GUARANTOR SUBSIDIARIES

9 Months Ended

12 Months Ended

Sep. 30, 2013

Dec. 31, 2012

GUARANTOR SUBSIDIARIES

NOTE 10 – GUARANTOR SUBSIDIARIES

The Company and certain of Clear Channel’s direct and indirect wholly-owned domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guarantee on a joint and several basis certain of Clear Channel’s outstanding indebtedness. The following consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X Rule 3-10(d):

	As of September 30, 2013
(In thousands)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Cash and cash equivalents	$	—		$	10		$	79,591	$	631,451	$	—		$	711,052
Accounts receivable, net of allowance		—			—			718,041		706,326		—			1,424,367
Intercompany receivables (1)		—			3,219,737			—		97,026		(3,316,763	)		—
Prepaid expenses		—			3,889			40,042		141,762		—			185,693
Other current assets		—			24,948			69,784		304,044		(240,143	)		158,633
Total Current Assets		—			3,248,584			907,458		1,880,609		(3,556,906	)		2,479,745
Structures, net		—			—			—		1,778,064		—			1,778,064
Other property, plant and equipment, net		—			—			808,660		294,546		—			1,103,206
Indefinite-lived intangibles - licenses		—			—			2,423,953		—		—			2,423,953
Indefinite-lived intangibles - permits		—			—			—		1,070,135		—			1,070,135
Other intangibles, net		—			—			1,019,608		508,128		—			1,527,736
Goodwill		—			—			3,348,331		864,050		—			4,212,381
Intercompany notes receivable		—			962,000			—		—		(962,000	)		—
Long-term intercompany receivable		—			—			—		944,628		(944,628	)		—
Investment in subsidiaries		(8,783,548	)		3,860,633			465,292		—		4,457,623			—
Other assets		—			108,884			52,689		784,140		(309,752	)		635,961
Total Assets	$	(8,783,548	)	$	8,180,101		$	9,025,991	$	8,124,300	$	(1,315,663	)	$	15,231,181
Accounts payable	$	—		$	—		$	47,356	$	73,918	$	—		$	121,274
Accrued expenses		—			(142,612	)		374,807		535,090		—			767,285
Intercompany payable (1)		—			—			3,316,763		—		(3,316,763	)		—
Accrued interest		—			139,805			—		2,859		(10,550	)		132,114
Deferred income		—			—			62,103		131,486		—			193,589
Other current liabilities		—			—			—		45,080		—			45,080
Current portion of long-term debt		—			427,047			—		6,411		—			433,458
Total Current Liabilities		—			424,240			3,801,029		794,844		(3,327,313	)		1,692,800
Long-term debt		—			15,724,871			4,001		4,933,496		(684,591	)		19,977,777
Long-term intercompany payable		—			944,628			—		—		(944,628	)		—
Intercompany long-term debt		—			—			962,000		—		(962,000	)		—
Deferred income taxes		—			(146,333	)		946,953		671,838		1,411			1,473,869
Other long-term liabilities		—			16,241			190,161		251,085		—			457,487
Total member’s interest (deficit)		(8,783,548	)		(8,783,546	)		3,121,847		1,473,037		4,601,458			(8,370,752	)
Total Liabilities and Member’s Equity (Deficit)	$	(8,783,548	)	$	8,180,101		$	9,025,991	$	8,124,300	$	(1,315,663	)	$	15,231,181

⁽¹⁾  The intercompany payable balance includes approximately $7.3 billion of designated amounts of borrowing under the senior secured credit facilities by certain Guarantor Subsidiaries that are Co-Borrowers and primary obligors thereunder with respect to these amounts. These amounts were incurred by the Co-Borrowers at the time of the closing of the merger, but were funded and will be repaid through accounts of the Subsidiary Issuer. The intercompany receivables balance includes the amount of such borrowings, which are required to be repaid to the lenders under the senior secured credit facilities by the Guarantor Subsidiaries as Co-Borrowers and primary obligors thereunder.

	As of December 31, 2012
(In thousands)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash and cash equivalents	$	—		$	11		$	333,768	$	891,231		$	—		$	1,225,010
Accounts receivable, net of allowance		—			—			683,072		757,097			—			1,440,169
Intercompany receivables (1)		—			4,032,992			166,019		—			(4,199,011	)		—
Prepaid expenses		—			2,397			33,190		152,052						187,639
Other current assets		—			36,446			64,894		248,325			(214,730	)		134,935
Total Current Assets		—			4,071,846			1,280,943		2,048,705			(4,413,741	)		2,987,753
Structures, net		—			—			—		1,890,693			—			1,890,693
Other property, plant and equipment, net		—			—			827,623		318,538			—			1,146,161
Indefinite-lived intangibles - licenses		—			—			2,423,979		—			—			2,423,979
Indefinite-lived intangibles - permits		—			—			—		1,070,720			—			1,070,720
Other intangibles, net		—			—			1,174,818		565,974			—			1,740,792
Goodwill		—			—			3,350,083		866,002			—			4,216,085
Intercompany notes receivable		—			962,000			—		—			(962,000	)		—
Long-term intercompany receivable		—			—			—		729,157			(729,157	)		—
Investment in subsidiaries		(8,518,574	)		3,848,000			552,184		—			4,118,390			—
Other assets		—			115,188			333,607		848,431			(480,696	)		816,530
Total Assets	$	(8,518,574	)	$	8,997,034		$	9,943,237	$	8,338,220		$	(2,467,204	)	$	16,292,713
Accounts payable	$	—		$	—		$	37,436	$	95,790		$	—		$	133,226
Accrued expenses		—			(104,972	)		319,466		561,561			—			776,055
Intercompany payable (1)		—			—			4,032,992		166,019			(4,199,011	)		—
Accrued interest		—			210,874			—		(113	)		(30,189	)		180,572
Deferred income		—			—			62,901		109,771			—			172,672
Other current liabilities		—			76,939			—		60,950			—			137,889
Current portion of long-term debt		—			372,321			—		9,407			—			381,728
Total Current Liabilities	$	—		$	555,162		$	4,452,795	$	1,003,385		$	(4,229,200	)	$	1,782,142
Long-term debt		—			16,310,694			4,000		4,935,388			(884,713	)		20,365,369
Long-term intercompany payable		—			729,157			—		—			(729,157	)		—
Intercompany long-term debt		—			—			962,000		—			(962,000	)		—
Deferred income taxes		—			(107,878	)		1,089,659		705,935			2,160			1,689,876
Other long-term liabilities		—			28,473			182,142		239,902			—			450,517
Total member’s interest (deficit)		(8,518,574	)		(8,518,574	)		3,252,641		1,453,610			4,335,706			(7,995,191	)
Total Liabilities and Member’s Equity (Deficit)	$	(8,518,574	)	$	8,997,034		$	9,943,237	$	8,338,220		$	(2,467,204	)	$	16,292,713

