items]
Total senior notes	$ 1,989,250	$ 1,989,250
Stated interest rate	6.50%	6.50%
Subisidary Senior Notes [Member] | 7.625% Series A Senior Subordinated Notes Due 3/15/2020 [Member]
Debt Instrument [Line Items]
Total senior notes	$ 275,000	$ 275,000
Stated interest rate	7.625%	7.625%
Subisidary Senior Notes [Member] | 7.625% Series B Senior Subordinated Notes Due 3/15/2020 [Member]
Debt Instrument [Line Items]
Total senior notes	$ 1,925,000	$ 1,925,000
Stated interest rate	7.625%	7.625%

XML

Long-Term Debt (Guarantees (Narrative)) (Detail) $ in Millions	Jun. 30, 2015 USD ($)
Guarantees [Abstract]
Letters of credit outstanding	$ 56.3
Commercial standby letters of credit	1.2
Surety bonds, outstanding	56.1
Bank guarantees outstanding	54.2
Secured bank guarantees	$ 13.2

XML

Long-Term Debt

6 Months Ended

Jun. 30, 2015

Long Term Debt [Abstract]

Long-Term Debt [Text Block]

NOTE 3 – LONG-TERM DEBT
Long-term debt outstanding as of June 30, 2015 and December 31, 2014 consisted of the following:
(In thousands)		June 30,		December 31,
		2015		2014
Clear Channel Worldwide Holdings Senior Notes:
	6.5% Series A Senior Notes Due 2022	$	735,750	$	735,750
	6.5% Series B Senior Notes Due 2022		1,989,250		1,989,250
Clear Channel Worldwide Holdings Senior Subordinated Notes:
	7.625% Series A Senior Subordinated Notes Due 2020		275,000		275,000
	7.625% Series B Senior Subordinated Notes Due 2020		1,925,000		1,925,000
Senior revolving credit facility due 2018(1)			-		-
Other debt			11,444		15,107
Original issue discount			(5,874)		(6,178)
Total debt		$	4,930,570	$	4,933,929
	Less: current portion		2,573		3,461
Total long-term debt		$	4,927,997	$	4,930,468
(1)	The Senior revolving credit facility provides for borrowings up to $75.0 million (the revolving credit commitment).

The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $5.1 billion at both June 30,2015 and December 31, 2014. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company’s debt is classified as Level 1.

Surety Bonds, Letters of Credit and Guarantees

As of June 30,2015, the Company had $56.3 million and $54.2 million in letters of credit and bank guarantees outstanding, respectively. Bank guarantees of $13.2 millionwere backed by cash collateral. Additionally, as of June 30,2015, iHeartCommunications had outstanding commercial standby letters of credit and surety bonds of $1.2 million and $56.1 million, respectively, held on behalf of the Company. These letters of credit, bank guarantees and surety bonds relate to various operational matters, including insurance, bid and performance bonds, as well as other items.

XML

Commitments and Contingencies (Narrative) (Details) - Jun. 30, 2015	signs permits
Los Angeles Litigation [Abstract]
Conversion from static to digital | signs	83
Digital modernization permits issued to Company	82
Digital displays operating	77

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Guarantor Subsidiaries (Schedule Of Guarantor Obligations, Cash Flow) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Consolidated net income (loss)	$ 9,286	$ 60,123	$ (23,667)	$ (36,245)
Reconciling items:
Depreciation and amortization	93,405	98,726	187,499	197,467
Deferred taxes	1,574	(5,257)	6,311	(27,723)
Provision for doubtful accounts			5,144	4,143
Share-based compensation	1,804	2,240	3,729	4,250
(Gain) loss on sale of operating assets			(2,602)	(2,901)
Amortization of deferred financing charges and note discounts, net			4,344	4,325
Other reconciling items, net			(35,777)	(14,212)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable			(40,921)	(33,857)
Increase (decrease) in accrued expenses			(59,485)	(30,071)
Increase (decrease) in accounts payable			(2,539)	(18,495)
Increase in deferred income			40,740	43,277
Changes in other operating assets and liabilities			(28,317)	(9,432)
Net cash provided by (used for) operating activities			54,459	80,526
Cash flows from investing activities:
Purchases of property, plant and equipment	(48,218)	(54,339)	(90,033)	(92,967)
Purchases of other operating assets			(853)	(175)
Proceeds from disposal of assets			2,129	6,888
Change in other, net			(1,036)	(1,305)
Net cash provided by (used for) investing activities			(89,793)	(87,559)
Cash flows from financing activities:
Draws on credit facilities			0	820
Payments on credit facilities			(2,638)	(1,675)
Payments on long-term debt			(27)	(23)
Net transfers to Clear Channel Communications			10,875	(71,045)
Deferred financing charges			0	0
Dividends and other payments to noncontrolling interests			(28,099)	(9,673)
Change in other, net			2,825	695
Net cash provided by (used for) financing activities			(17,064)	(80,901)
Effect of exchange rate changes on cash			(3,923)	(637)
Net increase (decrease) increase in cash and cash equivalents			(56,321)	(88,571)
Cash and cash equivalents at beginning of year			186,204	314,545
Cash and cash equivalents at end of year	129,883	225,974	129,883	225,974
Parent Company [Member]
Cash flows from operating activities:
Consolidated net income (loss)	25,985	51,037	(7,533)	(45,833)
Reconciling items:
Impairment charges			0	0
Depreciation and amortization			0	0
Deferred taxes			0	11
Provision for doubtful accounts			0	0
Share-based compensation			0	0
(Gain) loss on sale of operating assets			0	270
Loss on marketable securities				0
Amortization of deferred financing charges and note discounts, net			0	0
Other reconciling items, net			10,032	48,788
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable			0	0
Increase (decrease) in accrued expenses			17	(191)
Increase (decrease) in accounts payable			0	0
Increase in deferred income			0	0
Changes in other operating assets and liabilities			(41)	(270)
Net cash provided by (used for) operating activities			2,475	2,775
Cash flows from investing activities:
Purchases of property, plant and equipment			0	0
Decrease (increase) in intercompany notes receivable, net			0	0
Dividends From Subsidiaries			0	0
Purchases of other operating assets			0	0
Proceeds from disposal of assets			0	0
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment			0
Change in other, net			0	0
Net cash provided by (used for) investing activities			0	0
Cash flows from financing activities:
Draws on credit facilities			0	0
Payments on credit facilities			0	0
Proceeds from long-term debt			0	0
Payments on long-term debt			0	0
Payments to repurchase noncontrolling interests				0
(Decrease) increase in intercompany notes payable, net			0	0
Net transfers to Clear Channel Communications			10,875	(71,045)
Intercompany funding			(16,176)	19,508
Deferred financing charges				0
Dividends paid			0	0
Dividends and other payments to noncontrolling interests			0	0
Change in other, net			2,826	698
Net cash provided by (used for) financing activities			(2,475)	(50,839)
Effect of exchange rate changes on cash			0	0
Net increase (decrease) increase in cash and cash equivalents			0	(48,064)
Cash and cash equivalents at beginning of year			905
Cash and cash equivalents at end of year	905		905
Subsidiary Issuer [Member]
Cash flows from operating activities:
Consolidated net income (loss)	11,772	25,747	4,634	(3,920)
Reconciling items:
Impairment charges			0	0
Depreciation and amortization			0	0
Deferred taxes			1,282	0
Provision for doubtful accounts			0	0
Share-based compensation			0	0
(Gain) loss on sale of operating assets			0	0
Loss on marketable securities				0
Amortization of deferred financing charges and note discounts, net			304	3,709
Other reconciling items, net			(19,169)	21
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable			0	0
Increase (decrease) in accrued expenses			7,025	(2,473)
Increase (decrease) in accounts payable			0	21
Increase in deferred income			0	0
Changes in other operating assets and liabilities			3,425	0
Net cash provided by (used for) operating activities			(2,499)	(2,642)
Cash flows from investing activities:
Purchases of property, plant and equipment			0	0
Decrease (increase) in intercompany notes receivable, net			(7,327)	0
Dividends From Subsidiaries			0	0
Purchases of other operating assets			0	0
Proceeds from disposal of assets			0	0
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment			0
Change in other, net			0	15,230
Net cash provided by (used for) investing activities			(7,327)	15,230
Cash flows from financing activities:
Draws on credit facilities			0	0
Payments on credit facilities			0	0
Proceeds from long-term debt			0	0
Payments on long-term debt			0	0
Payments to repurchase noncontrolling interests				0
(Decrease) increase in intercompany notes payable, net			0	0
Net transfers to Clear Channel Communications			0	0
Intercompany funding			9,826	(12,588)
Deferred financing charges				0
Dividends paid			0	0
Dividends and other payments to noncontrolling interests			0	0
Change in other, net			0	0
Net cash provided by (used for) financing activities			9,826	(12,588)
Effect of exchange rate changes on cash			0	0
Net increase (decrease) increase in cash and cash equivalents			0	0
Cash and cash equivalents at beginning of year			0
Cash and cash equivalents at end of year	0		0
Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Consolidated net income (loss)	24,634	48,366	(10,032)	(48,788)
Reconciling items:
Impairment charges			0	0
Depreciation and amortization	49,256	47,466	97,688	94,544
Deferred taxes			10,390	(24,520)
Provision for doubtful accounts			1,845	1,485
Share-based compensation			2,568	2,738
(Gain) loss on sale of operating assets			(212)	(3,303)
Loss on marketable securities				0
Amortization of deferred financing charges and note discounts, net			4,040	616
Other reconciling items, net			(8,891)	432
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable			(12,604)	(11,199)
Increase (decrease) in accrued expenses			(45,418)	(11,880)
Increase (decrease) in accounts payable			(10,346)	(5,339)
Increase in deferred income			16,513	18,823
Changes in other operating assets and liabilities			(20,484)	9,027
Net cash provided by (used for) operating activities			25,057	22,636
Cash flows from investing activities:
Purchases of property, plant and equipment			(25,968)	(29,771)
Decrease (increase) in intercompany notes receivable, net			(2,502)	0
Dividends From Subsidiaries			0	0
Purchases of other operating assets			(401)	(369)
Proceeds from disposal of assets			993	6,267
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment			0
Change in other, net			(911)	(10)
Net cash provided by (used for) investing activities			(28,789)	(23,883)
Cash flows from financing activities:
Draws on credit facilities			0	0
Payments on credit facilities			0	0
Proceeds from long-term debt			0	0
Payments on long-term debt			(27)	(23)
Payments to repurchase noncontrolling interests				0
(Decrease) increase in intercompany notes payable, net			0	0
Net transfers to Clear Channel Communications			0	0
Intercompany funding			3,760	2,591
Deferred financing charges				0
Dividends paid			0	0
Dividends and other payments to noncontrolling interests			0	0
Change in other, net			(1)	(3)
Net cash provided by (used for) financing activities			3,732	2,565
Effect of exchange rate changes on cash			0	0
Net increase (decrease) increase in cash and cash equivalents			0	1,318
Cash and cash equivalents at beginning of year			0
Cash and cash equivalents at end of year	0		0
Non-Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Consolidated net income (loss)	29,428	38,186	27,471	12,124
Reconciling items:
Impairment charges			0	0
Depreciation and amortization	44,149	51,260	89,811	102,923
Deferred taxes			(5,361)	(3,214)
Provision for doubtful accounts			3,299	2,658
Share-based compensation			1,161	1,512
(Gain) loss on sale of operating assets			(2,390)	132
Loss on marketable securities			0	0
Amortization of deferred financing charges and note discounts, net			0	0
Other reconciling items, net			(31,381)	(13,281)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable			(28,317)	(22,658)
Increase (decrease) in accrued expenses			(21,109)	(15,527)
Increase (decrease) in accounts payable			(2,658)	(13,177)
Increase in deferred income			24,227	24,454
Changes in other operating assets and liabilities			(11,217)	(18,189)
Net cash provided by (used for) operating activities			43,536	57,757
Cash flows from investing activities:
Purchases of property, plant and equipment			(64,065)	(63,196)
Decrease (increase) in intercompany notes receivable, net			0	0
Dividends From Subsidiaries			0	0
Purchases of other operating assets			(452)	194
Proceeds from disposal of assets			1,136	621
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment			0
Change in other, net			(1,032)	(1,295)
Net cash provided by (used for) investing activities			(64,413)	(63,676)
Cash flows from financing activities:
Draws on credit facilities			0	820
Payments on credit facilities			(2,638)	(1,675)
Proceeds from long-term debt			0	0
Payments on long-term debt			0	0
Payments to repurchase noncontrolling interests				0
(Decrease) increase in intercompany notes payable, net			9,829	(15,230)
Net transfers to Clear Channel Communications			0	0
Intercompany funding			2,590	(9,511)
Deferred financing charges				0
Dividends paid			(24,575)	0
Dividends and other payments to noncontrolling interests			(28,099)	(9,673)
Change in other, net			907	0
Net cash provided by (used for) financing activities			(41,986)	(35,269)
Effect of exchange rate changes on cash			(3,923)	(637)
Net increase (decrease) increase in cash and cash equivalents			(66,786)	(41,825)
Cash and cash equivalents at beginning of year			205,259
Cash and cash equivalents at end of year	138,473		138,473
Eliminations [Member]
Cash flows from operating activities:
Consolidated net income (loss)	(82,533)	$ (103,213)	(38,207)	50,172
Reconciling items:
Impairment charges			0	0
Depreciation and amortization			0	0
Deferred taxes			0	0
Provision for doubtful accounts			0	0
Share-based compensation			0	0
(Gain) loss on sale of operating assets			0	0
Loss on marketable securities				0
Amortization of deferred financing charges and note discounts, net			0	0
Other reconciling items, net			13,632	(50,172)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable			0	0
Increase (decrease) in accrued expenses			0	0
Increase (decrease) in accounts payable			10,465	0
Increase in deferred income			0	0
Changes in other operating assets and liabilities			0	0
Net cash provided by (used for) operating activities			(14,110)	0
Cash flows from investing activities:
Purchases of property, plant and equipment			0	0
Decrease (increase) in intercompany notes receivable, net			9,829	0
Dividends From Subsidiaries			0	0
Purchases of other operating assets			0	0
Proceeds from disposal of assets			0	0
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment			0
Change in other, net			907	(15,230)
Net cash provided by (used for) investing activities			10,736	(15,230)
Cash flows from financing activities:
Draws on credit facilities			0	0
Payments on credit facilities			0	0
Proceeds from long-term debt			0	0
Payments on long-term debt			0	0
Payments to repurchase noncontrolling interests				0
(Decrease) increase in intercompany notes payable, net			(9,829)	15,230
Net transfers to Clear Channel Communications			0	0
Intercompany funding			0	0
Deferred financing charges				0
Dividends paid			24,575	0
Dividends and other payments to noncontrolling interests			0	0
Change in other, net			(907)	0
Net cash provided by (used for) financing activities			13,839	15,230
Effect of exchange rate changes on cash			0	0
Net increase (decrease) increase in cash and cash equivalents			10,465	$ 0
Cash and cash equivalents at beginning of year			(19,960)
Cash and cash equivalents at end of year	$ (9,495)		$ (9,495)

