Guarantor Subsidiaries

3 Months Ended

12 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Guarantor Subsidiaries

NOTE 10 – GUARANTOR SUBSIDIARIES

The Company and certain of iHeartCommunications’ direct and indirect wholly-owned domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guaranteed on a joint and several basis certain of iHeartCommunications’ 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)	March 31, 2015
	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents	$	-	$	7	$	49,621	$	239,386	$	-	$	289,014
Accounts receivable, net of allowance		-		-		611,099		630,976		-		1,242,075
Intercompany receivables(1)		-		1,593,835		-		142,765		(1,736,600)		-
Prepaid expenses		-		3,806		86,216		154,818		-		244,840
Other current assets		-		23,569		61,525		69,965		(13,435)		141,624
Total Current Assets		-		1,621,217		808,461		1,237,910		(1,750,035)		1,917,553
Structures, net		-		-		-		1,567,653		-		1,567,653
Other property, plant and equipment, net		-		-		753,932		264,205		-		1,018,137
Indefinite-lived intangibles - licenses		-		-		2,411,259		-		-		2,411,259
Indefinite-lived intangibles - permits		-		-		-		1,065,810		-		1,065,810
Other intangibles, net		-		-		741,439		400,042		-		1,141,481
Goodwill		-		-		3,366,558		804,074		-		4,170,632
Intercompany notes receivable		-		962,000		-		-		(962,000)		-
Long-term intercompany receivable		-		-		-		886,321		(886,321)		-
Investment in subsidiaries		(10,337,218)		4,125,095		(111,683)		-		6,323,806		-
Other assets		-		104,819		54,783		752,412		(622,606)		289,408
Total Assets	$	(10,337,218)	$	6,813,131	$	8,024,749	$	6,978,427	$	2,102,844	$	13,581,933
Accounts payable	$	-	$	-	$	58,111	$	74,308	$	-	$	132,419
Accrued expenses		-		(61,802)		346,621		433,599		-		718,418
Intercompany payable(1)		-		-		1,736,600		-		(1,736,600)		-
Accrued interest		-		172,122		-		4,274		(13,435)		162,961
Deferred income		-		-		84,921		132,098		-		217,019
Current portion of long-term debt		-		-		144		2,700		-		2,844
Total Current Liabilities		-		110,320		2,226,397		646,979		(1,750,035)		1,233,661
Long-term debt		-		16,165,799		4,989		4,928,335		(615,928)		20,483,195
Long-term intercompany payable		-		886,321		-		-		(886,321)		-
Intercompany long-term debt		-		-		962,000		-		(962,000)		-
Deferred income taxes		-		(32,570)		957,743		642,120		(328)		1,566,965
Other long-term liabilities		-		20,478		201,336		229,981		-		451,795
Total member’s interest (deficit)		(10,337,218)		(10,337,217)		3,672,284		531,012		6,317,456		(10,153,683)
Total Liabilities and Member’s Equity	$	(10,337,218)	$	6,813,131	$	8,024,749	$	6,978,427	$	2,102,844	$	13,581,933