(1) The intercompany payable balance includes approximately $7.3 billion of designated amounts of borrowing under the senior secured credit facilities by certain Guarantor Subsidiaries that are Co-Borrowers and primary obligors thereunder with respect to these amounts. These amounts were incurred by the Co-Borrowers at the time of the closing of the merger, but were funded and will be repaid through accounts of the Subsidiary Issuer. The intercompany receivables balance includes the amount of such borrowings, which are required to be repaid to the lenders under the senior secured credit facilities by the Guarantor Subsidiaries as Co-Borrowers and primary obligors thereunder.

	Three Months Ended September 30, 2013
(In thousands)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	—		$	—		$	862,813		$	729,887		$	(5,178	)	$	1,587,522
Operating expenses:
Direct operating expenses		—			—			227,057			398,591			(1,776	)		623,872
Selling, general and administrative expenses		—			—			302,033			134,964			(3,402	)		433,595
Corporate expenses		—			2,609			59,876			29,719			—			92,204
Depreciation and amortization		—			—			78,627			98,703			—			177,330
Other operating income (expense), net		—			—			(418	)		6,604			—			6,186
Operating income (loss)		—			(2,609	)		194,802			74,514			—			266,707
Interest expense, net		—			377,789			13,125			39,804			7,686			438,404
Gain (loss) on marketable securities		—			—			49			(18	)		—			31
Equity in earnings (loss) of nonconsolidated affiliates		(94,169	)		130,633			7,210			4,030			(43,721	)		3,983
Other income (expense), net		—			(156	)		440			1,425			—			1,709
Income (loss) before income taxes		(94,169	)		(249,921	)		189,376			40,147			(51,407	)		(165,974	)
Income tax benefit (expense)		—			155,752			(77,584	)		(4,366	)		—			73,802
Consolidated net income (loss)		(94,169	)		(94,169	)		111,792			35,781			(51,407	)		(92,172	)
Less amount attributable to noncontrolling interest		—			—			1,911			7,772			—			9,683
Net income (loss) attributable to the Company	$	(94,169	)	$	(94,169	)	$	109,881		$	28,009		$	(51,407	)	$	(101,855	)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		—			—			(3,985	)		44,487			—			40,502
Unrealized gain on securities and derivatives:
Unrealized holding gain on marketable securities		—			—			—			710			(697	)		13
Unrealized holding gain on cash flow derivatives		—			17,114			—			—			—			17,114
Reclassification adjustment for realized gains on securities included in net income (loss)		—			—			(1	)		(1,432	)		—			(1,433	)
Equity in subsidiary comprehensive income		47,724			30,610			37,724			—			(116,058	)		—
Comprehensive income (loss)		(46,445	)		(46,445	)		143,619			71,774			(168,162	)		(45,659	)
Less amount attributable to noncontrolling interest		—			—			3,128			6,041			—			9,169
Comprehensive income (loss) attributable to the Company	$	(46,445	)	$	(46,445	)	$	140,491		$	65,733		$	(168,162	)	$	(54,828	)

	Three Months Ended September 30, 2012
(In thousands)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	—		$	—		$	853,665		$	737,693		$	(4,027	)	$	1,587,331
Operating expenses:
Direct operating expenses		—			—			226,224			393,337			(2,340	)		617,221
Selling, general and administrative expenses		—			—			285,715			140,022			(1,687	)		424,050
Corporate expenses		—			2,661			42,440			28,820			—			73,921
Depreciation and amortization		—			—			81,650			100,700			—			182,350
Other operating income (expense), net		—			—			(279	)		42,397			—			42,118
Operating income (loss)		—			(2,661	)		217,357			117,211			—			331,907
Interest expense, net		—			319,407			5,845			43,158			19,800			388,210
Equity in earnings (loss) of nonconsolidated affiliates		(30,761	)		171,077			17,166			3,702			(157,521	)		3,663
Other income (expense), net		—			—			1,745			(921	)		—			824
Income (loss) before income taxes		(30,761	)		(150,991	)		230,423			76,834			(177,321	)		(51,816	)
Income tax benefit (expense)		—			120,230			(81,474	)		(25,524	)		—			13,232
Consolidated net income (loss)		(30,761	)		(30,761	)		148,949			51,310			(177,321	)		(38,584	)
Less amount attributable to noncontrolling interest		—			—			4,436			7,541			—			11,977
Net income (loss) attributable to the Company	$	(30,761	)	$	(30,761	)	$	144,513		$	43,769		$	(177,321	)	$	(50,561	)
Other comprehensive income, net of tax:
Foreign currency translation adjustments		—			—			(257	)		21,476			—			21,219
Unrealized gain (loss) on securities and derivatives:
Unrealized holding gain (loss) on marketable securities		—			—			17,755			(1,376	)		289			16,668
Unrealized holding gain on cash flow derivatives		—			11,808			—			—			—			11,808
Other adjustments to comprehensive income (loss)		—			—			—			(688	)		—			(688	)
Equity in subsidiary comprehensive income		45,758			33,950			18,228			—			(97,936	)		—
Comprehensive income		14,997			14,997			180,239			63,181			(274,968	)		(1,554	)
Less amount attributable to noncontrolling interest		—			—			1,776			1,184			—			2,960
Comprehensive income attributable to the Company	$	14,997		$	14,997		$	178,463		$	61,997		$	(274,968	)	$	(4,514	)

