GUARANTOR SUBSIDIARIES

9 Months Ended

12 Months Ended

Sep. 30, 2014

Dec. 31, 2013

GUARANTOR SUBSIDIARIES

NOTE 10 – GUARANTOR SUBSIDIARIES

The Company and certain of iHeart’s direct and indirect wholly-owned domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guarantee on a joint and several basis certain of iHeart’s outstanding indebtedness. (For purposes of this footnote, “Parent Company” refers to iHeartMedia Capital I, LLC.) 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)	As of September 30, 2014
	Parent   Company		Subsidiary   Issuer		Guarantor  Subsidiaries		Non- Guarantor  Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents	$	-	$	8	$	67,274	$	455,074	$	-	$	522,356
Accounts receivable, net of allowance		-		-		711,713		689,738		-		1,401,451
Intercompany receivables (1)		-		1,933,907		-		157,794		(2,091,701)		-
Prepaid expenses		-		3,879		61,261		140,766		-		205,906
Other current assets		-		24,488		75,870		79,327		(9,879)		169,806
Total Current Assets		-		1,962,282		916,118		1,522,699		(2,101,580)		2,299,519
Structures, net		-		-		-		1,643,527		-		1,643,527
Other property, plant and equipment, net		-		-		793,627		291,587		-		1,085,214
Indefinite-lived intangibles - licenses		-		-		2,426,179		-		-		2,426,179
Indefinite-lived intangibles - permits		-		-		-		1,067,341		-		1,067,341
Other intangibles, net		-		-		825,666		441,421		-		1,267,087
Goodwill		-		-		3,377,417		835,195		-		4,212,612
Intercompany notes receivable		-		962,000		-		-		(962,000)		-
Long-term intercompany receivable		-		-		-		875,975		(875,975)		-
Investment in subsidiaries		(9,756,838)		4,073,687		13,446		-		5,669,705		-
Other assets		-		108,279		56,562		525,637		(385,922)		304,556
Total Assets	$	(9,756,838)	$	7,106,248	$	8,409,015	$	7,203,382	$	1,344,228	$	14,306,035
Accounts payable	$	-	$	-	$	55,917	$	74,386	$	-	$	130,303
Accrued expenses		-		(110,265)		379,978		525,393		-		795,106
Intercompany payable (1)		-		-		2,091,701		-		(2,091,701)		-
Accrued interest		-		163,089		-		3,241		(9,879)		156,451
Deferred income		-		-		85,445		125,823		-		211,268
Other current liabilities		-		-		-		-		-		-
Current portion of long-term debt		-		-		80		3,152		-		3,232
Total Current Liabilities		-		52,824		2,613,121		731,995		(2,101,580)		1,296,360
Long-term debt		-		15,990,390		4,893		4,929,622		(443,358)		20,481,547
Long-term intercompany payable		-		875,975		-		-		(875,975)		-
Intercompany long-term debt		-		-		962,000		-		(962,000)		-
Deferred income taxes		-		(76,841)		1,007,196		649,675		2,087		1,582,117
Other long-term liabilities		-		20,737		194,244		237,241		-		452,222
Total member’s interest (deficit)		(9,756,838)		(9,756,837)		3,627,561		654,849		5,725,054		(9,506,211)
Total Liabilities and Member’s Equity (Deficit)	$	(9,756,838)	$	7,106,248	$	8,409,015	$	7,203,382	$	1,344,228	$	14,306,035

