Delaware
|
000-53354
|
26-0241222
|
(State or other jurisdiction
|
(Commission File Number)
|
(I.R.S. Employer
|
of incorporation)
|
Identification No.)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(d)
|
Exhibits
|
|
99.1
|
Press Release issued by CC Media Holdings, Inc. on February 21, 2012
|
|
CC MEDIA HOLDINGS, INC.
|
|||
Date: February 21, 2012
|
By:
|
/s/ Scott D. Hamilton
|
|
Scott D. Hamilton
|
|||
Senior Vice President, Chief Accounting Officer and
|
|||
Assistant Secretary
|
Exhibit No.
|
Description
|
|
99.1
|
Press Release issued by CC Media Holdings, Inc. on February 21, 2012
|
|
·
|
Media and Entertainment (“CCME,” formerly known as Radio) revenues grew $118 million, or 4%, compared to 2010, due primarily to the Company’s addition in April 2011 of a complementary traffic operation to its existing traffic business (the “Traffic acquisition”) and higher revenues from digital radio services that reflected improved rates and greater volume.
|
·
|
Americas outdoor revenues rose $47 million, or 4%, compared to 2010, fueled by growth across bulletin, airport and shelter displays, and particularly digital displays, due to increased capacity and rates.
|
·
|
International outdoor revenues were up $159 million, or 11%, compared to 2010, resulting mainly from higher street furniture revenues across various markets. Excluding the effects of movements in foreign exchange rates, revenues increased 5%.
|
·
|
CCME revenues rose $15 million, or 2%, compared to the fourth quarter of 2010, due to the Traffic acquisition and revenue growth in digital radio services, and partially offset by lower political advertising spend.
|
·
|
Americas outdoor revenues decreased $3 million, or 1%, compared to the fourth quarter of 2010. Revenues from bulletin displays, primarily digital, and airports grew during the fourth quarter of 2011, offset by declines in poster and mall displays, among other products. The effects of movements in foreign exchange rates did not significantly impact revenue growth in the quarter.
|
·
|
International outdoor revenues rose $26 million, or 6%, compared to the fourth quarter of 2010, resulting from growth in street furniture revenues across various markets, particularly China, Sweden, and Australia. Excluding the effects of movements in foreign exchange rates, revenues were up 5%.
|
|
Launching the New iHeartRadio, which offers access to more than 800 live broadcast and digital-only stations from 150 cities, plus the ability to create custom stations with broad social media integration;
|
·
|
Staging the iHeartRadio Music Festival in Las Vegas – the biggest live concert festival in radio history – that was announced across all of the Company’s Media and Entertainment broadcasting and digital platforms with a first-of-its-kind simultaneous promotion that reached an estimated 100 million people;
|
·
|
Building out the Company’s digital radio operations, including the acquisition of Thumbplay, a digital music company;
|
·
|
Developing a Strategic Partners and Distribution group and a National Programming Platforms group, both of which allow the Company to use its scale to maximize opportunities for all of its partners - from advertisers to music companies, as well as the technology, automotive, consumer electronics, and other industries; strategic partnerships were launched in 2011 with such companies as Facebook, Zynga, Microsoft/Xbox, Toyota, Ford, Vizio, HP and Motorola;
|
·
|
Completing the Traffic acquisition to accelerate the continuing development and growth of the Company’s products and services;
|
·
|
Installing 242 new digital billboards for a total of 857 across 37 U.S. markets by year end;
|
·
|
Expanding the Company’s digital footprint in several international markets, including Sweden and the U.K., where the Company has launched its first digital networks;
|
·
|
The Company’s subsidiary, Clear Channel Communications, Inc. issuing $1.75 billion aggregate principal amount of 9.0% Priority Guarantee Notes due 2021 during 2011; and
|
·
|
Appointing Bob Pittman as the Chief Executive Officer of CC Media Holdings, Inc. and Clear Channel Communications, Inc. and Executive Chairman of the Board of Directors of Clear Channel Outdoor Holdings, Inc.