	Nine Months Ended September 30, 2013
(In thousands)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	—		$	—		$	2,401,245		$	2,160,620		$	(13,188	)	$	4,548,677
Operating expenses:
Direct operating expenses		—			—			656,234			1,188,887			(5,000	)		1,840,121
Selling, general and administrative expenses		—			—			850,970			414,442			(8,188	)		1,257,224
Corporate expenses		—			8,126			153,963			91,435			—			253,524
Depreciation and amortization		—			—			241,904			297,342			—			539,246
Other operating income (expense), net		—			—			(2,710	)		12,404			—			9,694
Operating income (loss)		—			(8,126	)		495,464			180,918			—			668,256
Interest expense, net		—			1,039,587			26,798			132,068			32,984			1,231,437
Gain (loss) on marketable securities		—			—			170,182			(18	)		(39,235	)		130,929
Equity in earnings (loss) of nonconsolidated affiliates		(225,437	)		430,607			(51,315	)		13,878			(154,138	)		13,595
Loss on extinguishment of debt		—			(3,888	)		—			—			—			(3,888	)
Other income (expense), net		—			(18,060	)		644			27			—			(17,389	)
Income (loss) before income taxes		(225,437	)		(639,054	)		588,177			62,737			(226,357	)		(439,934	)
Income tax benefit (expense)		—			413,617			(216,801	)		(38,166	)		—			158,650
Consolidated net income (loss)		(225,437	)		(225,437	)		371,376			24,571			(226,357	)		(281,284	)
Less amount attributable to noncontrolling interest		—			—			(1,351	)		17,723			—			16,372
Net income (loss) attributable to the Company	$	(225,437	)	$	(225,437	)	$	372,727		$	6,848		$	(226,357	)	$	(297,656	)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		—			—			11,875			(40,401	)		—			(28,526	)
Unrealized gain on securities and derivatives:
Unrealized holding gain on marketable securities		—			—			15,390			1,491			(1,262	)		15,619
Unrealized holding gain on cash flow derivatives		—			48,180			—			—			—			48,180
Other adjustments to comprehensive income (loss)		—			—			—			(998	)		—			(998	)
Reclassification adjustment for realized gains on securities included in net income (loss)		—			—			(82,321	)		(1,432	)		—			(83,753	)
Equity in subsidiary comprehensive loss		(45,808	)		(93,988	)		(40,551	)		—			180,347			—
Comprehensive income (loss)		(271,245	)		(271,245	)		277,120			(34,492	)		(47,272	)		(347,134	)
Less amount attributable to noncontrolling interest		—			—			(1,619	)		(789	)		—			(2,408	)
Comprehensive income (loss) attributable to the Company	$	(271,245	)	$	(271,245	)	$	278,739		$	(33,703	)	$	(47,272	)	$	(344,726	)

	Nine Months Ended September 30, 2012
(In thousands)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	—		$	—		$	2,398,690		$	2,163,928		$	(12,070	)	$	4,550,548
Operating expenses:
Direct operating expenses		—			—			637,823			1,195,141			(6,047	)		1,826,917
Selling, general and administrative expenses		—			—			827,925			431,388			(6,023	)		1,253,290
Corporate expenses		—			8,130			124,268			86,223			—			218,621
Depreciation and amortization		—			—			246,165			293,390			—			539,555
Other operating income (expense), net		—			—			(1,987	)		49,146			—			47,159
Operating income (loss)		—			(8,130	)		560,522			206,932			—			759,324
Interest expense, net		—			975,090			17,566			99,887			55,550			1,148,093
Equity in earnings (loss) of nonconsolidated affiliates		(168,213	)		440,803			(30,015	)		12,332			(242,993	)		11,914
Loss on extinguishment of debt		—			(15,167	)		—			—			—			(15,167	)
Other income, net		—			—			1,931			5,842			(9,452	)		(1,679	)
Income (loss) before income taxes		(168,213	)		(557,584	)		514,872			125,219			(307,995	)		(393,701	)
Income tax benefit (expense)		—			389,371			(154,024	)		(56,054	)		—			179,293
Consolidated net income (loss)		(168,213	)		(168,213	)		360,848			69,165			(307,995	)		(214,408	)
Less amount attributable to noncontrolling interest		—			—			3,821			14,986			—			18,807
Net income (loss) attributable to the Company	$	(168,213	)	$	(168,213	)	$	357,027		$	54,179		$	(307,995	)	$	(233,215	)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		—			—			(724	)		18,652			—			17,928
Unrealized gain (loss) on securities and derivatives:
Unrealized holding gain (loss) on marketable securities		—			—			18,476			(7,743	)		6,666			17,399
Unrealized holding gain on cash flow derivatives		—			36,322			—			—			—			36,322
Other adjustments to comprehensive income (loss)		2			(2	)		—			(534	)		—			(534	)
Equity in subsidiary comprehensive income		63,570			27,250			10,926			—			(101,746	)		—
Comprehensive income (loss)		(104,641	)		(104,643	)		385,705			64,554			(403,075	)		(162,100	)
Less amount attributable to noncontrolling interest		—			—			1,428			(551	)		—			877
Comprehensive income (loss) attributable to the Company	$	(104,641	)	$	(104,643	)	$	384,277		$	65,105		$	(403,075	)	$	(162,977	)