⁽¹⁾  The intercompany payable balance includes approximately $6.7 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)	As of December 31, 2013
	Parent   Company		Subsidiary   Issuer		Guarantor  Subsidiaries		Non- Guarantor  Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents	$	-	$	9	$	182,152	$	525,990	$	-	$	708,151
Accounts receivable, net of allowance		-		-		727,419		713,082		-		1,440,501
Intercompany receivables (1)		-		3,022,719		-		61,825		(3,084,544)		-
Prepaid expenses		-		1,743		56,070		145,672		-		203,485
Other current assets		-		22,184		69,474		341,948		(272,449)		161,157
Total Current Assets		-		3,046,655		1,035,115		1,788,517		(3,356,993)		2,513,294
Structures, net		-		-		-		1,765,510		-		1,765,510
Other property, plant and equipment, net		-		-		815,358		316,762		-		1,132,120
Indefinite-lived intangibles - licenses		-		-		2,416,406		-		-		2,416,406
Indefinite-lived intangibles - permits		-		-		-		1,067,783		-		1,067,783
Other intangibles, net		-		-		970,926		495,620		-		1,466,546
Goodwill		-		-		3,348,299		853,888		-		4,202,187
Intercompany notes receivable		-		962,000		-		-		(962,000)		-
Long-term intercompany receivable		-		-		-		879,108		(879,108)		-
Investment in subsidiaries		(9,053,312)		3,876,744		231,141		-		4,945,427		-
Other assets		-		109,231		51,920		686,900		(314,595)		533,456
Total Assets	$	(9,053,312)	$	7,994,630	$	8,869,165	$	7,854,088	$	(567,269)	$	15,097,302
Accounts payable	$	-	$	-	$	45,289	$	86,081	$	-	$	131,370
Accrued expenses		-		(133,481)		361,977		578,714		-		807,210
Intercompany payable (1)		-		-		3,084,544		-		(3,084,544)		-
Accrued interest		-		219,921		241		3,966		(29,284)		194,844
Deferred income		-		-		65,710		110,750		-		176,460
Current portion of long-term debt		-		437,735		-		15,999		-		453,734
Total Current Liabilities	$	-		524,175		3,557,761		795,510		(3,113,828)		1,763,618
Long-term debt		-		15,798,376		4,000		4,919,377		(691,274)		20,030,479
Long-term intercompany payable		-		879,108		-		-		(879,108)		-
Intercompany long-term debt		-		-		962,000		-		(962,000)		-
Deferred income taxes		-		(175,925)		1,056,586		656,941		218		1,537,820
Other long-term liabilities		-		22,207		189,573		250,240		-		462,020
Total member’s interest (deficit)		(9,053,312)		(9,053,311)		3,099,245		1,232,020		5,078,723		(8,696,635)
Total Liabilities and Member’s Equity (Deficit)	$	(9,053,312)	$	7,994,630	$	8,869,165	$	7,854,088	$	(567,269)	$	15,097,302

⁽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)	Three Months Ended September 30, 2014
	Parent   Company		Subsidiary   Issuer		Guarantor  Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Revenue	$	-	$	-	$	885,035	$	749,713	$	(4,714)	$	1,630,034
Operating expenses:
Direct operating expenses		-		-		244,412		403,429		(1,860)		645,981
Selling, general and administrative expenses		-		-		289,452		143,089		(2,854)		429,687
Corporate expenses		-		2,532		42,122		33,548		-		78,202
Depreciation and amortization		-		-		75,112		100,753		-		175,865
Impairment charges		-		-		35		-		-		35
Other operating income, net		-		-		42,548		4,624		-		47,172
Operating income (loss)		-		(2,532)		276,450		73,518		-		347,436
Interest expense, net		-		357,316		12,871		61,185		1,244		432,616
Gain on marketable securities		-		-		-		-		-		-
Equity in earnings (loss) of nonconsolidated affiliates		(112,851)		155,113		822		4,178		(43,307)		3,955
Loss on extinguishment of debt		-		(4,839)		-		-		(1)		(4,840)
Other income (expense), net		-		(5)		290		3,088		(756)		2,617
Income (loss) before income taxes		(112,851)		(209,579)		264,691		19,599		(45,308)		(83,448)
Income tax benefit (expense)		-		96,728		(111,033)		(10,071)		-		(24,376)
Consolidated net income (loss)		(112,851)		(112,851)		153,658		9,528		(45,308)		(107,824)
Less amount attributable to noncontrolling interest		-		-		(1,455)		8,483		-		7,028
Net income (loss) attributable to the Company	$	(112,851)	$	(112,851)	$	155,113	$	1,045	$	(45,308)	$	(114,852)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		-		-		16,966		(80,029)		-		(63,063)
Unrealized gain on securities and derivatives:
Unrealized holding gain on marketable securities		-		-		-		(1,337)		1,263		(74)
Unrealized holding gain on cash flow derivatives		-		-		-		-		-		-
Reclassification adjustment for realized gains on securities included in net income (loss)		-		-		-		-		-		-
Equity in subsidiary comprehensive income		(54,656)		(54,656)		(78,855)		-		188,167		-
Comprehensive income (loss)		(167,507)		(167,507)		93,224		(80,321)		144,122		(177,989)
Less amount attributable to noncontrolling interest		-		-		(7,233)		(2,511)		-		(9,744)
Comprehensive income (loss) attributable to the Company	$	(167,507)	$	(167,507)	$	100,457	$	(77,810)	$	144,122	$	(168,245)