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Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 129,883	$ 186,204
Accounts receivable, net of allowance	711,862	697,811
Prepaid expenses	143,492	134,041
Other current assets	70,493	61,893
Total Current Assets	1,055,730	1,079,949
PROPERTY, PLANT AND EQUIPMENT
Structures, net	1,542,361	1,614,199
Other property, plant and equipment, net	267,586	291,452
INTANGIBLE ASSETS AND GOODWILL
Indefinite-lived intangibles	1,065,978	1,066,748
Other intangibles, net	382,840	412,064
Goodwill	807,460	817,112
OTHER ASSETS
Due from iHeartCommunications	936,931	947,806
Other assets	129,472	133,081
Total Assets	6,188,358	6,362,411
CURRENT LIABILITIES
Accounts payable	69,678	75,915
Accrued expenses	464,325	543,818
Deferred income	132,555	94,635
Current portion of long-term debt	2,573	3,461
Total Current Liabilities	669,131	717,829
Long-term debt	4,927,997	4,930,468
Deferred tax liability	618,071	620,255
Other long-term liabilities	236,504	234,800
SHAREHOLDERS' EQUITY
Noncontrolling interest	182,773	203,334
Preferred stock	0	0
Common stock	3,616	3,602
Additional paid-in capital	4,174,654	4,167,233
Retained deficit	(4,204,673)	(4,172,565)
Accumulated other comprehensive loss	(417,644)	(341,353)
Cost of shares held in treasury	(2,071)	(1,192)
Total Shareholders' Equity	(263,345)	(140,941)
Total Liabilities and Shareholders' Equity	6,188,358	6,362,411
Class A Common Shares Issued [Member]
SHAREHOLDERS' EQUITY
Common stock	466	452
Class B Common Shares Issued [Member]
SHAREHOLDERS' EQUITY
Common stock	$ 3,150	$ 3,150

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Basis of Presentation

6 Months Ended

Jun. 30, 2015

Basis of Presentation [Abstract]

Basis Of Presentation

NOTE 1 – BASIS OF PRESENTATION

Preparation of Interim Financial Statements

The accompanying consolidated financial statements were prepared by Clear Channel Outdoor Holdings, Inc. (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2014 Annual Report on Form 10-K. All references in this Quarterly Report on Form 10-Q to “we,” “us” and “our” refer to the Company and its consolidated subsidiaries. Our reportable segments are Americas outdoor advertising (“Americas”) and International outdoor advertising (“International”).

The consolidated financial statements include the accounts of the Company and its subsidiaries and give effect to allocations of expenses from the Company’s indirect parent entity, iHeartCommunications, Inc. (“iHeartCommunications”). These allocations were made on a specifically identifiable basis or using relative percentages of headcount or other methods management considered to be a reasonable reflection of the utilization of services provided. Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in companies in which the Company owns 20% to 50% of the voting common stock or otherwise exercises significant influence over operating and financial policies of the company are accounted for under the equity method. All significant intercompany transactions are eliminated in the consolidation process. Certain prior-period amounts have been reclassified to conform to the 2015 presentation.

During the first quarter of 2015, and in connection with the appointment of a new chief executive officer for the Company and a new chief executive officer for Americas, the Company reevaluated its segment reporting and determined that its Latin American operations should be managed by its Americas leadership team. As a result, the operations of Latin America are no longer reflected within the Company’s International segment and are included in the results of its Americas segment. Accordingly, the Company has recast the corresponding segment disclosures for prior periods to include Latin America within the Americas segment.

New Accounting Pronouncements

During the first quarter of 2015, the Company adopted the Financial Accounting Standards Board’s (“FASB”) ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This update provides guidance for the recognition, measurement and disclosure of discontinued operations. The update is effective for annual periods beginning on or after 15 December 2014 and interim periods within thoseyears. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements.

During the first quarter of 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis. This new standard eliminates the deferral of FAS 167, which has allowed entities with interest in certain investment funds to follow the previous consolidation guidance in FIN 46(R), and makes other changes to both the variable interest model and the voting model. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015. The Company is currently evaluating the impact of the provisions of this new standard on its financial position and results of operations.

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Shareholders' Deficit And Comprehensive Loss (Schedule Of Changes In Equity) (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Balances at January 1,			$ (140,941,000)	$ 160,108,000
Net income (loss)	$ 9,286,000	$ 60,123,000	(23,667,000)	(36,245,000)
Dividends and other payments to noncontrolling interests			(28,099,000)	0
Foreign currency translation adjustments			(78,587,000)	(16,562,000)
Unrealized gain (loss) on marketable securities	(133,000)	(405,000)	689,000	679,000
Other adjustments to comprehensive income (loss)	0	0	(1,154,000)	0
Other, net			8,414,000	(4,682,000)
Reclassifications			0	0
Balances at December 31,	(263,345,000)	103,298,000	(263,345,000)	103,298,000
The Company [Member]
Balances at January 1,			(344,275,000)	(41,938,000)
Net income (loss)			(32,108,000)	(45,833,000)
Dividends and other payments to noncontrolling interests			0	0
Foreign currency translation adjustments			(75,826,000)	(13,111,000)
Unrealized gain (loss) on marketable securities			689,000	679,000
Other adjustments to comprehensive income (loss)			(1,154,000)
Other, net			6,556,000	4,991,000
Balances at December 31,	(446,118,000)	(95,212,000)	(446,118,000)	(95,212,000)
Noncontrolling Interest [Member]
Balances at January 1,			203,334,000	202,046,000
Net income (loss)			8,441,000	9,588,000
Dividends and other payments to noncontrolling interests			(28,099,000)	0
Foreign currency translation adjustments			(2,761,000)	(3,451,000)
Unrealized gain (loss) on marketable securities			0	0
Other adjustments to comprehensive income (loss)			0
Other, net			1,858,000	(9,673,000)
Balances at December 31,	$ 182,773,000	$ 198,510,000	$ 182,773,000	$ 198,510,000

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Guarantor Subsidiaries (Tables)

6 Months Ended

Jun. 30, 2015

Guarantor Subsidiaries [Abstract]

Schedule Of Guarantor Obligations, Balance Sheet

NOTE 10 – GUARANTOR SUBSIDIARIES
The Company and certain of the Company’s direct and indirect wholly-owned domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guarantee on a joint and several basis certain of the outstanding indebtedness of Clear Channel Worldwide Holdings, Inc. ("CCWH" or the “Subsidiary Issuer”). The following consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X Rule 3-10(d):
(In thousands)		June 30, 2015
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents		$	905	$	-	$	-	$	138,473	$	(9,495)	$	129,883
Accounts receivable, net of allowance			-		-		213,532		498,330		-		711,862
Intercompany receivables			-		249,683		1,711,541		9,208		(1,970,432)		-
Prepaid expenses			1,340		-		64,807		77,345		-		143,492
Other current assets			(485)		(451)		56,633		14,796		-		70,493
	Total Current Assets		1,760		249,232		2,046,513		738,152		(1,979,927)		1,055,730
Structures, net			-		-		1,006,154		536,207		-		1,542,361
Other property, plant and equipment, net			-		-		154,366		113,220		-		267,586
Indefinite-lived intangibles			-		-		1,055,728		10,250		-		1,065,978
Other intangibles, net			-		-		313,943		68,897		-		382,840
Goodwill			-		-		571,932		235,528		-		807,460
Due from iHeartCommunications			936,931		-		-		-		-		936,931
Intercompany notes receivable			182,026		4,934,845		-		958		(5,117,829)		-
Other assets			178,516		766,569		1,227,842		49,676		(2,093,131)		129,472
	Total Assets	$	1,299,233	$	5,950,646	$	6,376,478	$	1,752,888	$	(9,190,887)	$	6,188,358
Accounts payable		$	-	$	-	$	17,522	$	61,651	$	(9,495)	$	69,678
Intercompany payable			1,711,541		-		258,891		-		(1,970,432)		-
Accrued expenses			-		3,199		85,993		375,133		-		464,325
Deferred income			-		-		60,874		71,681		-		132,555
Current portion of long-term debt			-		-		60		2,513		-		2,573
	Total Current Liabilities		1,711,541		3,199		423,340		510,978		(1,979,927)		669,131
Long-term debt			-		4,919,126		1,046		7,825		-		4,927,997
Intercompany notes payable			-		-		5,033,296		84,533		(5,117,829)		-
Deferred tax liability			772		1,367		610,419		5,513		-		618,071
Other long-term liabilities			-		-		129,799		106,705		-		236,504
Total shareholders' equity (deficit)			(413,080)		1,026,954		178,578		1,037,334		(2,093,131)		(263,345)
	Total Liabilities and Shareholders' Equity	$	1,299,233	$	5,950,646	$	6,376,478	$	1,752,888	$	(9,190,887)	$	6,188,358

