Member's Deficit And Comprehensive Loss

6 Months Ended

Jun. 30, 2014

Member's Deficit And Comprehensive Loss [Abstract]

Equity And Comprehensive Loss

NOTE 8 – STOCKHOLDER'S DEFICIT AND COMPREHENSIVE LOSS

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 stockholder's deficit 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 at January 1, 2014		$	(8,942,166)	$	245,531	$	(8,696,635)
	Net income (loss)		(610,820)		6,651		(604,169)
	Dividends and other payments to noncontrolling interests		-		(9,673)		(9,673)
	Foreign currency translation adjustments		(9,426)		(5,023)		(14,449)
	Unrealized holding gain on marketable securities		598		81		679
	Unrealized holding gain on cash flow derivatives		-		-		-
	Other adjustments to comprehensive loss		-		-		-
	Other, net		705		4,991		5,696
	Reclassifications		3,309		-		3,309
Balances at June 30, 2014		$	(9,557,800)	$	242,558	$	(9,315,242)
Balances at January 1, 2013		$	(8,299,188)	$	303,997	$	(7,995,191)
	Net income (loss)		(195,801)		6,689		(189,112)
	Foreign currency translation adjustments		(57,540)		(11,488)		(69,028)
	Unrealized holding gain on marketable securities		15,581		25		15,606
	Unrealized holding gain on cash flow derivatives		31,066		-		31,066
	Other adjustments to comprehensive loss		(884)		(114)		(998)
	Other, net		4,778		(3,964)		814
	Reclassifications		(82,320)		-		(82,320)
Balances at June 30, 2013		$	(8,584,308)	$	295,145	$	(8,289,163)

The Company does not have any compensation plans under which it grants awards to employees. CCMH and Clear Channel Outdoor Holdings, Inc. (“CCOH”) have granted options to purchase shares of their ClassA common stock to certain key individuals, as well as restricted stock and restricted stock units.

On July 21, 2014, in accordance with the terms of its charter, a committee of the board of CCOH (1) provided notice of its intent to demand $175 million outstanding under the revolving promissory note with the Company on August 11, 2014 and (2) declared a special cash dividend in aggregate amount equal to $175 million, the payment of which is conditioned upon the satisfaction by the Company of such demand, payable on August 11, 2014 to CCOH's stockholders of record as of August 4, 2014.  As the indirect parent of CCOH, the Company will be entitled to approximately 88% of the proceeds from such dividend through its wholly-owned subsidiaries.  The remaining approximately 12% of the proceeds from the dividend, or approximately $21 million, will be paid to the public stockholders of CCOH.  The Company will fund the net payment of this $21 million with cash on hand, which will reduce the amount of cash the Company has available to fund its working capital needs, debt service obligations and other obligations.  Following satisfaction of the demand, the balance outstanding under the note will be reduced by $175 million.