(In thousands)	Three Months Ended September 30, 2013
	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		-		-		251,928		398,591		(1,776)		648,743
Selling, general and administrative expenses		-		-		279,792		134,964		(3,402)		411,354
Corporate expenses		-		2,609		57,246		29,719		-		89,574
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 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 (loss) on securities and derivatives:
Unrealized holding gain (loss) 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 loss		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)

(In thousands)	Nine Months Ended September 30, 2014
	Parent   Company		Subsidiary   Issuer		Guarantor  Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Revenue	$	-	$	-	$	2,437,625	$	2,180,031	$	(14,920)	$	4,602,736
Operating expenses:
Direct operating expenses		-		-		688,009		1,203,313		(5,624)		1,885,698
Selling, general and administrative expenses		-		-		852,065		423,323		(9,296)		1,266,092
Corporate expenses		-		7,792		127,734		97,578		-		233,104
Depreciation and amortization		-		-		225,888		298,910		-		524,798
Impairment charges		-		-		4,937		-		-		4,937
Other operating income, net		-		-		38,184		7,525		-		45,709
Operating income (loss)		-		(7,792)		577,176		164,432		-		733,816
Interest expense, net		-		1,090,483		38,886		159,678		15,288		1,304,335
Gain on marketable securities		-		-		-		62,895		(62,895)		-
Equity in earnings (loss) of nonconsolidated affiliates		(642,984)		256,622		17,764		(8,863)		368,073		(9,388)
Loss on extinguishment of debt		-		127,703		(181,080)		-		(2,882)		(56,259)
Other income (expense), net		-		(88)		1,090		16,936		(1,623)		16,315
Income (loss) before income taxes		(642,984)		(714,038)		376,064		75,722		285,385		(619,851)
Income tax benefit (expense)		-		71,054		(123,834)		(39,362)		-		(92,142)
Consolidated net income (loss)		(642,984)		(642,984)		252,230		36,360		285,385		(711,993)
Less amount attributable to noncontrolling interest		-		-		(4,392)		18,071		-		13,679
Net income (loss) attributable to the Company	$	(642,984)	$	(642,984)	$	256,622	$	18,289	$	285,385	$	(725,672)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		-		-		6,257		(83,769)		-		(77,512)
Unrealized gain on securities and derivatives:
Unrealized holding gain on marketable securities		-		-		(1)		(2,512)		3,118		605
Unrealized holding gain on cash flow derivatives		-		-		-		-		-		-
Other adjustments to comprehensive income (loss)		-		-		-		-		-		-
Reclassification adjustment for realized gains on securities included in net income (loss)		-		(8,181)		-		11,490		-		3,309
Equity in subsidiary comprehensive loss		(62,030)		(53,849)		(77,010)		-		192,889		-
Comprehensive income (loss)		(705,014)		(705,014)		185,868		(56,502)		481,392		(799,270)
Less amount attributable to noncontrolling interest		-		-		(8,724)		(5,962)		-		(14,686)
Comprehensive income (loss) attributable to the Company	$	(705,014)	$	(705,014)	$	194,592	$	(50,540)	$	481,392	$	(784,584)

(In thousands)	Nine Months Ended September 30, 2013
	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		-		-		695,222		1,188,887		(5,000)		1,879,109
Selling, general and administrative expenses		-		-		819,804		414,442		(8,188)		1,226,058
Corporate expenses		-		8,126		146,141		91,435		-		245,702
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 (loss) on securities and derivatives:
Unrealized holding gain (loss) 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)