(In thousands)		December 31, 2014
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents		$	905	$	-	$	-	$	205,259	$	(19,960)	$	186,204
Accounts receivable, net of allowance			-		-		202,771		495,040		-		697,811
Intercompany receivables			-		259,510		1,731,448		8,056		(1,999,014)		-
Prepaid expenses			1,299		-		64,922		67,820		-		134,041
Other current assets			-		6,850		21,485		33,558		-		61,893
	Total Current Assets		2,204		266,360		2,020,626		809,733		(2,018,974)		1,079,949
Structures, net			-		-		1,049,684		564,515		-		1,614,199
Other property, plant and equipment, net			-		-		172,809		118,643		-		291,452
Indefinite-lived intangibles			-		-		1,055,728		11,020		-		1,066,748
Other intangibles, net			-		-		322,550		89,514		-		412,064
Goodwill			-		-		571,932		245,180		-		817,112
Due from iHeartCommunications			947,806		-		-		-		-		947,806
Intercompany notes receivable			182,026		4,927,517		-		-		(5,109,543)		-
Other assets			264,839		793,626		1,287,717		50,568		(2,263,669)		133,081
	Total Assets	$	1,396,875	$	5,987,503	$	6,481,046	$	1,889,173	$	(9,392,186)	$	6,362,411
Accounts payable		$	-	$	-	$	27,866	$	68,009	$	(19,960)	$	75,915
Intercompany payable			1,731,448		-		267,566		-		(1,999,014)		-
Accrued expenses			467		3,475		103,243		436,633		-		543,818
Deferred income			-		-		44,363		50,272		-		94,635
Current portion of long-term debt			-		-		55		3,406		-		3,461
	Total Current Liabilities		1,731,915		3,475		443,093		558,320		(2,018,974)		717,829
Long-term debt			-		4,918,822		1,077		10,569		-		4,930,468
Intercompany notes payable			-		-		5,035,279		74,264		(5,109,543)		-
Deferred tax liability			772		85		607,841		11,557		-		620,255
Other long-term liabilities			-		-		128,855		105,945		-		234,800
Total shareholders' equity (deficit)			(335,812)		1,065,121		264,901		1,128,518		(2,263,669)		(140,941)
	Total Liabilities and Shareholders' Equity	$	1,396,875	$	5,987,503	$	6,481,046	$	1,889,173	$	(9,392,186)	$	6,362,411

Schedule Of Guarantor Obligations, Income Statement

(In thousands)		Three Months Ended June 30, 2015
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	301,915	$	420,904	$	-	$	722,819
Operating expenses:
	Direct operating expenses		-		-		126,404		245,938		-		372,342
	Selling, general and administrative expenses		-		-		48,969		83,553		-		132,522
	Corporate expenses		3,239		-		15,826		11,089		-		30,154
	Depreciation and amortization		-		-		49,256		44,149		-		93,405
	Other operating income (expense), net		(118)		-		(269)		1,046		-		659
Operating income (loss)			(3,357)		-		61,191		37,221		-		95,055
Interest (income) expense, net			6		88,081		410		59		-		88,556
Interest income on Due from iHeartCommunications			15,049		-		-		-		-		15,049
Intercompany interest income			4,024		85,113		15,227		-		(104,364)		-
Intercompany interest expense			15,049		-		89,137		178		(104,364)		-
Equity in earnings (loss) of nonconsolidated affiliates			24,634		20,877		12,851		(755)		(57,958)		(351)
Other income (expense), net			936		3,440		20,635		14,840		(24,575)		15,276
Income (loss) before income taxes			26,231		21,349		20,357		51,069		(82,533)		36,473
Income tax benefit (expense)			(246)		(9,577)		4,277		(21,641)		-		(27,187)
Consolidated net income (loss)			25,985		11,772		24,634		29,428		(82,533)		9,286
	Less amount attributable to noncontrolling interest		-		-		-		7,876		-		7,876
Net income (loss) attributable to the Company		$	25,985	$	11,772	$	24,634	$	21,552	$	(82,533)	$	1,410
Other comprehensive (loss), net of tax:
	Foreign currency translation adjustments		-		(3,440)		134		6,206		-		2,900
	Unrealized holding gain on marketable securities		-		-		-		(133)		-		(133)
	Other adjustments to comprehensive loss		-		-		-		-		-		-
	Equity in subsidiary comprehensive income		7,827		10,981		7,693		-		(26,501)		-
Comprehensive loss			33,812		19,313		32,461		27,625		(109,034)		4,177
	Less amount attributable to noncontrolling interest		-		-		-		(5,060)		-		(5,060)
Comprehensive loss attributable to the Company		$	33,812	$	19,313	$	32,461	$	32,685	$	(109,034)	$	9,237

(In thousands)		Three Months Ended June 30, 2014
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	295,190	$	486,015	$	-	$	781,205
Operating expenses:
	Direct operating expenses		-		-		123,377		289,767		-		413,144
	Selling, general and administrative expenses		-		-		48,493		91,778		-		140,271
	Corporate expenses		2,769		-		16,016		14,548		-		33,333
	Depreciation and amortization		-		-		47,466		51,260		-		98,726
	Other operating income (expense), net		(142)		-		814		(425)		-		247
Operating income (loss)			(2,911)		-		60,652		38,237		-		95,978
Interest (income) expense, net			(2)		88,069		430		(285)		-		88,212
Interest income on Due from iHeartCommunications			15,227		-		-		-		-		15,227
Intercompany interest income			3,883		85,210		15,437		-		(104,530)		-
Intercompany interest expense			15,227		-		89,093		210		(104,530)		-
Loss on marketable securities			-		-		-		-		-		-
Equity in earnings (loss) of nonconsolidated affiliates			48,365		27,708		27,500		(33)		(103,213)		327
Other income (expense), net			2,074		-		(307)		10,216		-		11,983
Income (loss) before income taxes			51,413		24,849		13,759		48,495		(103,213)		35,303
Income tax benefit (expense)			(376)		898		34,607		(10,309)		-		24,820
Consolidated net income (loss)			51,037		25,747		48,366		38,186		(103,213)		60,123
	Less amount attributable to noncontrolling interest		-		-		-		9,086		-		9,086
Net income (loss) attributable to the Company		$	51,037	$	25,747	$	48,366	$	29,100	$	(103,213)	$	51,037
Other comprehensive (loss), net of tax:
	Foreign currency translation adjustments		-		-		1,084		(13,109)		-		(12,025)
	Unrealized holding gain on marketable securities		-		-		-		(405)		-		(405)
	Other adjustments to comprehensive loss		-		-		-		-		-		-
	Equity in subsidiary comprehensive income		(11,876)		(13,530)		(12,960)		-		38,366		-
Comprehensive loss			39,161		12,217		36,490		15,586		(64,847)		38,607
	Less amount attributable to noncontrolling interest		-		-		-		(554)		-		(554)
Comprehensive loss attributable to the Company		$	39,161	$	12,217	$	36,490	$	16,140	$	(64,847)	$	39,161

(In thousands)		Six Months Ended June 30, 2015
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	558,626	$	779,236	$	-	$	1,337,862
Operating expenses:
	Direct operating expenses		-		-		250,014		485,299		-		735,313
	Selling, general and administrative expenses		-		-		95,958		163,694		-		259,652
	Corporate expenses		6,492		-		29,507		22,908		-		58,907
	Depreciation and amortization		-		-		97,688		89,811		-		187,499
	Other operating income (expense), net		(220)		-		(6,955)		2,390		-		(4,785)
Operating income (loss)			(6,712)		-		78,504		19,914		-		91,706
Interest expense			12		176,161		975		824		-		177,972
Interest income on Due from iHeartCommunications			30,302		-		-		-		-		30,302
Intercompany interest income			8,025		170,209		30,553		-		(208,787)		-
Intercompany interest expense			30,302		-		178,234		251		(208,787)		-
Equity in earnings (loss) of nonconsolidated affiliates			(10,032)		15,729		8,894		(788)		(13,632)		171
Other income (expense), net			1,683		3,440		21,249		33,417		(24,575)		35,214
Income (loss) before income taxes			(7,048)		13,217		(40,009)		51,468		(38,207)		(20,579)
Income tax benefit (expense)			(485)		(8,583)		29,977		(23,997)		-		(3,088)
Consolidated net income (loss)			(7,533)		4,634		(10,032)		27,471		(38,207)		(23,667)
	Less amount attributable to noncontrolling interest		-		-		-		8,441		-		8,441
Net income (loss) attributable to the Company		$	(7,533)	$	4,634	$	(10,032)	$	19,030	$	(38,207)	$	(32,108)
Other comprehensive (loss), net of tax:
	Foreign currency translation adjustments		-		(3,440)		(7,026)		(68,121)		-		(78,587)
	Unrealized holding gain on marketable securities		-		-		-		689		-		689
	Other adjustments to comprehensive loss		-		-		-		(1,154)		-		(1,154)
	Equity in subsidiary comprehensive income		(76,291)		(39,361)		(69,265)		-		184,917		-
Comprehensive loss			(83,824)		(38,167)		(86,323)		(49,556)		146,710		(111,160)
	Less amount attributable to noncontrolling interest		-		-		-		(2,761)		-		(2,761)
Comprehensive loss attributable to the Company		$	(83,824)	$	(38,167)	$	(86,323)	$	(46,795)	$	146,710	$	(108,399)

(In thousands)		Six Months Ended June 30, 2014
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	543,687	$	872,769	$	-	$	1,416,456
Operating expenses:
	Direct operating expenses		-		-		243,137		551,520		-		794,657
	Selling, general and administrative expenses		-		-		96,131		177,090		-		273,221
	Corporate expenses		6,054		-		32,729		25,247		-		64,030
	Depreciation and amortization		-		-		94,544		102,923		-		197,467
	Other operating income (expense), net		(270)		-		3,303		(132)		-		2,901
Operating income (loss)			(6,324)		-		80,449		15,857		-		89,982
Interest (income) expense, net			(7)		176,130		957		393		-		177,473
Interest income on Due from iHeartCommunications			29,900		-		-		-		-		29,900
Intercompany interest income			7,743		170,425		30,337		-		(208,505)		-
Intercompany interest expense			29,900		-		178,168		437		(208,505)		-
Loss on marketable securities			-		-		-		-		-		-
Equity in earnings (loss) of nonconsolidated affiliates			(48,788)		(21)		(480)		(1,292)		50,172		(409)
Other income (expense), net			2,074		-		3,874		7,932		-		13,880
Income (loss) before income taxes			(45,288)		(5,726)		(64,945)		21,667		50,172		(44,120)
Income tax benefit (expense)			(545)		1,806		16,157		(9,543)		-		7,875
Consolidated net income (loss)			(45,833)		(3,920)		(48,788)		12,124		50,172		(36,245)
	Less amount attributable to noncontrolling interest		-		-		-		9,588		-		9,588
Net loss attributable to the Company		$	(45,833)	$	(3,920)	$	(48,788)	$	2,536	$	50,172	$	(45,833)
Other comprehensive loss, net of tax:
	Foreign currency translation adjustments		-		21		2,012		(18,595)		-		(16,562)
	Unrealized holding gain on marketable securities		-		-		-		679		-		679
	Other adjustments to comprehensive loss		-		-		-		-		-		-
	Equity in subsidiary comprehensive income		(12,432)		(14,521)		(14,444)		-		41,397		-
Comprehensive loss			(58,265)		(18,420)		(61,220)		(15,380)		91,569		(61,716)
	Less amount attributable to noncontrolling interest		-		-		-		(3,451)		-		(3,451)
Comprehensive income (loss) attributable to the Company		$	(58,265)	$	(18,420)	$	(61,220)	$	(11,929)	$	91,569	$	(58,265)

Schedule Of Guarantor Obligations, Cash Flow

(In thousands)		Six Months Ended June 30, 2015
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)		$	(7,533)	$	4,634	$	(10,032)	$	27,471	$	(38,207)	$	(23,667)
Reconciling items:
	Impairment charges		-		-		-		-		-		-
	Depreciation and amortization		-		-		97,688		89,811		-		187,499
	Deferred taxes		-		1,282		10,390		(5,361)		-		6,311
	Provision for doubtful accounts		-		-		1,845		3,299		-		5,144
	Share-based compensation		-		-		2,568		1,161		-		3,729
	Gain on sale of operating and fixed assets		-		-		(212)		(2,390)		-		(2,602)
	Amortization of deferred financing charges and note discounts, net		-		304		4,040		-		-		4,344
	Other reconciling items, net		10,032		(19,169)		(8,891)		(31,381)		13,632		(35,777)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
	(Increase) decrease in accounts receivable		-		-		(12,604)		(28,317)		-		(40,921)
	Increase (decrease) in accrued expenses		17		7,025		(45,418)		(21,109)		-		(59,485)
	Increase (decrease) in accounts payable		-		-		(10,346)		(2,658)		10,465		(2,539)
	Increase (decrease) in deferred income		-		-		16,513		24,227		-		40,740
	Changes in other operating assets and liabilities		(41)		3,425		(20,484)		(11,217)		-		(28,317)
Net cash provided by (used for) operating activities			2,475		(2,499)		25,057		43,536		(14,110)		54,459
Cash flows from investing activities:
	Purchases of property, plant and equipment		-		-		(25,968)		(64,065)		-		(90,033)
	Proceeds from disposal of assets		-		-		993		1,136		-		2,129
	Purchases of other operating assets		-		-		(401)		(452)		-		(853)
	Decrease in intercompany notes receivable, net		-		(7,327)		(2,502)		-		9,829		-
	Dividends from subsidiaries		-		-		-		-		-		-
	Change in other, net		-		-		(911)		(1,032)		907		(1,036)
Net cash provided by (used for) investing activities			-		(7,327)		(28,789)		(64,413)		10,736		(89,793)
Cash flows from financing activities:
	Draws on credit facilities		-		-		-		-		-		-
	Payments on credit facilities		-		-		-		(2,638)		-		(2,638)
	Payments on long-term debt		-		-		(27)		-		-		(27)
	Net transfers to iHeartCommunications		10,875		-		-		-		-		10,875
	Dividends and other payments to noncontrolling interests		-		-		-		(28,099)		-		(28,099)
	Dividends paid		-		-		-		(24,575)		24,575		-
	Decrease in intercompany notes payable, net		-		-		-		9,829		(9,829)		-
	Intercompany funding		(16,176)		9,826		3,760		2,590		-		-
	Change in other, net		2,826		-		(1)		907		(907)		2,825
Net cash provided by (used for) financing activities			(2,475)		9,826		3,732		(41,986)		13,839		(17,064)
Effect of exchange rate changes on cash			-		-		-		(3,923)		-		(3,923)
Net decrease in cash and cash equivalents			-		-		-		(66,786)		10,465		(56,321)
Cash and cash equivalents at beginning of year			905		-		-		205,259		(19,960)		186,204
Cash and cash equivalents at end of year		$	905	$	-	$	-	$	138,473	$	(9,495)	$	129,883