|
(In thousands)
|
Three Months Ended
December 31,
|
%
|
Year Ended
December 31,
|
%
|
||||||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
|||||||||||||||||||
Revenues1:
|
||||||||||||||||||||||||
CCME
|
$ | 790,753 | $ | 775,309 | 2 | % | $ | 2,986,828 | $ | 2,869,224 | 4 | % | ||||||||||||
Americas Outdoor
|
359,159 | 361,999 | (1 | %) | 1,336,592 | 1,290,014 | 4 | % | ||||||||||||||||
International Outdoor
|
456,843 | 430,734 | 6 | % | 1,667,282 | 1,507,980 | 11 | % | ||||||||||||||||
Other
|
63,912 | 84,793 | (25 | %) | 234,542 | 261,461 | (10 | %) | ||||||||||||||||
Eliminations
|
(17,879 | ) | (18,284 | ) | (63,892 | ) | (62,994 | ) | ||||||||||||||||
Consolidated revenues
|
$ | 1,652,788 | $ | 1,634,551 | 1 | % | $ | 6,161,352 | $ | 5,865,685 | 5 | % |
Operating expenses1, 2:
|
||||||||||||||||||||||||
CCME
|
$ | 464,021 | $ | 479,698 | (3 | %) | $ | 1,825,619 | $ | 1,765,293 | 3 | % | ||||||||||||
Americas Outdoor
|
217,577 | 216,866 | 0 | % | 824,826 | 798,161 | 3 | % | ||||||||||||||||
International Outdoor
|
346,455 | 331,653 | 4 | % | 1,344,081 | 1,244,514 | 8 | % | ||||||||||||||||
Other
|
43,806 | 50,288 | (13 | %) | 175,288 | 187,780 | (7 | %) | ||||||||||||||||
Eliminations
|
(17,879 | ) | (18,284 | ) | (63,892 | ) | (62,994 | ) | ||||||||||||||||
Consolidated operating expenses
|
$ | 1,053,980 | $ | 1,060,221 | (1 | %) | $ | 4,105,922 | $ | 3,932,754 | 4 | % |
OIBDAN1:
|
||||||||||||||||||||||||
CCME
|
$ | 326,732 | $ | 295,611 | 11 | % | $ | 1,161,209 | $ | 1,103,931 | 5 | % | ||||||||||||
Americas Outdoor
|
141,582 | 145,133 | (2 | %) | 511,766 | 491,853 | 4 | % | ||||||||||||||||
International Outdoor
|
110,388 | 99,081 | 11 | % | 323,201 | 263,466 | 23 | % | ||||||||||||||||
Other
|
20,106 | 34,505 | (42 | %) | 59,254 | 73,681 | (20 | %) | ||||||||||||||||
Corporate1, 2
|
(61,391 | ) | (70,987 | ) | (221,801 | ) | (268,901 | ) | ||||||||||||||||
Consolidated OIBDAN
|
$ | 537,417 | $ | 503,343 | 7 | % | $ | 1,833,629 | $ | 1,664,030 | 10 | % |
(In thousands)
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenues
|
$ | 1,652,788 | $ | 1,634,551 | $ | 6,161,352 | $ | 5,865,685 | ||||||||
Operating expenses:
|
||||||||||||||||
Direct operating expenses (excludes depreciation and amortization)
|
635,789 | 629,281 | 2,504,036 | 2,381,647 | ||||||||||||
Selling, general and administrative expenses (excludes depreciation and amortization)
|
421,952 | 436,287 | 1,617,258 | 1,570,212 | ||||||||||||
Corporate expenses (excludes depreciation and amortization)
|
64,016 | 74,919 | 227,096 | 284,042 | ||||||||||||
Depreciation and amortization
|
192,422 | 183,278 | 763,306 | 732,869 | ||||||||||||
Impairment charges
|
7,614 | 15,364 | 7,614 | 15,364 | ||||||||||||
Other operating income (expense) – net
|
(771 | ) | 5,813 | 12,682 | (16,710 | ) | ||||||||||
Operating income
|
330,224 | 301,235 | 1,054,724 | 864,841 | ||||||||||||
Interest expense
|
368,397 | 372,770 | 1,466,246 | 1,533,341 | ||||||||||||
Loss on marketable securities
|