(In thousands)	Nine Months Ended September 30, 2014
	Parent   Company		Subsidiary   Issuer		Guarantor  Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)	$	(642,984)	$	(642,984)	$	252,230	$	36,360	$	285,385	$	(711,993)
Reconciling items:
Depreciation and amortization		-		-		225,888		298,910		-		524,798
Impairment charges		-		-		4,937		-		-		4,937
Deferred taxes		-		99,084		(44,703)		(9,515)		-		44,866
Provision for doubtful accounts		-		-		6,659		5,490		-		12,149
Amortization of deferred financing charges and note discounts, net		-		78,315		-		(19,497)		15,288		74,106
Share-based compensation		-		-		2,352		5,712		-		8,064
Loss on disposal of operating assets		-		-		(38,184)		(7,525)		-		(45,709)
Gain (loss) on marketable securities		-		-		-		(62,895)		62,895		-
Equity in (earnings) loss of nonconsolidated affiliates		642,984		(256,622)		(17,764)		8,863		(368,073)		9,388
(Gain) loss on extinguishment of debt		-		(127,703)		181,080		-		2,882		56,259
Other reconciling items, net		-		-		100		(16,391)		-		(16,291)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable		-		-		8,753		(7,242)		-		1,511
Increase in deferred income		-		-		20,980		20,267		-		41,247
Increase (decrease) in accrued expenses		-		23,216		17,856		(30,952)		-		10,120
Increase (decrease) in accounts payable		-		-		10,629		(9,210)		-		1,419
Increase (decrease) in accrued interest		-		(20,928)		(241)		(717)		13,996		(7,890)
Changes in other operating assets and liabilities		-		(3,582)		(7,793)		(13,014)		(11,052)		(35,441)
Net cash provided by (used for) operating activities		-		(851,204)		622,779		198,644		1,321		(28,460)
Cash flows from investing activities:
Purchases of property, plant and equipment		-		-		(59,419)		(135,589)		-		(195,008)
Acquisition of operating assets		-		-		(2,712)		(567)		-		(3,279)
Purchases of investment assets		-		-		(8,437)		(291,121)		291,038		(8,520)
Proceeds from sale of investment securities		-		-		-		609,161		(372,517)		236,644
Proceeds from disposal of assets		-		-		(1,458)		11,825		-		10,367
Investments in subsidiaries		-		-		(125,000)		-		125,000		-
Dividends from subsidiaries		864		-		363,329		-		(364,193)		-
Change in other, net		-		-		(1,071)		(2,532)		-		(3,603)
Net cash provided by (used for) investing activities		864		-		165,232		191,177		(320,672)		36,601
Cash flows from financing activities:
Draws on credit facilities		-		65,000		-		820		-		65,820
Payments on credit facilities		-		(312,000)		-		(3,032)		-		(315,032)
Intercompany funding		-		1,085,584		(902,889)		(182,695)		-		-
Proceeds from long-term debt		-		2,080,450		-		-		(17,975)		2,062,475
Payments on long-term debt		-		(2,042,256)		-		(35)		97,727		(1,944,564)
Investments from Parent		-		-		-		125,000		(125,000)		-
Payments to repurchase noncontrolling interests		-		-		-		-		-		-
Dividends and other payments to noncontrolling interests		-		(864)		-		(397,534)		365,817		(32,581)
Deferred financing charges		-		(24,711)		-		(4)		(1,218)		(25,933)
Change in other, net		(864)		-		-		1,319		-		455
Net cash provided by (used for) financing activities		(864)		851,203		(902,889)		(456,161)		319,351		(189,360)
Effect of exchange rate changes on cash		-		-		-		(4,576)		-		(4,576)
Net decrease in cash and cash equivalents		-		(1)		(114,878)		(70,916)		-		(185,795)
Cash and cash equivalents at beginning of period		-		9		182,152		525,990		-		708,151
Cash and cash equivalents at end of period	$	-	$	8	$	67,274	$	455,074	$	-	$	522,356

(In thousands)	Nine Months Ended September 30, 2013
	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 non consolidated 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 other operating assets		-		-		(1,745)		(842)		-		(2,587)
Proceeds from disposal of assets		-		-		75		355,073		(219,577)		135,571
Proceeds from sale of investment securities		-		-		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