(In thousands)		Six Months Ended June 30, 2014
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)		$	(45,833)	$	(3,920)	$	(48,788)	$	12,124	$	50,172	$	(36,245)
Reconciling items:
	Depreciation and amortization		-		-		94,544		102,923		-		197,467
	Deferred taxes		11		-		(24,520)		(3,214)		-		(27,723)
	Provision for doubtful accounts		-		-		1,485		2,658		-		4,143
	Share-based compensation		-		-		2,738		1,512		-		4,250
	(Gain) loss on sale of operating and fixed assets		270		-		(3,303)		132		-		(2,901)
	Amortization of deferred financing charges and note discounts, net		-		3,709		616		-		-		4,325
	Other reconciling items, net		48,788		21		432		(13,281)		(50,172)		(14,212)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
	(Increase) decrease in accounts receivable		-		-		(11,199)		(22,658)		-		(33,857)
	Increase in accrued expenses		(191)		(2,473)		(11,880)		(15,527)		-		(30,071)
	Decrease in accounts payable		-		21		(5,339)		(13,177)		-		(18,495)
	Increase (decrease) in deferred income		-		-		18,823		24,454		-		43,277
	Changes in other operating assets and liabilities		(270)		-		9,027		(18,189)		-		(9,432)
Net cash provided by operating activities			2,775		(2,642)		22,636		57,757		-		80,526
Cash flows from investing activities:
	Purchases of property, plant and equipment		-		-		(29,771)		(63,196)		-		(92,967)
	Proceeds from disposal of assets		-		-		6,267		621		-		6,888
	Purchases of other operating assets		-		-		(369)		194		-		(175)
	Decrease in intercompany notes receivable, net		-		-		-		-		-		-
	Dividends from subsidiaries		-		-		-		-		-		-
	Change in other, net		-		15,230		(10)		(1,295)		(15,230)		(1,305)
Net cash provided by (used for) investing activities			-		15,230		(23,883)		(63,676)		(15,230)		(87,559)
Cash flows from financing activities:
	Draws on credit facilities		-		-		-		820		-		820
	Payments on credit facilities		-		-		-		(1,675)		-		(1,675)
	Payments on long-term debt		-		-		(23)		-		-		(23)
	Net transfers to iHeartCommunications		(71,045)		-		-		-		-		(71,045)
	Payments to repurchase of noncontrolling interests		-		-		-		-		-		-
	Dividends and other payments to noncontrolling interests		-		-		-		(9,673)		-		(9,673)
	Decrease in intercompany notes payable, net		-		-		-		(15,230)		15,230		-
	Intercompany funding		19,508		(12,588)		2,591		(9,511)		-		-
	Change in other, net		698		-		(3)		-		-		695
Net cash used for financing activities			(50,839)		(12,588)		2,565		(35,269)		15,230		(80,901)
Effect of exchange rate changes on cash			-		-		-		(637)		-		(637)
Net increase (decrease) in cash and cash equivalents			(48,064)		-		1,318		(41,825)		-		(88,571)
Cash and cash equivalents at beginning of year			83,185		-		5,885		225,475		-		314,545
Cash and cash equivalents at end of year		$	35,121	$	-	$	7,203	$	183,650	$	-	$	225,974

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Other Information (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Comprehensive Income Loss
Deferred tax on other comprehensive income (loss) related to pensions	$ 0.0	$ 0.0	$ (0.6)	$ 0.0

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Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 3,413,692	$ 3,425,415
Less: accumulated depreciation	1,603,745	1,519,764
Property, plant and equipment, net	1,809,947	1,905,651
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	198,076	198,280
Structures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	3,005,159	2,999,582
Furniture and other equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	149,387	152,084
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 61,070	$ 75,469

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Property, Plant And Equipment, Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2015

Property, Plant And Equipment, Intangible Assets And Goodwill [Abstract]

Property, Plant And Equipment, Intangible Assets And Goodwill [Text Block]

NOTE 2 – PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL

Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets as of June 30, 2015 and December 31, 2014, respectively.
(In thousands)	June 30,		December 31,
	2015		2014
Land, buildings and improvements	$	198,076	$	198,280
Structures		3,005,159		2,999,582
Furniture and other equipment		149,387		152,084
Construction in progress		61,070		75,469
		3,413,692		3,425,415
Less: accumulated depreciation		1,603,745		1,519,764
Property, plant and equipment, net	$	1,809,947	$	1,905,651

Indefinite-lived Intangible Assets

The Company’s indefinite-lived intangible assets consist primarily of billboard permits in its Americas segment. Due to significant differences in both business practices and regulations, billboards in the International segment are subject to long-term, finite contracts, unlike the Company’s permits in the United States and Canada. Accordingly, there are no indefinite-lived intangible assets in the International segment.

Other Intangible Assets

Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets consist primarily of transit and street furniture contracts, site-leases and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at cost.

The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of June 30, 2015 and December 31, 2014, respectively:
(In thousands)		June 30, 2015				December 31, 2014
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Transit, street furniture and other outdoor contractual rights		$	675,465	$	(465,228)	$	716,722	$	(476,523)
Permanent easements			171,641		-		171,272		-
Other			2,826		(1,864)		2,912		(2,319)
	Total	$	849,932	$	(467,092)	$	890,906	$	(478,842)

Total amortization expense related to definite-lived intangible assets for the three months ended June 30, 2015 and 2014 was $12.5 million and $17.0 million, respectively. Total amortization expense related to definite-lived intangible assets for the six months ended June 30, 2015 and 2014 was $27.2 million and $34.1 million, respectively.

As acquisitions and dispositions occur in the future, amortization expense may vary. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
(In thousands)
2016	$	37,978
2017		29,948
2018		25,108
2019		16,192
2020		13,438

The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments:
(In thousands)		Americas		International		Consolidated
Balance as of December 31, 2013		$	585,227	$	264,907	$	850,134
	Foreign currency		(653)		(32,369)		(33,022)
Balance as of December 31, 2014		$	584,574	$	232,538	$	817,112
	Foreign currency		(312)		(9,340)		(9,652)
Balance as of June 30, 2015		$	584,262	$	223,198	$	807,460

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Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Balance Sheet Parenthetical [Abstract]
Allowances for receivables	$ 22,978	$ 24,308
Preferred Stock [Abstract]
Preferred stock par value per share	$ 0.01	$ 0.01
Preferred stock shares authorized	150,000,000	150,000,000
Preferred stock shares issued	0	0
Class of Stock [Line Items]
Treasury stock shares	(229,943)	(140,702)
Common Class A [Member]
Class of Stock [Line Items]
Common stock par value per share	$ 0.01	$ 0.01
Common stock shares authorized	750,000,000	750,000,000
Common stock shares issued	46,598,129	45,231,282
Common Class B [Member]
Class of Stock [Line Items]
Common stock par value per share	$ 0.01	$ 0.01
Common stock shares authorized	600,000,000	600,000,000
Common stock shares issued	315,000,000	315,000,000

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Property, Plant And Equipment, Intangible Assets And Goodwill (Tables)

6 Months Ended

Jun. 30, 2015

Property, Plant And Equipment, Intangible Assets And Goodwill [Abstract]

Schedule of Property, Plant and Equipment [Table Text Block]

Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets as of June 30, 2015 and December 31, 2014, respectively.
(In thousands)	June 30,		December 31,
	2015		2014
Land, buildings and improvements	$	198,076	$	198,280
Structures		3,005,159		2,999,582
Furniture and other equipment		149,387		152,084
Construction in progress		61,070		75,469
		3,413,692		3,425,415
Less: accumulated depreciation		1,603,745		1,519,764
Property, plant and equipment, net	$	1,809,947	$	1,905,651

Schedule of Other Intangible Assets [Table Text Block]

The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of June 30, 2015 and December 31, 2014, respectively:
(In thousands)		June 30, 2015				December 31, 2014
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Transit, street furniture and other outdoor contractual rights		$	675,465	$	(465,228)	$	716,722	$	(476,523)
Permanent easements			171,641		-		171,272		-
Other			2,826		(1,864)		2,912		(2,319)
	Total	$	849,932	$	(467,092)	$	890,906	$	(478,842)

Schedule of Future Amortization Expenses [Table Text Block]

As acquisitions and dispositions occur in the future, amortization expense may vary. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
(In thousands)
2016	$	37,978
2017		29,948
2018		25,108
2019		16,192
2020		13,438

Schedule of Changes in Carrying Amount of Goodwill [Table Text Block]

The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments:
(In thousands)		Americas		International		Consolidated
Balance as of December 31, 2013		$	585,227	$	264,907	$	850,134
	Foreign currency		(653)		(32,369)		(33,022)
Balance as of December 31, 2014		$	584,574	$	232,538	$	817,112
	Foreign currency		(312)		(9,340)		(9,652)
Balance as of June 30, 2015		$	584,262	$	223,198	$	807,460

XML

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 28, 2015
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Entity Registrant Name	Clear Channel Outdoor Holdings, Inc.
Entity Central Index Key	0001334978
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
trading symbol	CCO
Common Class A [Member]
Entity Common Stock, Shares Outstanding		46,381,597
Common Class B [Member]
Entity Common Stock, Shares Outstanding		315,000,000

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Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2015

Long-Term Debt [Abstract]

Schedule of Long-Term Debt [Table Text Block]

NOTE 3 – LONG-TERM DEBT
Long-term debt outstanding as of June 30, 2015 and December 31, 2014 consisted of the following:
(In thousands)		June 30,		December 31,
		2015		2014
Clear Channel Worldwide Holdings Senior Notes:
	6.5% Series A Senior Notes Due 2022	$	735,750	$	735,750
	6.5% Series B Senior Notes Due 2022		1,989,250		1,989,250
Clear Channel Worldwide Holdings Senior Subordinated Notes:
	7.625% Series A Senior Subordinated Notes Due 2020		275,000		275,000
	7.625% Series B Senior Subordinated Notes Due 2020		1,925,000		1,925,000
Senior revolving credit facility due 2018(1)			-		-
Other debt			11,444		15,107
Original issue discount			(5,874)		(6,178)
Total debt		$	4,930,570	$	4,933,929
	Less: current portion		2,573		3,461
Total long-term debt		$	4,927,997	$	4,930,468
(1)	The Senior revolving credit facility provides for borrowings up to $75.0 million (the revolving credit commitment).