⁽¹⁾  The intercompany payable balance includes approximately $5.8 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, 2014
	Parent   Company		Subsidiary   Issuer		Guarantor  Subsidiaries		Non-Guarantor  Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents	$	-	$	7	$	225,402	$	231,615	$	-	$	457,024
Accounts receivable, net of allowance		-		-		695,356		699,892		-		1,395,248
Intercompany receivables(1)		-		1,875,543		-		138,890		(2,014,433)		-
Prepaid expenses		-		1,671		55,092		134,809		-		191,572
Other current assets		-		24,522		48,490		93,656		(30,369)		136,299
Total Current Assets		-		1,901,743		1,024,340		1,298,862		(2,044,802)		2,180,143
Structures, net		-		-		-		1,614,199		-		1,614,199
Other property, plant and equipment, net		-		-		792,599		292,266		-		1,084,865
Indefinite-lived intangibles - licenses		-		-		2,411,071		-		-		2,411,071
Indefinite-lived intangibles - permits		-		-		-		1,066,748		-		1,066,748
Other intangibles, net		-		-		787,772		418,955		-		1,206,727
Goodwill		-		-		3,366,558		820,866		-		4,187,424
Intercompany notes receivable		-		962,000		-		-		(962,000)		-
Long-term intercompany receivable		-		-		-		947,806		(947,806)		-
Investment in subsidiaries		(9,875,294)		4,236,322		7,269		-		5,631,703		-
Other assets		-		102,020		55,690		731,598		(600,243)		289,065
Total Assets	$	(9,875,294)	$	7,202,085	$	8,445,299	$	7,191,300	$	1,076,852	$	14,040,242
Accounts payable	$	-	$	-	$	56,093	$	76,165	$	-	$	132,258
Accrued expenses		-		(97,506)		348,479		548,502		-		799,475
Intercompany payable(1)		-		-		2,014,433		-		(2,014,433)		-
Accrued interest		-		278,502		-		4,767		(30,369)		252,900
Deferred income		-		-		79,110		96,938		-		176,048
Current portion of long-term debt		-		-		143		3,461		-		3,604
Total Current Liabilities		-		180,996		2,498,258		729,833		(2,044,802)		1,364,285
Long-term debt		-		15,998,144		5,030		4,930,468		(611,228)		20,322,414
Long-term intercompany payable		-		947,806		-		-		(947,806)		-
Intercompany long-term debt		-		-		962,000		-		(962,000)		-
Deferred income taxes		-		(70,053)		988,675		646,919		(1,653)		1,563,888
Other long-term liabilities		-		20,485		199,517		234,861		-		454,863
Total member’s interest (deficit)		(9,875,294)		(9,875,293)		3,791,819		649,219		5,644,341		(9,665,208)
Total Liabilities and Member’s Equity	$	(9,875,294)	$	7,202,085	$	8,445,299	$	7,191,300	$	1,076,852	$	14,040,242

⁽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)	Three Months Ended March 31, 2015
	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Revenue	$	-	$	-	$	727,465	$	621,660	$	(4,561)	$	1,344,564
Operating expenses:
Direct operating expenses		-		-		214,462		365,628		(1,571)		578,519
Selling, general and administrative expenses		-		-		288,874		130,304		(2,990)		416,188
Corporate expenses		-		2,694		45,841		28,753		-		77,288
Depreciation and amortization		-		-		76,041		94,412		-		170,453
Impairment charges		-		-		-		-		-		-
Other operating income, net		-		-		(3,530)		(5,444)		-		(8,974)
Operating income (loss)		-		(2,694)		98,717		(2,881)		-		93,142
Interest expense, net		-		370,114		16,800		54,064		793		441,771
Gain (loss) on marketable securities		-		-		579		-		-		579
Equity in earnings (loss) of nonconsolidated affiliates		(384,173)		(33,483)		(20,873)		522		438,338		331
Gain (loss) on extinguishment of debt		-		(2,201)		-		-		-		(2,201)
Other income (expense), net		-		-		21		19,870		-		19,891
Income (loss) before income taxes		(384,173)		(408,492)		61,644		(36,553)		437,545		(330,029)
Income tax benefit (expense)		-		24,319		(97,360)		16,436		-		(56,605)
Consolidated net income (loss)		(384,173)		(384,173)		(35,716)		(20,117)		437,545		(386,634)
Less amount attributable to noncontrolling interest		-		-		(2,233)		565		-		(1,668)
Net income (loss) attributable to the Company	$	(384,173)	$	(384,173)	$	(33,483)	$	(20,682)	$	437,545	$	(384,966)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		-		-		13,850		(96,009)		-		(82,159)
Unrealized gain on securities and derivatives:
Unrealized holding gain on marketable securities		-		-		-		(1,384)		2,206		822
Unrealized holding gain on cash flow derivatives		-		-		-		-		-		-
Other adjustments to comprehensive income (loss)		-		-		-		(1,154)		-		(1,154)
Reclassification adjustment for realized gain on securities included in consolidated net income (loss)		-		-		-		-		-		-
Equity in subsidiary comprehensive income (loss)		(78,344)		(78,344)		(100,846)		-		257,534		-
Comprehensive income (loss)		(462,517)		(462,517)		(120,479)		(119,229)		697,285		(467,457)
Less amount attributable to noncontrolling interest		-		-		(8,652)		2,299		-		(6,353)
Comprehensive income (loss) attributable to the Company	$	(462,517)	$	(462,517)	$	(111,827)	$	(121,528)	$	697,285	$	(461,104)