(4,827 | ) | (6,490 | ) | (4,827 | ) | (6,490 | ) | ||||||||
Equity in earnings (loss) of nonconsolidated affiliates
|
13,502 | (2,910 | ) | 26,958 | 5,702 | |||||||||||
Other income (expense) – net
|
(5,370 | ) | (5,093 | ) | (4,616 | ) | 46,455 | |||||||||
Loss before income taxes
|
(34,868 | ) | (86,028 | ) | (394,007 | ) | (622,833 | ) | ||||||||
Income tax benefit
|
3,468 | 30,401 | 125,978 | 159,980 | ||||||||||||
Consolidated net loss
|
(31,400 | ) | (55,627 | ) | (268,029 | ) | (462,853 | ) | ||||||||
Less: amount attributable to noncontrolling interest
|
11,627 | 7,039 | 34,065 | 16,236 | ||||||||||||
Net loss attributable to the Company
|
$ | (43,027 | ) | $ | (62,666 | ) | $ | (302,094 | ) | $ | (479,089 | ) |
(In millions)
|
December 31, 2011
|
December 31, 2010
|
||||||
Cash
|
$ | 1,228.7 | $ | 1,920.9 | ||||
Total Current Assets
|
$ | 2,985.3 | $ | 3,603.2 | ||||
Net Property, Plant and Equipment
|
$ | 3,063.3 | $ | 3,145.6 | ||||
Total Assets
|
$ | 16,542.0 | $ | 17,460.4 | ||||
Current Liabilities (excluding current portion of long-term debt)
|
$ | 1,160.3 | $ | 1,230.8 | ||||
Long-Term Debt (including current portion of long-term debt)
|
$ | 20,207.2 | $ | 20,607.4 | ||||
Shareholders’ Deficit
|
$ | (7,471.9 | ) | $ | (7,204.7 | ) |
(In millions)
|
December 31,
2011
|
December 31,
2010
|
||||||
Senior Secured Credit Facilities
|
$ | 12,796.2 | $ | 13,741.2 | ||||
Receivables Based Facility
|
— | 384.2 | ||||||
Priority Guarantee Notes
|
1,750.0 | — | ||||||
Other secured debt
|
30.9 | 4.7 | ||||||
Total Consolidated Secured Debt
|
14,577.1 | 14,130.1 | ||||||
Senior Cash Pay and Senior Toggle Notes
|
1,626.1 | 1,626.1 | ||||||
Clear Channel Senior Notes
|
1,998.4 | 2,911.4 | ||||||
Subsidiary Senior Notes
|
2,500.0 | 2,500.0 | ||||||
Other long-term debt
|
19.9 | 63.1 | ||||||
Purchase accounting adjustments and original issue discount
|
(514.3 | ) | (623.3 | ) | ||||
Total long-term debt (including current portion of long-term debt)
|
$ | 20,207.2 | $ | 20,607.4 |
(In thousands)
|
Operating income (loss)
|
Non-cash compensation expenses
|
Depreciation
and
amortization
|
Other operating income (expense) – net and impairment charges | OIBDAN | |||||||||||||||
Three Months Ended December 31, 2011
|
||||||||||||||||||||
CCME
|
$ | 259,016 | $ | 1,136 | $ | 66,580 | $ | — | $ | 326,732 | ||||||||||
Americas Outdoor
|
84,031 | 1,856 | 55,695 | — | 141,582 | |||||||||||||||
International Outdoor
|
57,214 | 769 | 52,405 | — | 110,388 | |||||||||||||||
Other
|
8,425 | — | 11,681 | — | 20,106 | |||||||||||||||
Impairment charges
|
(7,614 | ) | — | — | 7,614 | — | ||||||||||||||
Corporate and other
|
(70,077 | ) | 2,625 | 6,061 | — | (61,391 | ) | |||||||||||||
Other operating expenses – net
|
(771 | ) | — | — | 771 | — | ||||||||||||||
Consolidated
|
$ | 330,224 | $ | 6,386 | $ | 192,422 | $ | 8,385 | $ | 537,417 | ||||||||||
Three Months Ended December 31, 2010
|
||||||||||||||||||||
CCME
|
$ | 229,439 | $ | 1,900 | $ | 64,272 | $ | — | $ | 295,611 | ||||||||||
Americas Outdoor
|