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Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statements Of Comprehensive Income (Loss)
Revenue	$ 722,819	$ 781,205	$ 1,337,862	$ 1,416,456
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)	372,342	413,144	735,313	794,657
Selling, general and admin expenses (excludes depreciation and amortization)	132,522	140,271	259,652	273,221
Corporate expenses (excludes depreciation and amortization)	30,154	33,333	58,907	64,030
Depreciation and amortization	93,405	98,726	187,499	197,467
Other operating income (expense), net	659	247	(4,785)	2,901
Operating income	95,055	95,978	91,706	89,982
Interest expense	88,556	88,212	177,972	177,473
Interest income on Due from iHeartCommunications	15,049	15,227	30,302	29,900
Equity in earnings (loss) of nonconsolidated affiliates	(351)	327	171	(409)
Other income (expense), net	15,276	11,983	35,214	13,880
Income (loss) before income taxes	36,473	35,303	(20,579)	(44,120)
Income tax benefit (expense)	(27,187)	24,820	(3,088)	7,875
Consolidated net income (loss)	9,286	60,123	(23,667)	(36,245)
Less amount attributable to noncontrolling interest	7,876	9,086	8,441	9,588
Net income (loss) attributable to the Company	1,410	51,037	(32,108)	(45,833)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	2,900	(12,025)	(78,587)	(16,562)
Unrealized gain (loss) on marketable securities	(133)	(405)	689	679
Other adjustments to comprehensive income (loss)	0	0	(1,154)	0
Reclassification adjustment for realized gain (loss) on securities included in net loss			0	0
Other comprehensive income (loss)	2,767	(12,430)	(79,052)	(15,883)
Comprehensive income (loss)	4,177	38,607	(111,160)	(61,716)
Less amount attributable to noncontrolling interest	(5,060)	(554)	(2,761)	(3,451)
Comprehensive income (loss) attributable to the Company	$ 9,237	$ 39,161	$ (108,399)	$ (58,265)
Net income (loss) per common share:
Basic		$ 0.14	$ (0.09)	$ (0.13)
Weighted average common shares outstanding - Basic	359,538	358,453	359,317	358,425
Diluted		$ 0.14	$ (0.09)	$ (0.13)
Weighted average common shares outstanding - diluted	361,063	359,832	359,317	358,425
Dividends declared per share	$ 0	$ 0	$ 0	$ 0

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Shareholders' Equity

6 Months Ended

Jun. 30, 2015

Shareholders' Equity Assumptions [Abstract]

Shareholders' Equity [Text Block]

NOTE 7 – SHAREHOLDERS’ EQUITY
The Company reports its noncontrolling interests in consolidated subsidiaries as a component of equity separate from the Company’s equity. The following table shows the changes in shareholders’ equity attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest:
(In thousands)		The Company		Noncontrolling Interests		Consolidated
Balances as of January 1, 2015		$	(344,275)		203,334		(140,941)
	Net income (loss)		(32,108)		8,441		(23,667)
	Dividends and other payments to noncontrolling interests		-		(28,099)		(28,099)
	Foreign currency translation adjustments		(75,826)		(2,761)		(78,587)
	Unrealized holding gain on marketable securities		689		-		689
	Other adjustments to comprehensive loss		(1,154)		-		(1,154)
	Other, net		6,556		1,858		8,414
Balances as of June 30, 2015		$	(446,118)	$	182,773	$	(263,345)
Balances as of January 1, 2014		$	(41,938)	$	202,046	$	160,108
	Net income (loss)		(45,833)		9,588		(36,245)
	Foreign currency translation adjustments		(13,111)		(3,451)		(16,562)
	Unrealized holding gain on marketable securities		679		-		679
	Other, net		4,991		(9,673)		(4,682)
Balances as of June 30, 2014		$	(95,212)	$	198,510	$	103,298

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Income Taxes

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes [Text Block]

NOTE 6 – INCOME TAXES
Income Tax Benefit (Expense)
The Company’s income tax benefit (expense) for the three and six months ended June 30, 2015 and 2014, respectively, consisted of the following components:
(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Current tax benefit (expense)	$	(25,613)	$	19,563	$	3,223	$	(19,848)
Deferred tax benefit (expense)		(1,574)		5,257		(6,311)		27,723
Income tax benefit (expense)	$	(27,187)	$	24,820	$	(3,088)	$	7,875

The effective tax rates for the three and six months ended June 30,2015 were 74.5% and (15.0)%, respectively. The effective rates were primarily impacted by the Company’s uncertainty of an ability to recognize the future benefit of certain deferred tax assets that consists of current period net operating losses in U.S. federal, state and certain foreign jurisdictions. The Company has recorded a valuation allowance against these deferred tax assets as the reversing deferred tax liabilities and other sources of taxable income that may be available to realize the deferred tax assets was exceeded by the additional net operating losses in the current period.

The effective tax rates for the three and six months ended June 30,2014 were (70.3)% and 17.8%, respectively. The effective rates were primarily impacted by the Company’s inability to record tax benefits on tax losses in certain foreign jurisdictions due to the uncertainty of the ability to utilize those losses in future years. In addition, the effective tax rates were impacted by the timing and mix of earnings in the various jurisdictions in which the Company operates.

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Property, Plant And Equipment, Intangible Assets And Goodwill (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Amortization expense	$ 12.5	$ 17.0	$ 27.2	$ 34.1

XML

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

NOTE 6 – INCOME TAXES
Income Tax Benefit (Expense)
The Company’s income tax benefit (expense) for the three and six months ended June 30, 2015 and 2014, respectively, consisted of the following components:
(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Current tax benefit (expense)	$	(25,613)	$	19,563	$	3,223	$	(19,848)
Deferred tax benefit (expense)		(1,574)		5,257		(6,311)		27,723
Income tax benefit (expense)	$	(27,187)	$	24,820	$	(3,088)	$	7,875

XML

Guarantor Subsidiaries

6 Months Ended

Jun. 30, 2015

Guarantor Subsidiaries [Abstract]

Guarantor Subsidiaries [Text Block]

NOTE 10 – GUARANTOR SUBSIDIARIES
The Company and certain of the Company’s direct and indirect wholly-owned domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guarantee on a joint and several basis certain of the outstanding indebtedness of Clear Channel Worldwide Holdings, Inc. ("CCWH" or the “Subsidiary Issuer”). The following consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X Rule 3-10(d):
(In thousands)		June 30, 2015
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents		$	905	$	-	$	-	$	138,473	$	(9,495)	$	129,883
Accounts receivable, net of allowance			-		-		213,532		498,330		-		711,862
Intercompany receivables			-		249,683		1,711,541		9,208		(1,970,432)		-
Prepaid expenses			1,340		-		64,807		77,345		-		143,492
Other current assets			(485)		(451)		56,633		14,796		-		70,493
	Total Current Assets		1,760		249,232		2,046,513		738,152		(1,979,927)		1,055,730
Structures, net			-		-		1,006,154		536,207		-		1,542,361
Other property, plant and equipment, net			-		-		154,366		113,220		-		267,586
Indefinite-lived intangibles			-		-		1,055,728		10,250		-		1,065,978
Other intangibles, net			-		-		313,943		68,897		-		382,840
Goodwill			-		-		571,932		235,528		-		807,460
Due from iHeartCommunications			936,931		-		-		-		-		936,931
Intercompany notes receivable			182,026		4,934,845		-		958		(5,117,829)		-
Other assets			178,516		766,569		1,227,842		49,676		(2,093,131)		129,472
	Total Assets	$	1,299,233	$	5,950,646	$	6,376,478	$	1,752,888	$	(9,190,887)	$	6,188,358
Accounts payable		$	-	$	-	$	17,522	$	61,651	$	(9,495)	$	69,678
Intercompany payable			1,711,541		-		258,891		-		(1,970,432)		-
Accrued expenses			-		3,199		85,993		375,133		-		464,325
Deferred income			-		-		60,874		71,681		-		132,555
Current portion of long-term debt			-		-		60		2,513		-		2,573
	Total Current Liabilities		1,711,541		3,199		423,340		510,978		(1,979,927)		669,131
Long-term debt			-		4,919,126		1,046		7,825		-		4,927,997
Intercompany notes payable			-		-		5,033,296		84,533		(5,117,829)		-
Deferred tax liability			772		1,367		610,419		5,513		-		618,071
Other long-term liabilities			-		-		129,799		106,705		-		236,504
Total shareholders' equity (deficit)			(413,080)		1,026,954		178,578		1,037,334		(2,093,131)		(263,345)
	Total Liabilities and Shareholders' Equity	$	1,299,233	$	5,950,646	$	6,376,478	$	1,752,888	$	(9,190,887)	$	6,188,358

(In thousands)		December 31, 2014
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents		$	905	$	-	$	-	$	205,259	$	(19,960)	$	186,204
Accounts receivable, net of allowance			-		-		202,771		495,040		-		697,811
Intercompany receivables			-		259,510		1,731,448		8,056		(1,999,014)		-
Prepaid expenses			1,299		-		64,922		67,820		-		134,041
Other current assets			-		6,850		21,485		33,558		-		61,893
	Total Current Assets		2,204		266,360		2,020,626		809,733		(2,018,974)		1,079,949
Structures, net			-		-		1,049,684		564,515		-		1,614,199
Other property, plant and equipment, net			-		-		172,809		118,643		-		291,452
Indefinite-lived intangibles			-		-		1,055,728		11,020		-		1,066,748
Other intangibles, net			-		-		322,550		89,514		-		412,064
Goodwill			-		-		571,932		245,180		-		817,112
Due from iHeartCommunications			947,806		-		-		-		-		947,806
Intercompany notes receivable			182,026		4,927,517		-		-		(5,109,543)		-
Other assets			264,839		793,626		1,287,717		50,568		(2,263,669)		133,081
	Total Assets	$	1,396,875	$	5,987,503	$	6,481,046	$	1,889,173	$	(9,392,186)	$	6,362,411
Accounts payable		$	-	$	-	$	27,866	$	68,009	$	(19,960)	$	75,915
Intercompany payable			1,731,448		-		267,566		-		(1,999,014)		-
Accrued expenses			467		3,475		103,243		436,633		-		543,818
Deferred income			-		-		44,363		50,272		-		94,635
Current portion of long-term debt			-		-		55		3,406		-		3,461
	Total Current Liabilities		1,731,915		3,475		443,093		558,320		(2,018,974)		717,829
Long-term debt			-		4,918,822		1,077		10,569		-		4,930,468
Intercompany notes payable			-		-		5,035,279		74,264		(5,109,543)		-
Deferred tax liability			772		85		607,841		11,557		-		620,255
Other long-term liabilities			-		-		128,855		105,945		-		234,800
Total shareholders' equity (deficit)			(335,812)		1,065,121		264,901		1,128,518		(2,263,669)		(140,941)
	Total Liabilities and Shareholders' Equity	$	1,396,875	$	5,987,503	$	6,481,046	$	1,889,173	$	(9,392,186)	$	6,362,411

(In thousands)		Three Months Ended June 30, 2015
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	301,915	$	420,904	$	-	$	722,819
Operating expenses:
	Direct operating expenses		-		-		126,404		245,938		-		372,342
	Selling, general and administrative expenses		-		-		48,969		83,553		-		132,522
	Corporate expenses		3,239		-		15,826		11,089		-		30,154
	Depreciation and amortization		-		-		49,256		44,149		-		93,405
	Other operating income (expense), net		(118)		-		(269)		1,046		-		659
Operating income (loss)			(3,357)		-		61,191		37,221		-		95,055
Interest (income) expense, net			6		88,081		410		59		-		88,556
Interest income on Due from iHeartCommunications			15,049		-		-		-		-		15,049
Intercompany interest income			4,024		85,113		15,227		-		(104,364)		-
Intercompany interest expense			15,049		-		89,137		178		(104,364)		-
Equity in earnings (loss) of nonconsolidated affiliates			24,634		20,877		12,851		(755)		(57,958)		(351)
Other income (expense), net			936		3,440		20,635		14,840		(24,575)		15,276
Income (loss) before income taxes			26,231		21,349		20,357		51,069		(82,533)		36,473
Income tax benefit (expense)			(246)		(9,577)		4,277		(21,641)		-		(27,187)
Consolidated net income (loss)			25,985		11,772		24,634		29,428		(82,533)		9,286
	Less amount attributable to noncontrolling interest		-		-		-		7,876		-		7,876
Net income (loss) attributable to the Company		$	25,985	$	11,772	$	24,634	$	21,552	$	(82,533)	$	1,410
Other comprehensive (loss), net of tax:
	Foreign currency translation adjustments		-		(3,440)		134		6,206		-		2,900
	Unrealized holding gain on marketable securities		-		-		-		(133)		-		(133)
	Other adjustments to comprehensive loss		-		-		-		-		-		-
	Equity in subsidiary comprehensive income		7,827		10,981		7,693		-		(26,501)		-
Comprehensive loss			33,812		19,313		32,461		27,625		(109,034)		4,177
	Less amount attributable to noncontrolling interest		-		-		-		(5,060)		-		(5,060)
Comprehensive loss attributable to the Company		$	33,812	$	19,313	$	32,461	$	32,685	$	(109,034)	$	9,237