(In thousands)	Three Months Ended March 31, 2014
	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Revenue	$	-	$	-	$	705,354	$	642,291	$	(5,097)	$	1,342,548
Operating expenses:
Direct operating expenses		-		-		215,396		384,183		(1,891)		597,688
Selling, general and administrative expenses		-		-		281,311		136,531		(3,206)		414,636
Corporate expenses		-		2,688		39,320		30,697		-		72,705
Depreciation and amortization		-		-		75,779		99,092		-		174,871
Impairment charges		-		-		-		-		-		-
Other operating income, net		-		-		(2,489)		2,654		-		165
Operating income (loss)		-		(2,688)		91,059		(5,558)		-		82,813
Interest expense, net		-		365,228		13,005		43,918		8,963		431,114
Gain (loss) on marketable securities		-		-		-		51,078		(51,078)		-
Equity in earnings (loss) of nonconsolidated affiliates		(362,402)		(309)		(53,019)		(13,237)		415,641		(13,326)
Loss on extinguishment of debt		-		45,330		(48,366)		-		(880)		(3,916)
Other income (expense), net		-		(46)		614		1,840		(867)		1,541
Income (loss) before income taxes		(362,402)		(322,941)		(22,717)		(9,795)		353,853		(364,002)
Income tax benefit (expense)		-		(39,461)		13,707		(42,634)		-		(68,388)
Consolidated net income (loss)		(362,402)		(362,402)		(9,010)		(52,429)		353,853		(432,390)
Less amount attributable to noncontrolling interest		-		-		(8,701)		501		-		(8,200)
Net income (loss) attributable to the Company	$	(362,402)	$	(362,402)	$	(309)	$	(52,930)	$	353,853	$	(424,190)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		-		-		(6,455)		4,238		-		(2,217)
Unrealized gain on securities and derivatives:
Unrealized holding gain on marketable securities		-		-		-		99		985		1,084
Other adjustments to comprehensive income (loss)		-		(8,181)		-		11,490		-		3,309
Equity in subsidiary comprehensive income (loss)		4,154		12,335		10,543		-		(27,032)		-
Comprehensive income (loss)		(358,248)		(358,248)		3,779		(37,103)		327,806		(422,014)
Less amount attributable to noncontrolling interest		-		-		(66)		(2,897)		-		(2,963)
Comprehensive income (loss) attributable to the Company	$	(358,248)	$	(358,248)	$	3,845	$	(34,206)	$	327,806	$	(419,051)

(In thousands)	Three Months Ended March 31, 2015
	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)	$	(384,173)	$	(384,173)	$	(35,716)	$	(20,117)	$	437,545	$	(386,634)
Reconciling items:
Impairment charges		-		-		-		-		-		-
Depreciation and amortization		-		-		76,041		94,412		-		170,453
Deferred taxes		-		37,483		(26,668)		5,405		-		16,220
Provision for doubtful accounts		-		-		3,907		2,541		-		6,448
Amortization of deferred financing charges and note discounts, net		-		13,982		-		827		793		15,602
Share-based compensation		-		-		599		1,925		-		2,524
Gain on disposal of operating assets		-		-		1,907		(1,355)		-		552
(Gain) loss on marketable securities		-		-		(579)		-		-		(579)
Equity in (earnings) loss of nonconsolidated affiliates		384,173		33,483		20,873		(522)		(438,338)		(331)
Loss on extinguishment of debt		-		2,201		-		-		-		2,201
Other reconciling items, net		-		-		65		(20,098)		-		(20,033)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable		-		-		80,343		33,740		-		114,083
Increase (decrease) in accrued expenses		-		35,704		(14,049)		(85,112)		-		(63,457)
Increase (decrease) in accounts payable		-		-		2,018		4,266		-		6,284
Increase (decrease) in accrued interest		-		(85,528)		-		(489)		12,701		(73,316)
Increase (decrease) in deferred income		-		-		8,223		40,400		-		48,623
Changes in other operating assets and liabilities		-		(2,135)		(39,551)		(20,465)		(12,701)		(74,852)
Net cash provided by (used for) operating activities		-		(348,983)		77,413		35,358		-		(236,212)
Cash flows from investing activities:
Proceeds from sale of other investments		-		-		579		-		-		579
Purchases of businesses		-		-		-		-		-		-
Purchases of property, plant and equipment		-		-		(14,604)		(41,851)		-		(56,455)
Proceeds from disposal of assets		-		-		31,665		938		-		32,603
Purchases of other operating assets		-		-		(1,935)		(29)		-		(1,964)
Dividends from subsidiaries		6		-		-		-		(6)		-
Change in other, net		-		-		(5,331)		(20,400)		20,400		(5,331)
Net cash provided by (used for) investing activities		6		-		10,374		(61,342)		20,394		(30,568)
Cash flows from financing activities:
Draws on credit facilities		-		120,000		-		-		-		120,000
Payments on credit facilities		-		-		-		(1,859)		-		(1,859)
Intercompany funding		-		220,222		(263,529)		43,307		-		-
Proceeds from long-term debt		-		950,000		-		-		-		950,000
Payments on long-term debt		-		(931,222)		(39)		(13)		-		(931,274)
Payments to purchase additional noncontrolling interests		-		-		-		-		(20,400)		(20,400)
Dividends and other payments to noncontrolling interests		-		(6)		-		(2,119)		6		(2,119)
Deferred financing charges		-		(10,011)		-		-		-		(10,011)
Change in other, net		(6)		-		-		650		-		644
Net cash provided by (used for) financing activities		(6)		348,983		(263,568)		39,966		(20,394)		104,981
Effect of exchange rate changes on cash		-		-		-		(6,211)		-		(6,211)
Net decrease in cash and cash equivalents		-		-		(175,781)		7,771		-		(168,010)
Cash and cash equivalents at beginning of period		-		7		225,402		231,615		-		457,024
Cash and cash equivalents at end of period	$	-	$	7	$	49,621	$	239,386	$	-	$	289,014