NOTE 16 – GUARANTOR SUBSIDIARIES

The Company and certain of iHeart’s direct and indirect wholly-owned domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guaranteed on a joint and several basis certain of iHeart’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, 2013
	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents	$	-	$	9	$	182,152	$	525,990	$	-	$	708,151
Accounts receivable, net of allowance		-		-		739,658		714,688		-		1,454,346
Intercompany receivables(1)		-		3,022,719		-		61,825		(3,084,544)		-
Prepaid expenses		-		1,743		43,831		144,066		-		189,640
Other current assets		-		22,184		69,474		341,948		(272,449)		161,157
Total Current Assets		-		3,046,655		1,035,115		1,788,517		(3,356,993)		2,513,294
Structures, net		-		-		-		1,765,510		-		1,765,510
Other property, plant and equipment, net		-		-		815,358		316,762		-		1,132,120
Indefinite-lived intangibles - licenses		-		-		2,416,406		-		-		2,416,406
Indefinite-lived intangibles - permits		-		-		-		1,067,783		-		1,067,783
Other intangibles, net		-		-		970,926		495,620		-		1,466,546
Goodwill		-		-		3,348,299		853,888		-		4,202,187
Intercompany notes receivable		-		962,000		-		-		(962,000)		-
Long-term intercompany receivable		-		-		-		879,108		(879,108)		-
Investment in subsidiaries		(9,053,312)		3,876,744		231,141		-		4,945,427		-
Other assets		-		109,231		51,920		686,900		(314,595)		533,456
Total Assets	$	(9,053,312)	$	7,994,630	$	8,869,165	$	7,854,088	$	(567,269)	$	15,097,302
Accounts payable	$	-	$	-	$	45,289	$	86,081	$	-	$	131,370
Accrued expenses		-		(133,481)		361,977		578,714		-		807,210
Intercompany payable(1)		-		-		3,084,544		-		(3,084,544)		-
Accrued interest		-		219,921		241		3,966		(29,284)		194,844
Deferred income		-		-		61,684		110,750		-		172,434
Current portion of long-term debt		-		437,735		-		15,999		-		453,734
Total Current Liabilities		-		524,175		3,553,735		795,510		(3,113,828)		1,759,592
Long-term debt		-		15,798,376		4,000		4,919,377		(691,274)		20,030,479
Long-term intercompany payable		-		879,108		-		-		(879,108)		-
Intercompany long-term debt		-		-		962,000		-		(962,000)		-
Deferred income taxes		-		(175,925)		1,056,586		656,941		218		1,537,820
Other long-term liabilities		-		22,207		193,599		250,240		-		466,046
Total member’s interest (deficit)		(9,053,312)		(9,053,311)		3,099,245		1,232,020		5,078,723		(8,696,635)
Total Liabilities and Member’s Equity	$	(9,053,312)	$	7,994,630	$	8,869,165	$	7,854,088	$	(567,269)	$	15,097,302

⁽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, 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		-		-		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	$	(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.

(In thousands)	Year Ended December 31, 2013
	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Revenue	$	-	$	-	$	3,287,967	$	2,973,493	$	(18,416)	$	6,243,044
Operating expenses:
Direct operating expenses		-		-		946,379		1,604,236		(7,196)		2,543,419
Selling, general and administrative expenses		-		-		1,103,616		557,465		(11,220)		1,649,861
Corporate expenses		-		10,819		188,964		124,399		-		324,182
Depreciation and amortization		-		-		326,185		404,643		-		730,828
Impairment charge		-		-		3,820		13,150		-		16,970
Other operating income, net		-		-		11		22,987		-		22,998
Operating income (loss)		-		(10,819)		719,014		292,587		-		1,000,782
Interest expense, net		-		1,396,249		39,991		171,682		41,529		1,649,451
Gain (loss) on marketable securities		-		-		170,133		(18)		(39,236)		130,879
Equity in earnings (loss) of nonconsolidated affiliates		(501,897)		439,900		(94,224)		(77,410)		155,935		(77,696)
Loss on extinguishment of debt		-		(87,868)		-		-		-		(87,868)
Other income (expense), net		-		(23,551)		25,534		258		(24,221)		(21,980)
Income (loss) before income taxes		(501,897)		(1,078,587)		780,466		43,735		50,949		(705,334)
Income tax benefit (expense)		-		576,690		(421,063)		(33,810)		-		121,817
Consolidated net income (loss)		(501,897)		(501,897)		359,403		9,925		50,949		(583,517)
Less amount attributable to noncontrolling interest		-		-		(768)		24,134		-		23,366
Net income (loss) attributable to the Company		(501,897)		(501,897)		360,171		(14,209)		50,949		(606,883)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		-		-		15,380		(48,381)		-		(33,001)
Unrealized gain on securities and derivatives:
Unrealized holding gain on marketable securities		-		-		15,390		4,441		(3,255)		16,576
Unrealized holding gain on cash flow derivatives		-		48,180		-		-		-		48,180
Other adjustments to comprehensive income (loss)		-		-		-		6,732		-		6,732
Reclassification adjustment for realized gain on securities included in consolidated net income (loss)		-		-		(82,321)		(1,431)		-		(83,752)
Equity in subsidiary comprehensive income (loss)		(39,534)		(87,714)		(36,445)		-		163,693		-
Comprehensive income (loss)		(541,431)		(541,431)		272,175		(52,848)		211,387		(652,148)
Less amount attributable to noncontrolling interest		-		-		(282)		(2,194)		-		(2,476)
Comprehensive income (loss) attributable to the Company	$	(541,431)	$	(541,431)	$	272,457	$	(50,654)	$	211,387	$	(649,672)