91,671 | 2,654 | 50,808 | — | 145,133 | |||||||||||||||
International Outdoor
|
46,349 | 793 | 51,939 | — | 99,081 | |||||||||||||||
Other
|
21,200 | — | 13,305 | — | 34,505 | |||||||||||||||
Impairment charges
|
(15,364 | ) | — | — | 15,364 | — | ||||||||||||||
Corporate and other
|
(77,873 | ) | 3,932 | 2,954 | — | (70,987 | ) | |||||||||||||
Other operating income – net
|
5,813 | — | — | (5,813 | ) | — | ||||||||||||||
Consolidated
|
$ | 301,235 | $ | 9,279 | $ | 183,278 | $ | 9,551 | $ | 503,343 | ||||||||||
Year Ended December 31, 2011
|
||||||||||||||||||||
CCME
|
$ | 888,358 | $ | 4,606 | $ | 268,245 | $ | — | $ | 1,161,209 | ||||||||||
Americas Outdoor
|
281,611 | 7,601 | 222,554 | — | 511,766 | |||||||||||||||
International Outdoor
|
111,626 | 3,165 | 208,410 | — | 323,201 | |||||||||||||||
Other
|
9,427 | — | 49,827 | — | 59,254 | |||||||||||||||
Impairment charges
|
(7,614 | ) | — | — | 7,614 | — | ||||||||||||||
Corporate and other
|
(241,366 | ) | 5,295 | 14,270 | — | (221,801 | ) | |||||||||||||
Other operating income – net
|
12,682 | — | — | (12,682 | ) | — | ||||||||||||||
Consolidated
|
$ | 1,054,724 | $ | 20,667 | $ | 763,306 | $ | (5,068 | ) | $ | 1,833,629 | |||||||||
Year Ended December 31, 2010
|
||||||||||||||||||||
CCME
|
$ | 840,106 | $ | 7,152 | $ | 256,673 | $ | — | $ | 1,103,931 | ||||||||||
Americas Outdoor
|
273,519 | 9,207 | 209,127 | — | 491,853 | |||||||||||||||
International Outdoor
|
56,259 | 2,746 | 204,461 | — | 263,466 | |||||||||||||||
Other
|
20,716 | — | 52,965 | — | 73,681 | |||||||||||||||
Impairment charges
|
(15,364 | ) | — | — | 15,364 | — | ||||||||||||||
Corporate and other
|
(293,685 | ) | 15,141 | 9,643 | — | (268,901 | ) | |||||||||||||
Other operating expenses – net
|
(16,710 | ) | — | — | 16,710 | — | ||||||||||||||
Consolidated
|
$ | 864,841 | $ | 34,246 | $ | 732,869 | $ | 32,074 | $ | 1,664,030 |
(In thousands)
|
Three Months Ended
December 31,
|
%
|
Year Ended
December 31,
|
%
|
||||||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
|||||||||||||||||||
Consolidated revenues
|
$ | 1,652,788 | $ | 1,634,551 | 1 | % | $ | 6,161,352 | $ | 5,865,685 | 5 | % | ||||||||||||
Excluding: Foreign exchange (increase) decrease
|
(3,943 | ) | — | (87,069 | ) | — | ||||||||||||||||||
Revenues excluding effects of foreign exchange
|
$ | 1,648,845 | $ | 1,634,551 | 1 | % | $ | 6,074,283 | $ | 5,865,685 | 4 | % | ||||||||||||
Americas Outdoor revenues
|
$ | 359,159 | $ | 361,999 | (1 | %) | $ | 1,336,592 | $ | 1,290,014 | 4 | % | ||||||||||||
Excluding: Foreign exchange (increase) decrease
|
1,197 | — | (5,065 | ) | — | |||||||||||||||||||
Americas Outdoor revenues excluding effects of foreign exchange
|
$ | 360,356 | $ | 361,999 | 0 | % | $ | 1,331,527 | $ | 1,290,014 | 3 | % | ||||||||||||
International Outdoor revenues
|
$ | 456,843 | $ | 430,734 | 6 | % | $ | 1,667,282 | $ | 1,507,980 | 11 | % | ||||||||||||
Excluding: Foreign exchange (increase) decrease
|
(5,140 | ) | — | (82,004 | ) | — | ||||||||||||||||||