	Nine Months Ended September 30, 2013
(In thousands)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Consolidated net income (loss)	$	(225,437	)	$	(225,437	)	$	371,376		$	24,571		$	(226,357	)	$	(281,284	)
Reconciling items:
Depreciation and amortization		—			—			241,904			297,342			—			539,246
Deferred taxes		—			(67,214	)		(94,804	)		(33,338	)		—			(195,356	)
Provision for doubtful accounts		—			—			10,172			3,538			—			13,710
Amortization of deferred financing charges and note discounts, net		—			106,150			(3,622	)		(42,254	)		32,984			93,258
Share-based compensation		—			—			8,446			5,647			—			14,093
(Gain) loss on disposal of operating assets		—			—			2,710			(12,404	)		—			(9,694	)
(Gain) loss on marketable securities		—			—			(170,182	)		18			39,235			(130,929	)
Equity in (earnings) loss of nonconsolidated affiliates		225,437			(430,607	)		51,315			(13,878	)		154,138			(13,595	)
Loss on extinguishment of debt		—			3,888			—			—			—			3,888
Other reconciling items, net		—			1			(152	)		18,742			—			18,591
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable		—			—			(45,500	)		49,205			—			3,705
Increase in deferred income		—			—			6,469			21,707			—			28,176
Increase (decrease) in accrued expenses		—			(37,640	)		50,331			(28,005	)		—			(15,314	)
Increase (decrease) in accounts payable		—			—			9,921			(22,049	)		—			(12,128	)
Increase (decrease) in accrued interest		—			(68,401	)		37,546			2,981			(18,842	)		(46,716	)
Changes in other operating assets and liabilities		—			(14,407	)		(33,450	)		18,207			18,842			(10,808	)
Net cash provided by (used for) operating activities		—			(733,667	)		442,480			290,030			—			(1,157	)
Cash flows from investing activities:
Purchases of property, plant and equipment		—			—			(82,677	)		(114,583	)		—			(197,260	)
Acquisition of operating assets		—			—			(1,745	)		(842	)		—			(2,587	)
Proceeds from sale of investment securities		—			—			75			355,073			(219,577	)		135,571
Proceeds from disposal of assets		—			—			22,318			17,479			—			39,797
Dividends from subsidiaries		(393	)		329,867			—			—			(329,474	)		—
Change in other, net		—			—			(1,236	)		(2,271	)		—			(3,507	)
Net cash provided by (used for) investing activities		(393	)		329,867			(63,265	)		254,856			(549,051	)		(27,986	)
Cash flows from financing activities:
Draws on credit facilities		—			269,500			—			2,752			—			272,252
Payments on credit facilities		—			(22,500	)		—			(1,344	)		—			(23,844	)
Intercompany funding		—			1,028,726			(549,015	)		(479,711	)		—			—
Proceeds from long-term debt		—			575,000			—			51			—			575,051
Payments on long-term debt		—			(1,437,435	)		—			(5,478	)		219,577			(1,223,336	)
Payments to repurchase noncontrolling interests		—			—			—			(61,143	)		—			(61,143	)
Dividends and other payments to noncontrolling interests		—			—			(84,377	)		(259,352	)		329,867			(13,862	)
Deferred financing charges		—			(9,885	)		—			(337	)		—			(10,222	)
Change in other, net		393			393			—			1,610			(393	)		2,003
Net cash provided by (used for) financing activities		393			403,799			(633,392	)		(802,952	)		549,051			(483,101	)
Effect of exchange rate changes on cash		—			—			—			(1,714	)		—			(1,714	)
Net decrease in cash and cash equivalents		—			(1	)		(254,177	)		(259,780	)		—			(513,958	)
Cash and cash equivalents at beginning of period		—			11			333,768			891,231			—			1,225,010
Cash and cash equivalents at end of period	$	—		$	10		$	79,591		$	631,451		$	—		$	711,052

	Nine Months Ended September 30, 2012
(In thousands)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Consolidated net income (loss)	$	(168,213	)	$	(168,213	)	$	360,848		$	69,165		$	(307,995	)	$	(214,408	)
Reconciling items:
Depreciation and amortization		—			—			246,165			293,390			—			539,555
Deferred taxes		—			(136,099	)		13,989			(35,852	)		—			(157,962	)
Provision for doubtful accounts		—			—			6,209			4,800			—			11,009
Amortization of deferred financing charges and note discounts, net		—			147,096			(4,507	)		(73,877	)		55,550			124,262
Share-based compensation		—			—			11,074			9,016			—			20,090
(Gain) loss on disposal of operating assets		—			—			1,987			(49,146	)		—			(47,159	)
Equity in (earnings) loss of non consolidated affiliates		168,213			(440,803	)		30,015			(12,332	)		242,993			(11,914	)
Loss on extinguishment of debt		—			15,167			—			—			—			15,167
Other reconciling items, net		—			—			1,196			17,224			—			18,420
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable		—			—			(24,839	)		36			—			(24,803	)
Increase in deferred income		—			—			12,209			25,736			—			37,945
Increase (decrease) in accrued expenses		—			(42,224	)		43,989			(13,066	)		—			(11,301	)
Increase (decrease) in accounts payable		—			—			8,978			(7,417	)		—			1,561
Increase (decrease) in accrued interest		—			(103,117	)		5,393			88			14,456			(83,180	)
Changes in other operating assets and liabilities		—			(19,519	)		(52,408	)		23,779			(14,456	)		(62,604	)
Net cash provided by (used for) operating activities		—			(747,712	)		660,298			251,544			(9,452	)		154,678
Cash flows from investing activities:
Purchases of property, plant and equipment		—			—			(72,542	)		(187,939	)		—			(260,481	)
Acquisition of other operating assets		—			—			(24,340	)		(9,398	)		—			(33,738	)
Proceeds from disposal of assets		—			—			4,868			54,047			—			58,915
Dividends from subsidiaries		—			1,925,661			1,916,209			—			(3,841,870	)		—
Change in other, net		—			—			(6,057	)		45,681			(49,456	)		(9,832	)
Net cash provided by (used for) investing activities		—			1,925,661			1,818,138			(97,609	)		(3,891,326	)		(245,136	)
Cash flows from financing activities:
Draws on credit facilities		—			602,500			—			2,063			—			604,563
Payments on credit facilities		—			(1,918,051	)		—			(1,922	)		—			(1,919,973	)
Intercompany funding		—			617,944			(591,649	)		(26,295	)		—			—
Proceeds from long-term debt		—			—			—			2,200,000			—			2,200,000
Payments on long-term debt		—			(480,342	)		(928	)		(7,301	)		50,149			(438,422	)
Payments to repurchase noncontrolling interests		—			—			—			(7,040	)		—			(7,040	)
Dividends and other payments to noncontrolling interests		—			—			(1,916,207	)		(2,182,879	)		3,851,322			(247,764	)
Deferred financing charges		—			—			—			(40,002	)		—			(40,002	)
Change in other, net		—			—			4			6,253			(693	)		5,564
Net cash used for financing activities		—			(1,177,949	)		(2,508,780	)		(57,123	)		3,900,778			156,926
Effect of exchange rate changes on cash		—			—			—			1,493			—			1,493
Net increase (decrease) in cash and cash equivalents		—			—			(30,344	)		98,305			—			67,961
Cash and cash equivalents at beginning of period		—			1			461,572			767,109			—			1,228,682
Cash and cash equivalents at end of period	$	—		$	1		$	431,228		$	865,414		$	—		$	1,296,643