(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		-		-		888,651		1,613,571		(7,981)		2,494,241
Selling, general and administrative expenses		-		-		1,085,611		588,829		(8,022)		1,666,418
Corporate expenses		-		10,829		170,705		115,832		-		297,366
Depreciation and amortization		-		-		328,633		400,652		-		729,285
Impairment charges		-		-		-		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 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		(336,674)		492,819		(174,774)		19,464		17,722		18,557
Loss on extinguishment of debt		-		(33,652)		-		(221,071)		-		(254,723)
Other income (expense), net		-		(1)		3,960		5,743		(9,452)		250
Income (loss) before income taxes		(336,674)		(859,367)		616,396		(69,741)		(70,083)		(719,469)
Income tax benefit (expense)		-		522,693		(246,380)		31,966		-		308,279
Consolidated net income (loss)		(336,674)		(336,674)		370,016		(37,775)		(70,083)		(411,190)
Less amount attributable to noncontrolling interest		-		-		(10,613)		23,902		-		13,289
Net income (loss) attributable to the Company		(336,674)		(336,674)		380,629		(61,677)		(70,083)		(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 gain on cash flow derivatives		-		52,112		-		-		-		52,112
Other adjustments to comprehensive income (loss)		2		(2)		-		1,135		-		1,135
Reclassification adjustment for realized loss on securities included in consolidated net income (loss)		-		-		-		2,045		-		2,045
Equity in subsidiary comprehensive income (loss)		107,179		55,069		33,967		-		(196,215)		-
Comprehensive income (loss)		(229,493)		(229,495)		439,873		(26,007)		(260,720)		(305,842)
Less amount attributable to noncontrolling interest		-		-		4,175		1,703		-		5,878
Comprehensive income (loss) attributable to the Company	$	(229,493)	$	(229,495)	$	435,698	$	(27,710)	$	(260,720)	$	(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		-		-		858,191		1,652,860		(6,584)		2,504,467
Selling, general and administrative expenses		-		-		1,052,832		564,740		(13,048)		1,604,524
Corporate expenses		-		10,878		127,501		101,020		-		239,399
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		-		1,361,008		2,370		27,321		75,547		1,466,246
Loss on marketable securities		-		-		-		(4,827)		-		(4,827)
Equity in earnings (loss) of nonconsolidated affiliates		(230,822)		629,915		54,407		26,987		(453,529)		26,958
Loss on extinguishment of debt		-		(5,721)		(1)		-		4,275		(1,447)
Other income (expense), net		-		-		590		(3,759)		-		(3,169)
Income (loss) before income taxes		(230,822)		(747,692)		812,261		297,047		(524,801)		(394,007)
Income tax benefit (expense)		-		516,870		(274,930)		(115,962)		-		125,978
Consolidated net income (loss)		(230,822)		(230,822)		537,331		181,085		(524,801)		(268,029)
Less amount attributable to noncontrolling interest		-		-		13,792		20,273		-		34,065
Net income (loss) attributable to the Company		(230,822)		(230,822)		523,539		160,812		(524,801)		(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 gain on cash flow derivatives		-		33,775		-		-		-		33,775
Other adjustments to comprehensive income (loss)		-		-		-		(1,361)		-		(1,361)
Reclassification adjustment for realized loss on securities included in consolidated net income (loss)		-		-		-		5,148		-		5,148
Equity in subsidiary comprehensive income (loss)		5,518		(28,257)		(38,702)		-		61,441		-
Comprehensive income (loss)		(225,304)		(225,304)		490,714		130,811		(465,320)		(294,403)
Less amount attributable to noncontrolling interest		-		-		(4,594)		8,918		-		4,324
Comprehensive income (loss) attributable to the Company	$	(225,304)	$	(225,304)	$	495,308	$	121,893	$	(465,320)	$	(298,727)