(In thousands)		Three Months Ended June 30, 2014
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	295,190	$	486,015	$	-	$	781,205
Operating expenses:
	Direct operating expenses		-		-		123,377		289,767		-		413,144
	Selling, general and administrative expenses		-		-		48,493		91,778		-		140,271
	Corporate expenses		2,769		-		16,016		14,548		-		33,333
	Depreciation and amortization		-		-		47,466		51,260		-		98,726
	Other operating income (expense), net		(142)		-		814		(425)		-		247
Operating income (loss)			(2,911)		-		60,652		38,237		-		95,978
Interest (income) expense, net			(2)		88,069		430		(285)		-		88,212
Interest income on Due from iHeartCommunications			15,227		-		-		-		-		15,227
Intercompany interest income			3,883		85,210		15,437		-		(104,530)		-
Intercompany interest expense			15,227		-		89,093		210		(104,530)		-
Loss on marketable securities			-		-		-		-		-		-
Equity in earnings (loss) of nonconsolidated affiliates			48,365		27,708		27,500		(33)		(103,213)		327
Other income (expense), net			2,074		-		(307)		10,216		-		11,983
Income (loss) before income taxes			51,413		24,849		13,759		48,495		(103,213)		35,303
Income tax benefit (expense)			(376)		898		34,607		(10,309)		-		24,820
Consolidated net income (loss)			51,037		25,747		48,366		38,186		(103,213)		60,123
	Less amount attributable to noncontrolling interest		-		-		-		9,086		-		9,086
Net income (loss) attributable to the Company		$	51,037	$	25,747	$	48,366	$	29,100	$	(103,213)	$	51,037
Other comprehensive (loss), net of tax:
	Foreign currency translation adjustments		-		-		1,084		(13,109)		-		(12,025)
	Unrealized holding gain on marketable securities		-		-		-		(405)		-		(405)
	Other adjustments to comprehensive loss		-		-		-		-		-		-
	Equity in subsidiary comprehensive income		(11,876)		(13,530)		(12,960)		-		38,366		-
Comprehensive loss			39,161		12,217		36,490		15,586		(64,847)		38,607
	Less amount attributable to noncontrolling interest		-		-		-		(554)		-		(554)
Comprehensive loss attributable to the Company		$	39,161	$	12,217	$	36,490	$	16,140	$	(64,847)	$	39,161

(In thousands)		Six Months Ended June 30, 2015
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	558,626	$	779,236	$	-	$	1,337,862
Operating expenses:
	Direct operating expenses		-		-		250,014		485,299		-		735,313
	Selling, general and administrative expenses		-		-		95,958		163,694		-		259,652
	Corporate expenses		6,492		-		29,507		22,908		-		58,907
	Depreciation and amortization		-		-		97,688		89,811		-		187,499
	Other operating income (expense), net		(220)		-		(6,955)		2,390		-		(4,785)
Operating income (loss)			(6,712)		-		78,504		19,914		-		91,706
Interest expense			12		176,161		975		824		-		177,972
Interest income on Due from iHeartCommunications			30,302		-		-		-		-		30,302
Intercompany interest income			8,025		170,209		30,553		-		(208,787)		-
Intercompany interest expense			30,302		-		178,234		251		(208,787)		-
Equity in earnings (loss) of nonconsolidated affiliates			(10,032)		15,729		8,894		(788)		(13,632)		171
Other income (expense), net			1,683		3,440		21,249		33,417		(24,575)		35,214
Income (loss) before income taxes			(7,048)		13,217		(40,009)		51,468		(38,207)		(20,579)
Income tax benefit (expense)			(485)		(8,583)		29,977		(23,997)		-		(3,088)
Consolidated net income (loss)			(7,533)		4,634		(10,032)		27,471		(38,207)		(23,667)
	Less amount attributable to noncontrolling interest		-		-		-		8,441		-		8,441
Net income (loss) attributable to the Company		$	(7,533)	$	4,634	$	(10,032)	$	19,030	$	(38,207)	$	(32,108)
Other comprehensive (loss), net of tax:
	Foreign currency translation adjustments		-		(3,440)		(7,026)		(68,121)		-		(78,587)
	Unrealized holding gain on marketable securities		-		-		-		689		-		689
	Other adjustments to comprehensive loss		-		-		-		(1,154)		-		(1,154)
	Equity in subsidiary comprehensive income		(76,291)		(39,361)		(69,265)		-		184,917		-
Comprehensive loss			(83,824)		(38,167)		(86,323)		(49,556)		146,710		(111,160)
	Less amount attributable to noncontrolling interest		-		-		-		(2,761)		-		(2,761)
Comprehensive loss attributable to the Company		$	(83,824)	$	(38,167)	$	(86,323)	$	(46,795)	$	146,710	$	(108,399)

(In thousands)		Six Months Ended June 30, 2014
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	543,687	$	872,769	$	-	$	1,416,456
Operating expenses:
	Direct operating expenses		-		-		243,137		551,520		-		794,657
	Selling, general and administrative expenses		-		-		96,131		177,090		-		273,221
	Corporate expenses		6,054		-		32,729		25,247		-		64,030
	Depreciation and amortization		-		-		94,544		102,923		-		197,467
	Other operating income (expense), net		(270)		-		3,303		(132)		-		2,901
Operating income (loss)			(6,324)		-		80,449		15,857		-		89,982
Interest (income) expense, net			(7)		176,130		957		393		-		177,473
Interest income on Due from iHeartCommunications			29,900		-		-		-		-		29,900
Intercompany interest income			7,743		170,425		30,337		-		(208,505)		-
Intercompany interest expense			29,900		-		178,168		437		(208,505)		-
Loss on marketable securities			-		-		-		-		-		-
Equity in earnings (loss) of nonconsolidated affiliates			(48,788)		(21)		(480)		(1,292)		50,172		(409)
Other income (expense), net			2,074		-		3,874		7,932		-		13,880
Income (loss) before income taxes			(45,288)		(5,726)		(64,945)		21,667		50,172		(44,120)
Income tax benefit (expense)			(545)		1,806		16,157		(9,543)		-		7,875
Consolidated net income (loss)			(45,833)		(3,920)		(48,788)		12,124		50,172		(36,245)
	Less amount attributable to noncontrolling interest		-		-		-		9,588		-		9,588
Net loss attributable to the Company		$	(45,833)	$	(3,920)	$	(48,788)	$	2,536	$	50,172	$	(45,833)
Other comprehensive loss, net of tax:
	Foreign currency translation adjustments		-		21		2,012		(18,595)		-		(16,562)
	Unrealized holding gain on marketable securities		-		-		-		679		-		679
	Other adjustments to comprehensive loss		-		-		-		-		-		-
	Equity in subsidiary comprehensive income		(12,432)		(14,521)		(14,444)		-		41,397		-
Comprehensive loss			(58,265)		(18,420)		(61,220)		(15,380)		91,569		(61,716)
	Less amount attributable to noncontrolling interest		-		-		-		(3,451)		-		(3,451)
Comprehensive income (loss) attributable to the Company		$	(58,265)	$	(18,420)	$	(61,220)	$	(11,929)	$	91,569	$	(58,265)

(In thousands)		Six Months Ended June 30, 2015
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)		$	(7,533)	$	4,634	$	(10,032)	$	27,471	$	(38,207)	$	(23,667)
Reconciling items:
	Impairment charges		-		-		-		-		-		-
	Depreciation and amortization		-		-		97,688		89,811		-		187,499
	Deferred taxes		-		1,282		10,390		(5,361)		-		6,311
	Provision for doubtful accounts		-		-		1,845		3,299		-		5,144
	Share-based compensation		-		-		2,568		1,161		-		3,729
	Gain on sale of operating and fixed assets		-		-		(212)		(2,390)		-		(2,602)
	Amortization of deferred financing charges and note discounts, net		-		304		4,040		-		-		4,344
	Other reconciling items, net		10,032		(19,169)		(8,891)		(31,381)		13,632		(35,777)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
	(Increase) decrease in accounts receivable		-		-		(12,604)		(28,317)		-		(40,921)
	Increase (decrease) in accrued expenses		17		7,025		(45,418)		(21,109)		-		(59,485)
	Increase (decrease) in accounts payable		-		-		(10,346)		(2,658)		10,465		(2,539)
	Increase (decrease) in deferred income		-		-		16,513		24,227		-		40,740
	Changes in other operating assets and liabilities		(41)		3,425		(20,484)		(11,217)		-		(28,317)
Net cash provided by (used for) operating activities			2,475		(2,499)		25,057		43,536		(14,110)		54,459
Cash flows from investing activities:
	Purchases of property, plant and equipment		-		-		(25,968)		(64,065)		-		(90,033)
	Proceeds from disposal of assets		-		-		993		1,136		-		2,129
	Purchases of other operating assets		-		-		(401)		(452)		-		(853)
	Decrease in intercompany notes receivable, net		-		(7,327)		(2,502)		-		9,829		-
	Dividends from subsidiaries		-		-		-		-		-		-
	Change in other, net		-		-		(911)		(1,032)		907		(1,036)
Net cash provided by (used for) investing activities			-		(7,327)		(28,789)		(64,413)		10,736		(89,793)
Cash flows from financing activities:
	Draws on credit facilities		-		-		-		-		-		-
	Payments on credit facilities		-		-		-		(2,638)		-		(2,638)
	Payments on long-term debt		-		-		(27)		-		-		(27)
	Net transfers to iHeartCommunications		10,875		-		-		-		-		10,875
	Dividends and other payments to noncontrolling interests		-		-		-		(28,099)		-		(28,099)
	Dividends paid		-		-		-		(24,575)		24,575		-
	Decrease in intercompany notes payable, net		-		-		-		9,829		(9,829)		-
	Intercompany funding		(16,176)		9,826		3,760		2,590		-		-
	Change in other, net		2,826		-		(1)		907		(907)		2,825
Net cash provided by (used for) financing activities			(2,475)		9,826		3,732		(41,986)		13,839		(17,064)
Effect of exchange rate changes on cash			-		-		-		(3,923)		-		(3,923)
Net decrease in cash and cash equivalents			-		-		-		(66,786)		10,465		(56,321)
Cash and cash equivalents at beginning of year			905		-		-		205,259		(19,960)		186,204
Cash and cash equivalents at end of year		$	905	$	-	$	-	$	138,473	$	(9,495)	$	129,883

(In thousands)		Six Months Ended June 30, 2014
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)		$	(45,833)	$	(3,920)	$	(48,788)	$	12,124	$	50,172	$	(36,245)
Reconciling items:
	Depreciation and amortization		-		-		94,544		102,923		-		197,467
	Deferred taxes		11		-		(24,520)		(3,214)		-		(27,723)
	Provision for doubtful accounts		-		-		1,485		2,658		-		4,143
	Share-based compensation		-		-		2,738		1,512		-		4,250
	(Gain) loss on sale of operating and fixed assets		270		-		(3,303)		132		-		(2,901)
	Amortization of deferred financing charges and note discounts, net		-		3,709		616		-		-		4,325
	Other reconciling items, net		48,788		21		432		(13,281)		(50,172)		(14,212)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
	(Increase) decrease in accounts receivable		-		-		(11,199)		(22,658)		-		(33,857)
	Increase in accrued expenses		(191)		(2,473)		(11,880)		(15,527)		-		(30,071)
	Decrease in accounts payable		-		21		(5,339)		(13,177)		-		(18,495)
	Increase (decrease) in deferred income		-		-		18,823		24,454		-		43,277
	Changes in other operating assets and liabilities		(270)		-		9,027		(18,189)		-		(9,432)
Net cash provided by operating activities			2,775		(2,642)		22,636		57,757		-		80,526
Cash flows from investing activities:
	Purchases of property, plant and equipment		-		-		(29,771)		(63,196)		-		(92,967)
	Proceeds from disposal of assets		-		-		6,267		621		-		6,888
	Purchases of other operating assets		-		-		(369)		194		-		(175)
	Decrease in intercompany notes receivable, net		-		-		-		-		-		-
	Dividends from subsidiaries		-		-		-		-		-		-
	Change in other, net		-		15,230		(10)		(1,295)		(15,230)		(1,305)
Net cash provided by (used for) investing activities			-		15,230		(23,883)		(63,676)		(15,230)		(87,559)
Cash flows from financing activities:
	Draws on credit facilities		-		-		-		820		-		820
	Payments on credit facilities		-		-		-		(1,675)		-		(1,675)
	Payments on long-term debt		-		-		(23)		-		-		(23)
	Net transfers to iHeartCommunications		(71,045)		-		-		-		-		(71,045)
	Payments to repurchase of noncontrolling interests		-		-		-		-		-		-
	Dividends and other payments to noncontrolling interests		-		-		-		(9,673)		-		(9,673)
	Decrease in intercompany notes payable, net		-		-		-		(15,230)		15,230		-
	Intercompany funding		19,508		(12,588)		2,591		(9,511)		-		-
	Change in other, net		698		-		(3)		-		-		695
Net cash used for financing activities			(50,839)		(12,588)		2,565		(35,269)		15,230		(80,901)
Effect of exchange rate changes on cash			-		-		-		(637)		-		(637)
Net increase (decrease) in cash and cash equivalents			(48,064)		-		1,318		(41,825)		-		(88,571)
Cash and cash equivalents at beginning of year			83,185		-		5,885		225,475		-		314,545
Cash and cash equivalents at end of year		$	35,121	$	-	$	7,203	$	183,650	$	-	$	225,974

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Other Information

6 Months Ended

Jun. 30, 2015

Other Information [Abstract]

Other Information [Text Block]

NOTE 8 — OTHER INFORMATION

Other Comprehensive Income (Loss)

For the three months ended June 30,2015 and 2014 the total increase (decrease) in deferred income tax liabilities of other comprehensive income (loss) related to pensions were $0.0 million and $0.0 million, respectively. For the six months ended June 30,2015 and 2014 the total increase (decrease) in deferred income tax liabilities of other comprehensive income (loss) related to pensions were $(0.6) million and $0.0 million, respectively.