NOTE 16 – GUARANTOR SUBSIDIARIES

The Company and certain of Clear Channel’s direct and indirect wholly-owned domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guaranteed on a joint and several basis certain of Clear Channel’s outstanding indebtedness. 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)		December 31, 2012
		Parent     Company		Subsidiary   Issuer		Guarantor   Subsidiaries		Non-Guarantor   Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents	$-		$11		$333,768		$891,231		$-		$1,225,010
Accounts receivable, net of allowance		-		-		678,448		745,551		-		1,423,999
Intercompany receivables (1)		37,822		3,995,170		166,019		-		(4,199,011)		-
Prepaid expenses		2,397		-		33,190		142,003		-		177,590
Other current assets		-		36,446		69,518		275,974		(214,730)		167,208
Total Current Assets		40,219		4,031,627		1,280,943		2,054,759		(4,413,741)		2,993,807
Property, plant and equipment, net		-		-		827,623		2,209,231		-		3,036,854
Indefinite-lived intangibles - licenses		-		-		2,423,979		-		-		2,423,979
Indefinite-lived intangibles - permits		-		-		-		1,070,720		-		1,070,720
Definite-lived intangibles, net		-		-		1,174,818		565,974		-		1,740,792
Goodwill		-		-		3,350,083		866,002		-		4,216,085
Intercompany notes receivable		-		962,000		-		-		(962,000)		-
Long-term intercompany receivable		-		-		-		729,157		(729,157)		-
Investment in subsidiaries		(8,574,081)		3,848,000		552,184		-		4,173,897		-
Other assets		-		115,188		333,607		842,377		(480,696)		810,476
Total Assets	$	(8,533,862)	$	8,956,815	$	9,943,237	$	8,338,220	$	(2,411,697)	$	16,292,713
Accounts payable	$	-	$	-	$	37,436	$	98,882	$	-	$	136,318
Accrued expenses		(1,732)		(103,240)		319,466		558,469		-		772,963
Accrued interest		-		210,874		-		(113)		(30,189)		180,572
Intercompany payable (1)		-		-		4,032,992		166,019		(4,199,011)		-
Current portion of long-term debt		-		372,321		-		9,407		-		381,728
Deferred income		-		-		62,901		109,771		-		172,672
Other current liabilities		-		76,939		-		60,950		-		137,889
Total Current Liabilities		(1,732)		556,894		4,452,795		1,003,385		(4,229,200)		1,782,142

(In thousands)	December 31, 2012
	Party   Company		Subsidiary   Issuer		Guarantor   Subsidiaries		Non-Guarantor   Subsidiaries		Elimination		Consolidated
Long-term debt		-		16,310,694		4,000		4,935,388		(884,713)		20,365,369
Long-term intercompany payable		-		729,157		-		-		(729,157)		-
Intercompany long-term debt		-		-		962,000		-		(962,000)		-
Deferred income taxes		(13,556)		(94,322)		1,089,659		705,935		2,160		1,689,876
Other long-term liabilities		-		28,473		182,142		239,902		-		450,517
Total member’s interest (deficit)		(8,518,574)		(8,574,081)		3,252,641		1,453,610		4,391,213		(7,995,191)
Total Liabilities and Member’s Equity	$	(8,533,862)	$	8,956,815	$	9,943,237	$	8,338,220	$	(2,411,697)	$	16,292,713

(1) The intercompany payable balance includes approximately $7.3 billion of designated amounts of borrowing under the senior secured credit facilities by certain Guarantor Subsidiaries that are Co-Borrowers and primary obligors thereunder with respect to these amounts. These amounts were incurred by the Co-Borrowers at the time of the closing of the merger, but were funded and will be repaid through accounts of the Subsidiary Issuer. The intercompany receivables balance includes the amount of such borrowings, which are required to be repaid to the lenders under the senior secured credit facilities by the Guarantor Subsidiaries as Co-Borrowers and primary obligors thereunder.

(In thousands)	December 31, 2011
	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents	$	-	$	1	$	461,572	$	767,109	$	-	$	1,228,682
Accounts receivable, net of allowance		-		-		694,548		704,587		-		1,399,135
Intercompany receivables (1)		30,270		4,824,634		-		-		(4,854,904)		-
Prepaid expenses		2,251		-		25,944		133,122		-		161,317
Other current assets		-		46,018		81,620		144,573		(76,060)		196,151
Total Current Assets		32,521		4,870,653		1,263,684		1,749,391		(4,930,964)		2,985,285
Property, plant and equipment, net		-		-		815,245		2,248,082		-		3,063,327
Indefinite-lived intangibles - licenses		-		-		2,411,367		-		-		2,411,367
Indefinite-lived intangibles - permits		-		-		-		1,105,704		-		1,105,704
Other intangibles, net		-		-		1,389,935		627,825		-		2,017,760
Goodwill		-		-		3,325,771		860,947		-		4,186,718
Intercompany notes receivable		-		962,000		-		-		(962,000)		-
Long-term intercompany receivable		-		-		-		656,040		(656,040)		-
Investment in subsidiaries		(8,342,987)		5,234,229		2,844,451		-		264,307		-
Other assets		-		167,337		254,435		907,567		(557,461)		771,878
Total Assets	$	(8,310,466)	$	11,234,219	$	12,304,888	$	8,155,556	$	(6,842,158)	$	16,542,039
Accounts payable	$	-	$	-	$	26,119	$	95,456	$	-	$	121,575
Accrued expenses		(641)		(61,478)		266,249		531,022		-		735,152
Accrued interest		-		189,144		(1)		2,277		(31,059)		160,361
Intercompany payable (1)		-		-		4,743,944		110,960		(4,854,904)		-
Current portion of long-term debt		-		243,927		905		23,806		-		268,638
Deferred income		-		-		50,416		92,820		-		143,236
Total Current Liabilities		(641)		371,593		5,087,632		856,341		(4,885,963)		1,428,962
Long-term debt		-		18,305,183		3,321		2,522,103		(892,076)		19,938,531
Long-term intercompany payable		-		655,930		110		-		(656,040)		-
Intercompany long-term debt		-		-		962,000		-		(962,000)		-
Deferred income taxes		(13,845)		39,173		1,055,533		858,908		(1,170)		1,938,599
Other long-term liabilities		-		205,327		220,546		282,015		-		707,888
Total member’s interest (deficit)		(8,295,980)		(8,342,987)		4,975,746		3,636,189		555,091		(7,471,941)
Total Liabilities and Member’s Equity	$	(8,310,466)	$	11,234,219	$	12,304,888	$	8,155,556	$	(6,842,158)	$	16,542,039

(1) The intercompany payable balance includes approximately $7.3 billion of designated amounts of borrowing under the senior secured credit facilities by certain Guarantor Subsidiaries that are Co-Borrowers and primary obligors thereunder with respect to these amounts. These amounts were incurred by the Co-Borrowers at the time of the closing of the merger, but were funded and will be repaid through accounts of the Subsidiary Issuer. The intercompany receivables balance includes the amount of such borrowings, which are required to be repaid to the lenders under the senior secured credit facilities by the Guarantor Subsidiaries as Co-Borrowers and primary obligors thereunder.