(In thousands)	Year Ended December 31, 2013
	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)	$	(501,897)	$	(501,897)	$	359,403	$	9,925	$	50,949	$	(583,517)
Reconciling items:
Impairment charges		-		-		3,820		13,150		-		16,970
Depreciation and amortization		-		-		326,185		404,643		-		730,828
Deferred taxes		-		(96,806)		3,870		(65,234)		-		(158,170)
Provision for doubtful accounts		-		-		15,052		5,191		-		20,243
Amortization of deferred financing charges and note discounts, net		-		141,886		(3,621)		(55,452)		41,529		124,342
Share-based compensation		-		-		8,990		7,725		-		16,715
Gain on disposal of operating assets		-		-		(11)		(22,987)		-		(22,998)
(Gain) loss on marketable securities		-		-		(170,133)		18		39,236		(130,879)
Equity in (earnings) loss of nonconsolidated affiliates		501,897		(439,900)		94,224		77,410		(155,935)		77,696
Loss on extinguishment of debt		-		87,868		-		-		-		87,868
Other reconciling items, net		-		1		(111)		20,014		-		19,904
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable		-		-		(72,752)		43,147		-		(29,605)
Increase in accrued expenses		-		-		8,072		18,033		-		26,105
Increase (decrease) in accounts payable		-		-		7,853		(10,473)		-		(2,620)
Increase in accrued interest		-		11,714		321		4,087		(108)		16,014
Increase in deferred income		-		-		6,953		555		-		7,508
Changes in other operating assets and liabilities		-		(35,373)		40,257		(8,524)		108		(3,532)
Net cash provided by (used for) operating activities		-		(832,507)		628,372		441,228		(24,221)		212,872
Cash flows from investing activities:
Proceeds from sale of other investments		-		-		75		355,073		(219,577)		135,571
Purchases of businesses		-		-		(97)		-		-		(97)
Purchases of property, plant and equipment		-		-		(118,024)		(206,502)		-		(324,526)
Proceeds from disposal of assets		-		-		39,464		42,134		-		81,598
Purchases of other operating assets		-		-		(11,049)		(10,483)		-		(21,532)
Dividends from subsidiaries		-		329,867		200,785		-		(530,652)		-
Change in other, net		(270)		-		(1,236)		(3,143)		270		(4,379)
Net cash provided by (used for) investing activities		(270)		329,867		109,918		177,079		(749,959)		(133,365)
Cash flows from financing activities:
Draws on credit facilities		-		269,500		-		2,752		-		272,252
Payments on credit facilities		-		(22,500)		-		(4,815)		-		(27,315)
Intercompany funding		-		1,160,225		(805,529)		(378,917)		24,221		-
Proceeds from long-term debt		-		575,000		-		-		-		575,000
Payments on long-term debt		-		(1,461,811)		-		(6,626)		219,577		(1,248,860)
Payments to repurchase noncontrolling interests		-		-		-		(61,143)		-		(61,143)
Dividends and other payments to noncontrolling interests		-		-		-		(91,887)		-		(91,887)
Dividends paid		-		-		(84,377)		(446,275)		530,652		-
Deferred financing charges		-		(18,046)		-		(344)		-		(18,390)
Change in other, net		270		270		-		4,191		(270)		4,461
Net cash provided by (used for) financing activities		270		502,638		(889,906)		(983,064)		774,180		(595,882)
Effect of exchange rate changes on cash		-		-		-		(484)		-		(484)
Net decrease in cash and cash equivalents		-		(2)		(151,616)		(365,241)		-		(516,859)
Cash and cash equivalents at beginning of period		-		11		333,768		891,231		-		1,225,010
Cash and cash equivalents at end of period	$	-	$	9	$	182,152	$	525,990	$	-	$	708,151