International Outdoor revenues excluding effects of foreign exchange
|
$ | 451,703 | $ | 430,734 | 5 | % | $ | 1,585,278 | $ | 1,507,980 | 5 | % |
(In thousands)
|
Three Months Ended
December 31,
|
%
|
Year Ended
December 31,
|
%
|
||||||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
|||||||||||||||||||
Consolidated expenses
|
$ | 1,057,741 | $ | 1,065,568 | (1 | %) | $ | 4,121,294 | $ | 3,951,859 | 4 | % | ||||||||||||
Excluding: Foreign exchange (increase) decrease
|
(1,897 | ) | — | (71,840 | ) | — | ||||||||||||||||||
Consolidated expenses excluding effects of foreign exchange
|
$ | 1,055,844 | $ | 1,065,568 | (1 | %) | $ | 4,049,454 | $ | 3,951,859 | 2 | % | ||||||||||||
Americas Outdoor expenses
|
$ | 219,433 | $ | 219,520 | 0 | % | $ | 832,427 | $ | 807,368 | 3 | % | ||||||||||||
Excluding: Foreign exchange (increase) decrease
|
1,101 | — | (3,899 | ) | — | |||||||||||||||||||
Americas Outdoor expenses excluding effects of foreign exchange
|
$ | 220,534 | $ | 219,520 | 0 | % | $ | 828,528 | $ | 807,368 | 3 | % | ||||||||||||
International Outdoor expenses
|
$ | 347,224 | $ | 332,446 | 4 | % | $ | 1,347,246 | $ | 1,247,260 | 8 | % | ||||||||||||
Excluding: Foreign exchange (increase) decrease
|
(2,998 | ) | — | (67,941 | ) | — | ||||||||||||||||||
International Outdoor expenses excluding effects of foreign exchange
|
$ | 344,226 | $ | 332,446 | 4 | % | $ | 1,279,305 | $ | 1,247,260 | 3 | % |
(In thousands)
|
Three Months Ended
December 31,
|
%
|
Year Ended
December 31,
|
%
|
||||||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
|||||||||||||||||||
Consolidated OIBDAN
|
$ | 537,417 | $ | 503,343 | 7 | % | $ | 1,833,629 | $ | 1,664,030 | 10 | % | ||||||||||||
Excluding: Foreign exchange (increase) decrease
|
(2,046 | ) | — | (15,229 | ) | — | ||||||||||||||||||
Consolidated OIBDAN excluding effects of foreign exchange
|
$ | 535,371 | $ | 503,343 | 6 | % | $ | 1,818,400 | $ | 1,664,030 | 9 | % | ||||||||||||
Americas Outdoor OIBDAN
|
$ | 141,582 | $ | 145,133 | (2 | %) | $ | 511,766 | $ | 491,853 | 4 | % | ||||||||||||
Excluding: Foreign exchange (increase) decrease
|
96 | — | (1,166 | ) | — | |||||||||||||||||||
Americas Outdoor OIBDAN excluding effects of foreign exchange
|
$ | 141,678 | $ | 145,133 | (2 | %) | $ | 510,600 | $ | 491,853 | 4 | % | ||||||||||||
International Outdoor OIBDAN
|
$ | 110,388 | $ | 99,081 | 11 | % | $ | 323,201 | $ | 263,466 | 23 | % | ||||||||||||
Excluding: Foreign exchange (increase) decrease
|
(2,142 | ) | — | (14,063 | ) | — | ||||||||||||||||||
International Outdoor OIBDAN excluding effects of foreign exchange
|
$ | 108,246 | $ | 99,081 | 9 | % | $ | 309,138 | $ | 263,466 | 17 | % |
(In thousands)
|
Three Months Ended
December 31,
|
%
|
Year Ended
December 31,
|
%
|
||||||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
|||||||||||||||||||
CCME
|
$ | 465,157 | $ | 481,598 | (3 | %) | $ | 1,830,225 | $ | 1,772,445 | 3 | % | ||||||||||||
Less: Non-cash compensation expenses
|
(1,136 | ) | (1,900 | ) | (4,606 | ) | (7,152 | ) | ||||||||||||||||