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Segment Data

6 Months Ended

Jun. 30, 2015

Segment Data [Abstract]

Segment Data [Text Block]

NOTE 9 – SEGMENT DATA

The Company has two reportable segments, which it believes best reflect how the Company is currently managed – Americas and International. The Americas segment consists of operations primarily in the United States, Canada and Latin America and the International segment primarily includes operations in Europe, Asia and Australia. The Americas and International display inventory consists primarily of billboards, street furniture displays and transit displays. Corporate includes infrastructure and support including information technology, human resources, legal, finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments are recorded in corporate expenses.

The following table presents the Company’s reportable segment results for the three months ended June 30, 2015 and 2014:
(In thousands)	Americas Outdoor Advertising		International Outdoor Advertising		Corporate and other reconciling items		Consolidated
Three months ended June 30, 2015
Revenue	$	341,286	$	381,533	$	-	$	722,819
Direct operating expenses		149,712		222,630		-		372,342
Selling, general and administrative expenses		57,346		75,176		-		132,522
Corporate expenses		-		-		30,154		30,154
Depreciation and amortization		51,113		40,956		1,336		93,405
Other operating income, net		-		-		659		659
Operating income (loss)	$	83,115	$	42,771	$	(30,831)	$	95,055
Capital expenditures	$	15,664	$	31,752	$	802	$	48,218
Share-based compensation expense	$	-	$	-	$	1,804	$	1,804
Three months ended June 30, 2014
Revenue	$	344,346	$	436,859	$	-	$	781,205
Direct operating expenses		153,875		259,269		-		413,144
Selling, general and administrative expenses		58,448		81,823		-		140,271
Corporate expenses		-		-		33,333		33,333
Depreciation and amortization		49,848		47,889		989		98,726
Other operating income, net		-		-		247		247
Operating income (loss)	$	82,175	$	47,878	$	(34,075)	$	95,978
Capital expenditures	$	21,683	$	31,776	$	880	$	54,339
Share-based compensation expense	$	-	$	-	$	2,240	$	2,240

During the first quarter of 2015, the Company revised its segment reporting, as discussed in Note 1. The following table presents the Company’s reportable segment results for the six months ended June 30, 2015 and 2014:
(In thousands)	Americas Outdoor Advertising		International Outdoor Advertising		Corporate and other reconciling items		Consolidated
Six Months Ended June 30, 2015
Revenue	$	637,149	$	700,713	$	-	$	1,337,862
Direct operating expenses		295,946		439,367		-		735,313
Selling, general and administrative expenses		112,983		146,669		-		259,652
Corporate expenses		-		-		58,907		58,907
Depreciation and amortization		101,453		83,397		2,649		187,499
Other operating loss, net		-		-		(4,785)		(4,785)
Operating income (loss)	$	126,767	$	31,280	$	(66,341)	$	91,706
Capital expenditures	$	32,359	$	56,857	$	817	$	90,033
Share-based compensation expense	$	-	$	-	$	3,729	$	3,729
Six Months Ended June 30, 2014
Revenue	$	634,956	$	781,500	$	-	$	1,416,456
Direct operating expenses		297,239		497,418		-		794,657
Selling, general and administrative expenses		114,817		158,404		-		273,221
Corporate expenses		-		-		64,030		64,030
Depreciation and amortization		99,559		96,220		1,688		197,467
Other operating income, net		-		-		2,901		2,901
Operating income (loss)	$	123,341	$	29,458	$	(62,817)	$	89,982
Capital expenditures	$	38,127	$	52,638	$	2,202	$	92,967
Share-based compensation expense	$	-	$	-	$	4,250	$	4,250

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2015

Summary of Significant Accounting Policies [Abstract]

New Accounting Pronouncements [Policy Text Block]

New Accounting Pronouncements

During the first quarter of 2015, the Company adopted the Financial Accounting Standards Board’s (“FASB”) ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This update provides guidance for the recognition, measurement and disclosure of discontinued operations. The update is effective for annual periods beginning on or after 15 December 2014 and interim periods within thoseyears. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements.

During the first quarter of 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis. This new standard eliminates the deferral of FAS 167, which has allowed entities with interest in certain investment funds to follow the previous consolidation guidance in FIN 46(R), and makes other changes to both the variable interest model and the voting model. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015. The Company is currently evaluating the impact of the provisions of this new standard on its financial position and results of operations.

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Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments [Abstract]
Effective tax rate	74.50%	(70.30%)	15.00%	17.80%
Income tax benefit	$ 27,187	$ (24,820)	$ 3,088	$ (7,875)
Current tax expense (benefit)	25,613	(19,563)	(3,223)	19,848
Deferred tax expense (benefit)	$ 1,574	$ (5,257)	$ 6,311	$ (27,723)

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Segment Data (Tables)

6 Months Ended

Jun. 30, 2015

Segment Data [Abstract]

Schedule of Operating Segment Results [Table Text Block]

The following table presents the Company’s reportable segment results for the three months ended June 30, 2015 and 2014:
(In thousands)	Americas Outdoor Advertising		International Outdoor Advertising		Corporate and other reconciling items		Consolidated
Three months ended June 30, 2015
Revenue	$	341,286	$	381,533	$	-	$	722,819
Direct operating expenses		149,712		222,630		-		372,342
Selling, general and administrative expenses		57,346		75,176		-		132,522
Corporate expenses		-		-		30,154		30,154
Depreciation and amortization		51,113		40,956		1,336		93,405
Other operating income, net		-		-		659		659
Operating income (loss)	$	83,115	$	42,771	$	(30,831)	$	95,055
Capital expenditures	$	15,664	$	31,752	$	802	$	48,218
Share-based compensation expense	$	-	$	-	$	1,804	$	1,804
Three months ended June 30, 2014
Revenue	$	344,346	$	436,859	$	-	$	781,205
Direct operating expenses		153,875		259,269		-		413,144
Selling, general and administrative expenses		58,448		81,823		-		140,271
Corporate expenses		-		-		33,333		33,333
Depreciation and amortization		49,848		47,889		989		98,726
Other operating income, net		-		-		247		247
Operating income (loss)	$	82,175	$	47,878	$	(34,075)	$	95,978
Capital expenditures	$	21,683	$	31,776	$	880	$	54,339
Share-based compensation expense	$	-	$	-	$	2,240	$	2,240

During the first quarter of 2015, the Company revised its segment reporting, as discussed in Note 1. The following table presents the Company’s reportable segment results for the six months ended June 30, 2015 and 2014:
(In thousands)	Americas Outdoor Advertising		International Outdoor Advertising		Corporate and other reconciling items		Consolidated
Six Months Ended June 30, 2015
Revenue	$	637,149	$	700,713	$	-	$	1,337,862
Direct operating expenses		295,946		439,367		-		735,313
Selling, general and administrative expenses		112,983		146,669		-		259,652
Corporate expenses		-		-		58,907		58,907
Depreciation and amortization		101,453		83,397		2,649		187,499
Other operating loss, net		-		-		(4,785)		(4,785)
Operating income (loss)	$	126,767	$	31,280	$	(66,341)	$	91,706
Capital expenditures	$	32,359	$	56,857	$	817	$	90,033
Share-based compensation expense	$	-	$	-	$	3,729	$	3,729
Six Months Ended June 30, 2014
Revenue	$	634,956	$	781,500	$	-	$	1,416,456
Direct operating expenses		297,239		497,418		-		794,657
Selling, general and administrative expenses		114,817		158,404		-		273,221
Corporate expenses		-		-		64,030		64,030
Depreciation and amortization		99,559		96,220		1,688		197,467
Other operating income, net		-		-		2,901		2,901
Operating income (loss)	$	123,341	$	29,458	$	(62,817)	$	89,982
Capital expenditures	$	38,127	$	52,638	$	2,202	$	92,967
Share-based compensation expense	$	-	$	-	$	4,250	$	4,250

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Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Future Amortization Expenses) (Details) $ in Thousands	Jun. 30, 2015 USD ($)
Property, Plant And Equipment, Intangible Assets And Goodwill [Abstract]
2016	$ 37,978
2017	29,948
2018	25,108
2019	16,192
2020	$ 13,438

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Consolidated net income (loss)	$ (23,667)	$ (36,245)
Reconciling items:
Depreciation and amortization	187,499	197,467
Deferred taxes	6,311	(27,723)
Provision for doubtful accounts	5,144	4,143
Share-based compensation	3,729	4,250
(Gain) loss on sale of operating assets	(2,602)	(2,901)
Amortization of deferred financing charges and note discounts, net	4,344	4,325
Other reconciling items, net	(35,777)	(14,212)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable	(40,921)	(33,857)
Increase (decrease) in accrued expenses	(59,485)	(30,071)
Increase (decrease) in accounts payable	(2,539)	(18,495)
Increase (decrease) in deferred income	40,740	43,277
Changes in other operating assets and liabilities	(28,317)	(9,432)
Net cash provided by operating activities	54,459	80,526
Cash flows from investing activities:
Purchases of property, plant and equipment	(90,033)	(92,967)
Proceeds from disposal of assets	2,129	6,888
Purchases of other operating assets	(853)	(175)
Change in other, net	(1,036)	(1,305)
Net cash used for investing activities	(89,793)	(87,559)
Cash flows from financing activities:
Draws on credit facilities	0	820
Payments on credit facilities	(2,638)	(1,675)
Payments on long-term debt	(27)	(23)
Net transfers to Clear Channel Communications	10,875	(71,045)
Deferred financing charges	0	0
Dividends and other payments to noncontrolling interests	(28,099)	(9,673)
Change in other, net	2,825	695
Net cash used for financing activities	(17,064)	(80,901)
Effect of exchange rate changes on cash	(3,923)	(637)
Net increase (decrease) in cash and cash equivalents	(56,321)	(88,571)
Cash and cash equivalents at beginning of year	186,204	314,545
Cash and cash equivalents at end of year	129,883	225,974
Supplemental Cash Flow Disclosures [Abstract]
Cash paid during the year for interest	174,631	176,217
Cash paid during the year for income taxes	$ 19,217	$ 16,823

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Related Party Transactions

6 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions [Text Block]

NOTE 5 — RELATED PARTY TRANSACTIONS

The Company records net amounts due from or to iHeartCommunications as “Due from/to iHeartCommunications” on the consolidated balance sheets. The accounts represent the revolving promissory note issued by the Company to iHeartCommunications and the revolving promissory note issued by iHeartCommunications to the Company in the face amount of $1.0 billion, or if more or less than such amount, the aggregate unpaid principal amount of all advances. The accounts accrue interest pursuant to the terms of the promissory notes and are generally payable on demand or when they mature on December 15, 2017.

Included in the accounts are the net activities resulting from day-to-day cash management services provided by iHeartCommunications. As a part of these services, the Company maintains collection bank accounts swept daily into accounts of iHeartCommunications (after satisfying the funding requirements of the Trustee Accounts under the CCWH Senior Notes and the CCWH Subordinated Notes). In return, iHeartCommunications funds the Company’s controlled disbursement accounts as checks or electronic payments are presented for payment. The Company’s claim in relation to cash transferred from its concentration account is on an unsecured basis and is limited to the balance of the “Due from iHeartCommunications” account.