(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)	$	(336,674)	$	370,016	$	(37,775)	$	(70,083)	$	(411,190)
Reconciling items:
Impairment charges		-		-		-		37,651		-		37,651
Depreciation and amortization		-		-		328,633		400,652		-		729,285
Deferred taxes		-		(164,449)		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)		78,253		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		336,674		(492,819)		174,774		(19,464)		(17,722)		(18,557)
Loss on extinguishment of debt		-		33,652		-		221,071		-		254,723
Other reconciling items, net		-		-		(7,707)		21,941		-		14,234
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 in accounts payable		-		-		11,312		2,551		-		13,863
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		-		(60,782)		(16,167)		32,406		(869)		(45,412)
Net cash provided by (used for) operating activities		-		(802,791)		931,915		365,460		(9,452)		485,132
Cash flows from investing activities:
Proceeds from sale of other investments		-		-		-		50,149		(50,419)		-
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)
Dividends from subsidiaries		-		1,925,661		1,916,209		-		(3,841,870)		-
Change in other, net		-		-		2,700		(4,857)		693		(1,464)
Net cash provided by (used for) investing activities		-		1,925,661		1,916,209		-		(3,841,870)		-
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		-		914,258		(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)
Payments to repurchase noncontrolling interests		-		-		-		(7,040)		-		(7,040)
Dividends and other payments to noncontrolling interests		-		-		-		(251,665)		-		(251,665)
Dividends paid		-		-		(1,916,207)		(1,935,115)		3,851,622		-
Deferred financing charges		-		(13,629)		-		(69,988)		-		(83,617)
Change in other, net		-		(2,596)		-		6,381		(693)		3,092
Net cash used for financing activities		-		(1,122,860)		(2,813,326)		(59,941)		3,900,778		(95,349)
Effect of exchange rate changes on cash		-		-		-		3,566		-		3,566
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)	$	(230,822)	$	537,331	$	181,085	$	(524,801)	$	(268,029)
Reconciling items:
Impairment charges		-		-		-		7,614		-		7,614
Depreciation and amortization		-		-		327,240		436,066		-		763,306
Deferred taxes		-		(250,572)		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 sale of operating assets		-		-		(4,091)		(8,591)		-		(12,682)
Loss on marketable securities		-		-		-		4,827		-		4,827
Equity in (earnings) loss of nonconsolidated affiliates		230,822		(629,915)		54,407		(26,987)		(453,529)		(26,958)
Loss on extinguishment of debt		-		5,721		1		-		(4,275)		1,447
Other reconciling items, net		-		-		1,083		15,940		-		17,023
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		-		-		(97,655)		(29,587)		-		(127,242)
Increase (decrease) in accounts payable		-		-		(6,419)		12,655		-		6,236
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		-		22,480		(121,109)		9,193		(364)		(89,720)
Net cash provided by (used for) operating activities		-		(843,334)		710,359		507,836		-		374,861
Cash flows from investing activities:
Proceeds from sale of other investments		-		-		(700)		174,616		(167,022)		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 iHeart notes		-		-		-		(55,250)		55,250		-
Dividends from subsidiaries		-		250		-		-		(250)		-
Change in other, net		-		(250)		69		(16,761)		17,324		382
Net cash 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		-		1,494,919		(1,414,366)		(80,553)		-		-
Proceeds from long-term debt		-		1,724,650		1,604		5,012		-		4,917,643
Payments on long-term debt		-		(1,428,051)		(22,155)		(115,115)		167,022		(1,398,299)
Repurchases of long-term debt		-		-		-		-		(55,250)		(55,250)
Payments to repurchase noncontrolling interests		-		-		-		(4,682)		-		(4,682)
Dividends and other payments to noncontrolling interests		-		-		-		(3,571)		-		(3,571)
Dividends paid		-		-		-		(250)		250		-
Deferred financing charges		-		(46,697)		38		-		-		(46,659)
Change in other, net		-		(306)		1,032		1,009		(17,324)		(15,589)
Net cash provided by (used for) financing activities		-		843,334		(1,433,847)		(202,301)		94,698		(698,116)
Effect of exchange rate changes on cash		-		-		-		(903)		-		(903)
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