(In thousands)	Three Months Ended March 31, 2014
	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)	$	(362,402)	$	(362,402)	$	(9,010)	$	(52,429)	$	353,853	$	(432,390)
Reconciling items:
Impairment charges		-		-		-		-		-		-
Depreciation and amortization		-		-		75,779		99,092		-		174,871
Deferred taxes		-		60,033		(22,461)		(12,264)		-		25,308
Provision for doubtful accounts		-		-		1,882		1,536		-		3,418
Amortization of deferred financing charges and note discounts, net		-		36,143		-		(13,886)		8,963		31,220
Share-based compensation		-		-		1,026		2,010		-		3,036
Gain on disposal of operating assets		-		-		2,489		(2,654)		-		(165)
(Gain) loss on marketable securities		-		-		-		(51,078)		51,078		-
Equity in (earnings) loss of nonconsolidated affiliates		362,402		309		53,019		13,237		(415,641)		13,326
Loss on extinguishment of debt		-		(45,330)		48,366		-		880		3,916
Other reconciling items, net		-		-		319		(1,896)		-		(1,577)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable		-		-		98,808		50,599		-		149,407
Increase in accrued expenses		-		112,909		(122,159)		(30,474)		-		(39,724)
Increase (decrease) in accounts payable		-		-		(4,886)		12,894		-		8,008
Increase (decrease) in accrued interest		-		(56,600)		46		(1,915)		18,730		(39,739)
Increase in deferred income		-		-		18,118		43,407		-		61,525
Changes in other operating assets and liabilities		-		(1,690)		(22,930)		(9,652)		(17,816)		(52,088)
Net cash provided by (used for) operating activities		-		(256,628)		118,406		46,527		47		(91,648)
Cash flows from investing activities:
Purchases of property, plant and equipment		-		-		(28,764)		(38,644)		-		(67,408)
Purchases of other operating assets		-		-		(437)		67		-		(370)
Proceeds from sale of investment securities		-		-		-		430,701		(209,740)		220,961
Proceeds from disposal of assets		-		-		(997)		2,422		-		1,425
Dividends from subsidiaries		-		-		210,959		-		(210,959)		-
Change in other, net		596		-		(300)		(64,742)		62,492		(1,954)
Net cash provided by (used for) investing activities		596		-		180,461		329,804		(358,207)		152,654
Cash flows from financing activities:
Draws on credit facilities		-		-		-		820		-		820
Payments on credit facilities		-		(247,000)		-		(675)		-		(247,675)
Intercompany funding		-		505,805		(270,510)		(235,295)		-		-
Proceeds from long-term debt		-		-		-		-		209,975		209,975
Payments on long-term debt		-		(1,740)		-		(11)		(62,151)		(63,902)
Payments to purchase additional noncontrolling interests		-		-		-		-		-		-
Dividends and other payments to noncontrolling interests		-		-		-		(214,914)		210,959		(3,955)
Deferred financing charges		-		159		-		(4)		(1,219)		(1,064)
Change in other, net		(596)		(596)		-		413		596		(183)
Net cash provided by (used for) financing activities		(596)		256,628		(270,510)		(449,666)		358,160		(105,984)
Effect of exchange rate changes on cash		-		-		-		(2,431)		-		(2,431)
Net decrease in cash and cash equivalents		-		-		28,357		(75,766)		-		(47,409)
Cash and cash equivalents at beginning of period		-		9		182,152		525,990		-		708,151
Cash and cash equivalents at end of period	$	-	$	9	$	210,509	$	450,224	$	-	$	660,742