(In thousands)	Year Ended December 31, 2012
	Parent    Company		Subsidiary         Issuer		Guarantor   Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Revenue	$	-	$	-	$	3,288,779	$	2,974,108	$	(16,003)	$	6,246,884
Operating expenses:
Direct operating expenses		-		-		883,190		1,621,341		(7,981)		2,496,550
Selling, general and administrative expenses		-		-		1,090,006		591,463		(8,022)		1,673,447
Corporate expenses		10,829		-		171,771		105,428		-		288,028
Depreciation and amortization		-		-		328,633		400,652		-		729,285
Impairment charge		-		-		-		37,651		-		37,651
Other operating income (expense) – net		-		-		(2,825)		50,952		-		48,127
Operating income (loss)		(10,829)		-		812,354		268,525		-		1,070,050
Interest (income) expense – net		-		1,307,703		23,143		139,824		78,353		1,549,023
Loss on marketable securities		-		(1)		(2,001)		(2,578)		-		(4,580)
Equity in earnings (loss) of nonconsolidated affiliates		(329,817)		492,819		(174,774)		19,464		10,865		18,557
Loss on debt extinguishment		-		(33,652)		-		(221,071)		-		(254,723)
Other income (expense) – net		-		(1)		3,960		5,743		(9,452)		250
Income (loss) before income taxes		(340,646)		(848,538)		616,396		(69,741)		(76,940)		(719,469)
Income tax benefit (expense)		3,972		518,721		(246,380)		31,966		-		308,279
Consolidated net income (loss)		(336,674)		(329,817)		370,016		(37,775)		(76,940)		(411,190)
Less amount attributable to noncontrolling interest		-		-		(10,613)		23,902		-		13,289
Net income (loss) attributable to the Company	$	(336,674)	$	(329,817)	$	380,629	$	(61,677)	$	(76,940)	$	(424,479)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		-		-		(399)		40,641		-		40,242
Unrealized gain (loss) on securities and derivatives:
Unrealized holding gain (loss) on marketable securities		-		-		25,676		(8,151)		5,578		23,103
Unrealized holding loss on cash flow derivatives		-		52,112		-		-		-		52,112
Reclassification adjustment		2		(2)		-		3,180		-		3,180
Equity in subsidiary comprehensive income (loss)		107,179		55,069		33,967		-		(196,215)		-
Comprehensive income (loss)		(229,493)		(222,638)		439,873		(26,007)		(267,577)		(305,842)
Less amount attributable to noncontrolling interest		-		-		4,175		1,703		-		5,878
Comprehensive income (loss) attributable to the Company	$	(229,493)	$	(222,638)	$	435,698	$	(27,710)	$	(267,577)	$	(311,720)

(In thousands)	Year Ended December 31, 2011
	Parent   Company	Subsidiary   Issuer	Guarantor   Subsidiaries		Non-Guarantor   Subsidiaries		Eliminations		Consolidated
Revenue	$-	$-	$	3,121,308	$	3,059,676	$	(19,632)	$	6,161,352
Operating expenses:
Direct operating expenses	-	-		849,834		1,660,786		(6,584)		2,504,036
Selling, general and administrative expenses	-	-		1,062,726		567,580		(13,048)		1,617,258
Corporate expenses	10,878	-		125,964		90,254		-		227,096
Depreciation and amortization	-	-		327,240		436,066		-		763,306
Impairment charges	-	-		-		7,614		-		7,614
Other operating income – net	-	-		4,091		8,591		-		12,682
Operating income (loss)	(10,878)	-		759,635		305,967		-		1,054,724
Interest expense – net	13	1,360,995		2,370		27,321		75,547		1,466,246
Loss on marketable securities	-	-		-		(4,827)		-		(4,827)
Equity in earnings (loss) of nonconsolidated affiliates	(223,915)	629,915		54,407		26,987		(460,436)		26,958
Loss on debt extinguishment	-	(5,721)		(1)		-		4,275		(1,447)
Other income (expense) – net	(1)	1		590		(3,759)		-		(3,169)
Income (loss) before income taxes	(234,807)	(736,800)		812,261		297,047		(531,708)		(394,007)
Income tax benefit (expense)	3,985	512,885		(274,930)		(115,962)		-		125,978
Consolidated net income (loss)	(230,822)	(223,915)		537,331		181,085		(531,708)		(268,029)
Less amount attributable to noncontrolling interest	-	-		13,792		20,273		-		34,065
Net income (loss) attributable to the Company	$    (230,822)	$    (223,915)	$	523,539	$	160,812	$	(531,708)	$	(302,094)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	-	-		1,267		(30,914)		-		(29,647)
Unrealized gain (loss) on securities and derivatives:
Unrealized holding gain (loss) on marketable securities	-	-		4,610		(2,874)		(1,960)		(224)
Unrealized holding loss on cash flow derivatives	-	33,775		-		-		-		33,775
Reclassification adjustment	-	-		-		3,787		-		3,787
Equity in subsidiary comprehensive income (loss)	5,518	(28,257)		(38,702)		-		61,441		-
Comprehensive income (loss)	(225,304)	(218,397)		490,714		130,811		(472,227)		(294,403)
Less amount attributable to noncontrolling interest	-	-		(4,594)		8,918		-		4,324
Comprehensive income (loss) attributable to the Company	$    (225,304)	$    (218,397)	$	495,308	$	121,893	$	(472,227)	$	(298,727)