464,021 | 479,698 | (3 | %) | 1,825,619 | 1,765,293 | 3 | % | |||||||||||||||||
Americas Outdoor
|
219,433 | 219,520 | 0 | % | 832,427 | 807,368 | 3 | % | ||||||||||||||||
Less: Non-cash compensation expenses
|
(1,856 | ) | (2,654 | ) | (7,601 | ) | (9,207 | ) | ||||||||||||||||
217,577 | 216,866 | 0 | % | 824,826 | 798,161 | 3 | % | |||||||||||||||||
International Outdoor
|
347,224 | 332,446 | 4 | % | 1,347,246 | 1,247,260 | 8 | % | ||||||||||||||||
Less: Non-cash compensation expenses
|
(769 | ) | (793 | ) | (3,165 | ) | (2,746 | ) | ||||||||||||||||
346,455 | 331,653 | 4 | % | 1,344,081 | 1,244,514 | 8 | % | |||||||||||||||||
Other
|
43,806 | 50,288 | (13 | %) | 175,288 | 187,780 | (7 | %) | ||||||||||||||||
Less: Non-cash compensation expenses
|
— | — | — | — | ||||||||||||||||||||
43,806 | 50,288 | (13 | %) | 175,288 | 187,780 | (7 | %) | |||||||||||||||||
Eliminations
|
(17,879 | ) | (18,284 | ) | (63,892 | ) | (62,994 | ) | ||||||||||||||||
Plus: Non-cash compensation expenses
|
3,761 | 5,347 | 15,372 | 19,105 | ||||||||||||||||||||
Consolidated divisional operating expenses
|
$ | 1,057,741 | $ | 1,065,568 | (1 | %) | $ | 4,121,294 | $ | 3,951,859 | 4 | % |
(In thousands)
|
Three Months Ended
December 31,
|
%
|
Year Ended
December 31,
|
%
|
|||||||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||||||||||
Corporate Expenses
|
$ | 64,016 | $ | 74,919 | (15 | %) | $ | 227,096 | $ | 284,042 | (20 | %) | |||||||||||||
Less: Non-cash compensation expenses
|
(2,625 | ) | (3,932 | ) | (5,295 | ) | (15,141 | ) | |||||||||||||||||
$ | 61,391 | $ | 70,987 | (14 | %) | $ | 221,801 | $ | 268,901 | (18 | %) |
(In thousands)
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
OIBDAN
|
$ | 537,417 | $ | 503,343 | $ | 1,833,629 | $ | 1,664,030 | ||||||||
Non-cash compensation expenses
|
6,386 | 9,279 | 20,667 | 34,246 | ||||||||||||
Depreciation and amortization
|
192,422 | 183,278 | 763,306 | 732,869 | ||||||||||||
Impairment charges
|
7,614 | 15,364 | 7,614 | 15,364 | ||||||||||||
Other operating income (expense) – net
|
(771 | ) | 5,813 | 12,682 | (16,710 | ) | ||||||||||
Operating income
|
330,224 | 301,235 | 1,054,724 | 864,841 | ||||||||||||
Interest expense
|
368,397 | 372,770 | 1,466,246 | 1,533,341 | ||||||||||||
Loss on marketable securities
|
(4,827 | ) | (6,490 | ) | (4,827 | ) | (6,490 | ) | ||||||||
Equity in earnings (loss) of nonconsolidated affiliates
|
13,502 | (2,910 | ) | 26,958 | 5,702 | |||||||||||
Other income (expenses) – net
|
(5,370 | ) | (5,093 | ) | (4,616 | ) | 46,455 | |||||||||
Loss before income taxes
|
(34,868 | ) | (86,028 | ) | (394,007 | ) | (622,833 | ) | ||||||||
Income tax benefit
|
3,468 | 30,401 | 125,978 | 159,980 | ||||||||||||
Consolidated net loss
|
(31,400 | ) | (55,627 | ) | (268,029 | ) | (462,853 | ) | ||||||||
Less: amount attributable to noncontrolling interest
|
11,627 | 7,039 | 34,065 | 16,236 | ||||||||||||
Net loss attributable to the Company
|
$ | (43,027 | ) | $ | (62,666 | ) | $ | (302,094 | ) | $ | (479,089 | ) |