As of June 30,2015 and December 31, 2014, the asset recorded in “Due from iHeartCommunications” on the consolidated balance sheet was $936.9 million and $947.8 million, respectively. As of June 30,2015, the fixed interest rate on the “Due from iHeartCommunications” account was 6.5%, which is equal to the fixed interest rate on the CCWH Senior Notes. The net interest income for the three months ended June 30, 2015 and 2014 was $15.0 million and $15.2 million, respectively. The net interest income for the six months ended June 30, 2015 and 2014 was $30.3 million and $29.9 million, respectively.

The Company provides advertising space on its billboards for radio stations owned by iHeartCommunications. For the three months ended June 30, 2015 and 2014, the Company recorded $1.1 million and $1.1 million, respectively, in revenue for these advertisements. For the six months ended June 30, 2015 and 2014, the Company recorded $2.2 million and $2.1 million, respectively, in revenue for these advertisements.

Under the Corporate Services Agreement between iHeartCommunications and the Company, iHeartCommunications provides management services to the Company, which include, among other things: (i) treasury, payroll and other financial related services; (ii) certain executive officer services; (iii) human resources and employee benefits services; (iv) legal and related services; (v) information systems, network and related services; (vi) investment services; (vii) procurement and sourcing support services; and (viii) other general corporate services. These services are charged to the Company based on actual direct costs incurred or allocated by iHeartCommunications based on headcount, revenue or other factors on a pro rata basis. For the three months ended June 30, 2015 and 2014, the Company recorded $8.0 million and $7.1 million, respectively, as a component of corporate expenses for these services. For the six months ended June 30, 2015 and 2014, the Company recorded $15.9 million and $16.3 million, respectively, as a component of corporate expenses for these services.

Pursuant to the Tax Matters Agreement between iHeartCommunications and the Company, the operations of the Company are included in a consolidated federal income tax return filed by iHeartCommunications. The Company’s provision for income taxes has been computed on the basis that the Company files separate consolidated federal income tax returns with its subsidiaries. Tax payments are made to iHeartCommunications on the basis of the Company’s separate taxable income. Tax benefits recognized on the Company’s employee stock option exercises are retained by the Company.

The Company computes its deferred income tax provision using the liability method in accordance with the provisions of ASC 740-10, as if the Company was a separate taxpayer. Deferred tax assets and liabilities are determined based on differences between financial reporting basis and tax basis of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not some portion or all of the asset will not be realized.

Pursuant to the Employee Matters Agreement, the Company’s employees participate in iHeartCommunications’ employee benefit plans, including employee medical insurance and a 401(k) retirement benefit plan. For each of the three month periods ended June 30, 2015 and 2014, the Company recorded $2.7 million, as a component of selling, general and administrative expenses for these services. For each of the six month periods ended June 30, 2015 and 2014, the Company recorded $5.3 million, as a component of selling, general and administrative expenses for these services.

Stock Purchases

On August 9, 2010, iHeartCommunications announced that its board of directors approved a stock purchase program under which iHeartCommunications or its subsidiaries may purchase up to an aggregate of $100 million of the Company’s Class A common stock and/or the Class A common stock of iHeartMedia, Inc. (“iHeartMedia”). The stock purchase program did not have a fixed expiration date and could be modified, suspended or terminated at any time at iHeartCommunications’ discretion. As of December 31, 2014, an aggregate $34.2 million was available under this program. In January 2015, CC Finco, LLC (“CC Finco”), an indirect wholly-owned subsidiary of iHeartCommunications, purchased an additional 2,000,000shares of the Company’s Class A common stock for $20.4 million. On April 2, 2015, CC Fincopurchased an additional 2,172,946 shares of the Company’s Class A common stock for $22.2 million, increasing iHeartCommunications’ collective holdings to represent slightly more than 90% of the outstanding shares of the Company’s common stock on a fully-diluted basis, assuming the conversion of all of the Company’s Class B common stock into Class A common stock. As a result of this purchase, the stock purchase program concluded. The purchase of shares in excess of the amount available under the stock purchase program was separately approved by the iHeartCommunications’ board of directors.

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Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Goodwill) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 817,112	$ 850,134
Foreign currency	(9,652)	(33,022)
Goodwill, Ending Balance	807,460	817,112
Americas [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	584,574	585,227
Foreign currency	(312)	(653)
Goodwill, Ending Balance	584,262	584,574
International [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	232,538	264,907
Foreign currency	(9,340)	(32,369)
Goodwill, Ending Balance	$ 223,198	$ 232,538

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Guarantor Subsidiaries (Schedule Of Guarantor Obligations, Balance Sheet) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Cash and cash equivalents	$ 129,883	$ 186,204	$ 225,974	$ 314,545
Accounts receivable, net of allowance	711,862	697,811
Prepaid expenses	143,492	134,041
Other current assets	70,493	61,893
Total Current Assets	1,055,730	1,079,949
Structures, net	1,542,361	1,614,199
Other property, plant and equipment, net	267,586	291,452
Indefinite-lived intangibles	1,065,978	1,066,748
Other intangibles, net	382,840	412,064
Goodwill	807,460	817,112		$ 850,134
Due from iHeartCommunications	936,931	947,806
Other assets	129,472	133,081
Total Assets	6,188,358	6,362,411
Accounts payable	69,678	75,915
Accrued expenses	464,325	543,818
Deferred income	132,555	94,635
Current portion of long-term debt	2,573	3,461
Total Current Liabilities	669,131	717,829
Long-term debt	4,927,997	4,930,468
Deferred tax liability	618,071	620,255
Other long-term liabilities	236,504	234,800
Total shareholders' equity	(263,345)	(140,941)
Total Liabilities and Shareholders' Equity	6,188,358	6,362,411
Parent Company [Member]
Cash and cash equivalents	905	905
Accounts receivable, net of allowance		0
Intercompany receivables		0
Prepaid expenses	1,340	1,299
Other current assets	(485)	0
Total Current Assets	1,760	2,204
Structures, net		0
Other property, plant and equipment, net		0
Indefinite-lived intangibles		0
Other intangibles, net		0
Goodwill		0
Intercompany notes receivable	182,026	182,026
Due from iHeartCommunications	936,931	947,806
Other assets	178,516	264,839
Total Assets	1,299,233	1,396,875
Accounts payable		0
Accrued expenses	0	467
Intercompany payable	1,711,541	1,731,448
Deferred income		0
Current portion of long-term debt		0
Total Current Liabilities	1,711,541	1,731,915
Long-term debt		0
Deferred tax liability	772	772
Other long-term liabilities		0
Intercompany notes payable		0
Total shareholders' equity	(413,080)	(335,812)
Total Liabilities and Shareholders' Equity	1,299,233	1,396,875
Subsidiary Issuer [Member]
Cash and cash equivalents	0	0
Accounts receivable, net of allowance		0
Intercompany receivables	249,683	259,510
Prepaid expenses		0
Other current assets	(451)	6,850
Total Current Assets	249,232	266,360
Structures, net		0
Other property, plant and equipment, net		0
Indefinite-lived intangibles		0
Other intangibles, net		0
Goodwill		0
Intercompany notes receivable	4,934,845	4,927,517
Due from iHeartCommunications		0
Other assets	766,569	793,626
Total Assets	5,950,646	5,987,503
Accounts payable		0
Accrued expenses	3,199	3,475
Intercompany payable		0
Deferred income		0
Current portion of long-term debt		0
Total Current Liabilities	3,199	3,475
Long-term debt	4,919,126	4,918,822
Deferred tax liability	1,367	85
Other long-term liabilities		0
Intercompany notes payable		0
Total shareholders' equity	1,026,954	1,065,121
Total Liabilities and Shareholders' Equity	5,950,646	5,987,503
Guarantor Subsidiaries [Member]
Cash and cash equivalents	0	0
Accounts receivable, net of allowance	213,532	202,771
Intercompany receivables	1,711,541	1,731,448
Prepaid expenses	64,807	64,922
Other current assets	56,633	21,485
Total Current Assets	2,046,513	2,020,626
Structures, net	1,006,154	1,049,684
Other property, plant and equipment, net	154,366	172,809
Indefinite-lived intangibles	1,055,728	1,055,728
Other intangibles, net	313,943	322,550
Goodwill	571,932	571,932
Intercompany notes receivable		0
Due from iHeartCommunications		0
Other assets	1,227,842	1,287,717
Total Assets	6,376,478	6,481,046
Accounts payable	17,522	27,866
Accrued expenses	85,993	103,243
Intercompany payable	258,891	267,566
Deferred income	60,874	44,363
Current portion of long-term debt	60	55
Total Current Liabilities	423,340	443,093
Long-term debt	1,046	1,077
Deferred tax liability	610,419	607,841
Other long-term liabilities	129,799	128,855
Intercompany notes payable	5,033,296	5,035,279
Total shareholders' equity	178,578	264,901
Total Liabilities and Shareholders' Equity	6,376,478	6,481,046
Non-Guarantor Subsidiaries [Member]
Cash and cash equivalents	138,473	205,259
Accounts receivable, net of allowance	498,330	495,040
Intercompany receivables	9,208	8,056
Prepaid expenses	77,345	67,820
Other current assets	14,796	33,558
Total Current Assets	738,152	809,733
Structures, net	536,207	564,515
Other property, plant and equipment, net	113,220	118,643
Indefinite-lived intangibles	10,250	11,020
Other intangibles, net	68,897	89,514
Goodwill	235,528	245,180
Intercompany notes receivable	958	0
Due from iHeartCommunications		0
Other assets	49,676	50,568
Total Assets	1,752,888	1,889,173
Accounts payable	61,651	68,009
Accrued expenses	375,133	436,633
Intercompany payable	0	0
Deferred income	71,681	50,272
Current portion of long-term debt	2,513	3,406
Total Current Liabilities	510,978	558,320
Long-term debt	7,825	10,569
Deferred tax liability	5,513	11,557
Other long-term liabilities	106,705	105,945
Intercompany notes payable	84,533	74,264
Total shareholders' equity	1,037,334	1,128,518
Total Liabilities and Shareholders' Equity	1,752,888	1,889,173
Eliminations [Member]
Cash and cash equivalents	(9,495)	(19,960)
Accounts receivable, net of allowance		0
Intercompany receivables	(1,970,432)	(1,999,014)
Prepaid expenses		0
Other current assets		0
Total Current Assets	(1,979,927)	(2,018,974)
Structures, net		0
Other property, plant and equipment, net		0
Indefinite-lived intangibles		0
Other intangibles, net		0
Goodwill		0
Intercompany notes receivable	(5,117,829)	(5,109,543)
Due from iHeartCommunications		0
Other assets	(2,093,131)	(2,263,669)
Total Assets	(9,190,887)	(9,392,186)
Accounts payable	(9,495)	(19,960)
Accrued expenses		0
Intercompany payable	(1,970,432)	(1,999,014)
Deferred income		0
Current portion of long-term debt		0
Total Current Liabilities	(1,979,927)	(2,018,974)
Long-term debt		0
Deferred tax liability		0
Other long-term liabilities		0
Intercompany notes payable	(5,117,829)	(5,109,543)
Total shareholders' equity	(2,093,131)	(2,263,669)
Total Liabilities and Shareholders' Equity	$ (9,190,887)	$ (9,392,186)

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Equity And Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2015

Disclosure of Share-Based Payments [Abstract]

Schedule of Changes in Shareholders' Deficit and Other Comprehensive Loss [Table Text Block]

NOTE 7 – SHAREHOLDERS’ EQUITY
The Company reports its noncontrolling interests in consolidated subsidiaries as a component of equity separate from the Company’s equity. The following table shows the changes in shareholders’ equity attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest:
(In thousands)		The Company		Noncontrolling Interests		Consolidated
Balances as of January 1, 2015		$	(344,275)		203,334		(140,941)
	Net income (loss)		(32,108)		8,441		(23,667)
	Dividends and other payments to noncontrolling interests		-		(28,099)		(28,099)
	Foreign currency translation adjustments		(75,826)		(2,761)		(78,587)
	Unrealized holding gain on marketable securities		689		-		689
	Other adjustments to comprehensive loss		(1,154)		-		(1,154)
	Other, net		6,556		1,858		8,414
Balances as of June 30, 2015		$	(446,118)	$	182,773	$	(263,345)
Balances as of January 1, 2014		$	(41,938)	$	202,046	$	160,108
	Net income (loss)		(45,833)		9,588		(36,245)
	Foreign currency translation adjustments		(13,111)		(3,451)		(16,562)
	Unrealized holding gain on marketable securities		679		-		679
	Other, net		4,991		(9,673)		(4,682)
Balances as of June 30, 2014		$	(95,212)	$	198,510	$	103,298