(In thousands)	Year Ended December 31, 2010
	Parent   Company		Subsidiary   Issuer		Guarantor   Subsidiaries		Non-Guarantor   Subsidiaries		Eliminations		Consolidated
Revenue	$	-	$	-	$	3,044,866	$	2,824,400	$	(3,581)	$	5,865,685
Operating expenses:
Direct operating expenses		-		-		818,001		1,564,515		(869)		2,381,647
Selling, general and administrative expenses		-		-		1,060,262		512,662		(2,712)		1,570,212
Corporate expenses		12,274		28		164,144		107,596		-		284,042
Depreciation and amortization		-		-		317,761		415,108		-		732,869
Impairment charges		-		-		3,871		11,493		-		15,364
Other operating income – net		-		-		7,043		(23,753)		-		(16,710)
Operating income (loss)		(12,274)		(28)		687,870		189,273		-		864,841
Interest expense – net		17		1,415,932		379		40,198		76,815		1,533,341
Loss on marketable securities		-		-		-		(6,490)		-		(6,490)
Equity in earnings (loss) of nonconsolidated affiliates		(454,779)		428,976		(80,040)		5,749		105,796		5,702
Loss on debt extinguishment		-		-		-		-		60,289		60,289
Other income (expense) – net		(1)		(1)		(2,496)		(11,336)		-		(13,834)
Income (loss) before income taxes		(467,071)		(986,985)		604,955		136,998		89,270		(622,833)
Income tax benefit (expense)		4,508		532,206		(283,171)		(93,563)		-		159,980
Consolidated net income (loss)		(462,563)		(454,779)		321,784		43,435		89,270		(462,853)
Less amount attributable to noncontrolling interest		-		-		5,130		11,106		-		16,236
Net income (loss) attributable to the Company	$	(462,563)	$	(454,779)	$	316,654	$	32,329	$	89,270	$	(479,089)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		-		-		(903)		27,204		-		26,301
Unrealized gain (loss) on securities and derivatives:
Unrealized holding gain (loss) on marketable securities		-		-		24,996		(7,809)		-		17,187
Unrealized holding loss on cash flow derivatives		-		15,112		-		-		-		15,112
Reclassification adjustment		-		-		-		14,750		-		14,750
Equity in subsidiary comprehensive income (loss)		64,493		49,381		26,528		-		(140,402)		-
Comprehensive income (loss)		(398,070)		(390,286)		367,275		66,474		(51,132)		(405,739)
Less amount attributable to noncontrolling interest		-		-		1,240		7,617		-		8,857
Comprehensive income (loss) attributable to the Company	$	(398,070)	$	(390,286)	$	366,035	$	58,857	$	(51,132)	$	(414,596)

(In thousands)	Year Ended December 31, 2012
	Parent   Company		Subsidiary   Issuer		Guarantor   Subsidiaries		Non-Guarantor   Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)	$	(336,674)	$	(329,817)	$	370,016	$	(37,775)	$	(76,940)	$	(411,190)
Reconciling items:
Impairment charges		-		-		-		37,651		-		37,651
Depreciation and amortization		-		-		328,633		400,652		-		729,285
Deferred taxes		289		(164,738)		20,143		(160,305)		-		(304,611)
Provision for doubtful accounts		-		-		4,459		7,256		-		11,715
Amortization of deferred financing charges and note discounts, net		-		196,549		(7,534)		(103,271)		78,353		164,097
Share-based compensation		-		-		17,951		10,589		-		28,540
Gain (loss) on disposal of operating assets		-		-		2,825		(50,952)		-		(48,127)
Loss on marketable securities		-		1		2,001		2,578		-		4,580
Equity in (earnings) loss of nonconsolidated affiliates		329,817		(492,819)		174,774		(19,464)		(10,865)		(18,557)
Loss on extinguishment of debt		-		33,652		-		221,071		-		254,723
Other reconciling items – net		-		-		(7,623)		25,423		-		17,800
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable		-		-		12,256		(46,494)		-		(34,238)
Increase in accrued expenses		-		-		9,432		25,442		-		34,874
Increase (decrease) in accounts payable and other liabilities		-		(17,783)		(25,854)		24,589		-		(19,048)
Increase (decrease) in accrued interest		-		21,731		-		(2,377)		869		20,223
Increase in deferred income		-		-		9,521		23,961		-		33,482
Changes in other operating assets and liabilities		(1,237)		(41,762)		20,915		10,452		(869)		(12,501)
Net cash provided by (used for) operating activities		(7,805)		(794,986)		931,915		369,026		(9,452)		488,698
Cash flows from investing activities:
Proceeds from maturity of Clear Channel notes		-		-		-		50,149		(50,149)		-
Purchases of businesses		-		-		(45,395)		(4,721)		-		(50,116)
Purchases of property, plant and equipment		-		-		(114,023)		(276,257)		-		(390,280)
Proceeds from disposal of assets		-		-		3,223		56,442		-		59,665
Purchases of other operating assets		-		-		(9,107)		(5,719)		-		(14,826)
Change in other – net		-		1,925,661		1,918,909		(4,857)		(3,841,177)		(1,464)
Net cash provided by (used for) investing activities		-		1,925,661		1,753,607		(184,963)		(3,891,326)		(397,021)
Cash flows from financing activities:
Draws on credit facilities		-		602,500		-		2,063		-		604,563
Payments on credit facilities		-		(1,928,051)		-		(3,368)		-		(1,931,419)
Intercompany funding		10,401		903,857		(896,192)		(18,066)		-		-
Proceeds from long-term debt		-		-		-		4,917,643		-		4,917,643
Payments on long-term debt		-		(695,342)		(927)		(2,700,786)		50,149		(3,346,906)
Dividends paid		-		-		(1,916,207)		(2,179,849)		3,851,322		(244,734)
Deferred financing charges		-		(13,629)		-		(69,988)		-		(83,617)
Change in other – net		(2,596)		-		-		(7,590)		(693)		(10,879)
Net cash provided by (used for) financing activities		7,805		(1,130,665)		(2,813,326)		(59,941)		3,900,778		(95,349)
Net increase (decrease) in cash and cash equivalents		-		10		(127,804)		124,122		-		(3,672)
Cash and cash equivalents at beginning of period		-		1		461,572		767,109		-		1,228,682
Cash and cash equivalents at end of period	$	-	$	11	$	333,768	$	891,231	$	-	$	1,225,010

(In thousands)	Year Ended December 31, 2011
	Parent   Company		Subsidiary   Issuer		Guarantor   Subsidiaries		Non-Guarantor   Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)	$	(230,822)	$	(223,915)	$	537,331	$	181,085	$	(531,708)	$	(268,029)
Reconciling items:
Impairment charges		-		-		-		7,614		-		7,614
Depreciation and amortization		-		-		327,240		436,066		-		763,306
Deferred taxes		(1,180)		(249,392)		109,795		(3,167)		-		(143,944)
Provision for doubtful accounts		-		-		7,604		6,119		-		13,723
Amortization of deferred financing charges and note discounts, net		-		222,908		(6,144)		(104,277)		75,547		188,034
Share-based compensation		-		-		9,754		10,913		-		20,667
Gain on disposal of operating assets		-		-		(4,091)		(8,591)		-		(12,682)
Loss on marketable securities		-		-		-		4,827		-		4,827
Equity in (earnings) loss of nonconsolidated affiliates		223,915		(629,915)		(54,407)		(26,987)		460,436		(26,958)
(Gain) loss on extinguishment of debt		-		5,721		1		-		(4,275)		1,447
Other reconciling items – net		-		-		1,083		15,037		-		16,120
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable		-		-		(13,090)		5,255		-		(7,835)
Decrease in accrued expenses		-		(4,341)		(93,854)		(29,047)		-		(127,242)
Increase (decrease) in accounts payable and other liabilities		-		-		(52,995)		37,864		-		(15,131)
Increase in accrued interest		-		16,866		20,813		1,127		364		39,170
Decrease in deferred income		-		-		(427)		(10,349)		-		(10,776)
Changes in other operating assets and liabilities		(125)		26,946		(78,254)		(16,556)		(364)		(68,353)
Net cash provided by (used for) operating activities		(8,212)		(835,122)		710,359		506,933		-		373,958
Cash flows from investing activities:
Proceeds from maturity of Clear Channel notes		-		-		-		167,022		(167,022)		-
Proceeds from sale of other investments		-		-		(700)		7,594		-		6,894
Purchases of businesses		-		-		(207)		(46,149)		-		(46,356)
Purchases of property, plant and equipment		-		-		(69,650)		(292,631)		-		(362,281)
Proceeds from disposal of assets		-		-		41,387		12,883		-		54,270
Purchases of other operating assets		-		-		(6,201)		(14,794)		-		(20,995)
Investment in Clear Channel notes		-		-		-		(55,250)		55,250		-
Change in other – net		-		-		69		(16,761)		17,074		382
Net cash provided by (used for) investing activities		-		-		(35,302)		(238,086)		(94,698)		(368,086)
Cash flows from financing activities:
Draws on credit facilities		-		55,000		-		-		-		55,000
Payments on credit facilities		-		(956,181)		-		(4,151)		-		(960,332)
Intercompany funding		8,518		1,486,401		(1,414,366)		(80,553)		-		-
Proceeds from long-term debt		-		1,724,650		1,604		5,012		-		1,731,266
Payments on long-term debt		-		(1,428,051)		(22,155)		(115,115)		167,022		(1,398,299)
Repurchase of long-term debt		-		-		-		-		(55,250)		(55,250)
Deferred financing charges		-		(46,697)		38		-		-		(46,659)
Change in other – net		(306)		-		1,032		(7,494)		(17,074)		(23,842)
Net cash provided by (used for) financing activities		8,212		835,122		(1,433,847)		(202,301)		94,698		(698,116)
Net increase (decrease) in cash and cash equivalents		-		-		(758,790)		66,546		-		(692,244)
Cash and cash equivalents at beginning of period		-		1		1,220,362		700,563		-		1,920,926
Cash and cash equivalents at end of period	$	-	$	1	$	461,572	$	767,109	$	-	$	1,228,682

(In thousands)	Year Ended December 31, 2010
	Parent   Company		Subsidiary   Issuer		Guarantor   Subsidiaries		Non-Guarantor   Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)	$	(462,563)	$	(454,779)	$	321,784	$	43,435	$	89,270	$	(462,853)
Reconciling items:
Impairment charges		-		-		3,871		11,493		-		15,364
Depreciation and amortization		-		-		317,761		415,108		-		732,869
Deferred taxes		(1,445)		(250,630)		56,272		(15,377)		-		(211,180)
Provision for doubtful accounts		-		-		14,312		8,806		-		23,118
Amortization of deferred financing charges and note discounts, net		-		251,590		(3,908)		(109,547)		76,815		214,950
Share-based compensation		-		-		22,200		12,046		-		34,246
(Gain) loss on sale of operating assets		-		-		(7,043)		23,753		-		16,710
Loss on marketable securities		-		-		-		6,490		-		6,490
Equity in (earnings) loss of nonconsolidated Affiliates		454,779		(428,976)		80,040		(5,749)		(105,796)		(5,702)
Loss on extinguishment of debt		-		-		-		-		(60,289)		(60,289)
Other reconciling items - net		-		-		(149)		26,239		-		26,090
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable		-		-		(73,082)		(46,778)		-		(119,860)
(Increase) decrease in Federal income taxes receivable		4,187		382,024		(304,098)		50,196		-		132,309
Increase in accrued expenses		-		-		71,525		45,907		-		117,432
Increase (decrease) in accounts payable and other liabilities		-		-		(11,740)		4,816		-		(6,924)
Increase (decrease) in accrued interest		-		131,055		-		243		(44,245)		87,053
Increase (decrease) in deferred income		-		-		8,024		(7,228)		-		796
Changes in other operating assets and liabilities		(547)		(79,835)		34,229		43,662		44,245		41,754
Net cash provided by (used for) operating activities		(5,589)		(449,551)		529,998		507,515		-		582,373
Cash flows from investing activities:
Investment in Clear Channel notes		-		-		(125,000)		-		125,000		-
Proceeds from maturity of Clear Channel notes		-		-		-		10,025		(10,025)		-
Proceeds from other investments		-		-		-		18,700		(17,500)		1,200
Purchases of property, plant and equipment		-		-		(45,868)		(195,596)		-		(241,464)
Proceeds from disposal of assets		-		-		20,884		7,753		-		28,637
Purchases of other operating assets		-		-		(14,269)		(1,841)		-		(16,110)
Change in other - net		-		-		35,325		(12,335)		(35,450)		(12,460)
Net cash provided by (used for) investing activities		-		-		(128,928)		(173,294)		62,025		(240,197)
Cash flows from financing activities:
Draws on credit facilities		-		194,000		-		4,670		-		198,670
Payments on credit facilities		-		(105,500)		-		(47,095)		-		(152,595)
Intercompany funding		2,975		605,939		(439,697)		(169,217)		-		-
Proceeds from long-term debt		-		138,795		-		6,844		-		145,639
Payments on long-term debt		-		(383,682)		(4)		(13,211)		27,525		(369,372)
Repurchases of long-term debt		-		-		-		-		(125,000)		(125,000)
Change in other - net		2,614		-		-		(40,650)		35,450		(2,586)
Net cash provided by (used for) financing activities		5,589		449,552		(439,701)		(258,659)		(62,025)		(305,244)
Net increase (decrease) in cash and cash equivalents		-		1		(38,631)		75,562		-		36,932
Cash and cash equivalents at beginning of period		-		-		1,258,993		625,001		-		1,883,994
Cash and cash equivalents at end of period	$	-	$	1	$	1,220,362	$	700,563	$	-	$	1,920,926