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, 2014
	Parent   Company		Subsidiary   Issuer		Guarantor  Subsidiaries		Non-Guarantor  Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents	$	-	$	7	$	225,402	$	231,615	$	-	$	457,024
Accounts receivable, net of allowance		-		-		695,356		699,892		-		1,395,248
Intercompany receivables(1)		-		1,875,543		-		138,890		(2,014,433)		-
Prepaid expenses		-		1,671		55,092		134,809		-		191,572
Other current assets		-		24,522		48,490		93,656		(30,369)		136,299
Total Current Assets		-		1,901,743		1,024,340		1,298,862		(2,044,802)		2,180,143
Structures, net		-		-		-		1,614,199		-		1,614,199
Other property, plant and equipment, net		-		-		792,599		292,266		-		1,084,865
Indefinite-lived intangibles - licenses		-		-		2,411,071		-		-		2,411,071
Indefinite-lived intangibles - permits		-		-		-		1,066,748		-		1,066,748
Other intangibles, net		-		-		787,772		418,955		-		1,206,727
Goodwill		-		-		3,366,558		820,866		-		4,187,424
Intercompany notes receivable		-		962,000		-		-		(962,000)		-
Long-term intercompany receivable		-		-		-		947,806		(947,806)		-
Investment in subsidiaries		(9,875,294)		4,236,322		7,269		-		5,631,703		-
Other assets		-		102,020		55,690		731,598		(600,243)		289,065
Total Assets	$	(9,875,294)	$	7,202,085	$	8,445,299	$	7,191,300	$	1,076,852	$	14,040,242
Accounts payable	$	-	$	-	$	56,093	$	76,165	$	-	$	132,258
Accrued expenses		-		(97,506)		348,479		548,502		-		799,475
Intercompany payable(1)		-		-		2,014,433		-		(2,014,433)		-
Accrued interest		-		278,502		-		4,767		(30,369)		252,900
Deferred income		-		-		79,110		96,938		-		176,048
Current portion of long-term debt		-		-		143		3,461		-		3,604
Total Current Liabilities		-		180,996		2,498,258		729,833		(2,044,802)		1,364,285
Long-term debt		-		15,998,144		5,030		4,930,468		(611,228)		20,322,414
Long-term intercompany payable		-		947,806		-		-		(947,806)		-
Intercompany long-term debt		-		-		962,000		-		(962,000)		-
Deferred income taxes		-		(70,053)		988,675		646,919		(1,653)		1,563,888
Other long-term liabilities		-		20,485		199,517		234,861		-		454,863
Total member’s interest (deficit)		(9,875,294)		(9,875,293)		3,791,819		649,219		5,644,341		(9,665,208)
Total Liabilities and Member’s Equity	$	(9,875,294)	$	7,202,085	$	8,445,299	$	7,191,300	$	1,076,852	$	14,040,242

⁽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)	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	$	(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)	Year Ended December 31, 2014
	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Revenue	$	-	$	-	$	3,348,477	$	2,988,848	$	(18,792)	$	6,318,533
Operating expenses:
Direct operating expenses		-		-		940,428		1,607,507		(6,985)		2,540,950
Selling, general and administrative expenses		-		-		1,130,445		561,985		(11,807)		1,680,623
Corporate expenses		-		10,496		178,941		130,894		-		320,331
Depreciation and amortization		-		-		303,299		407,599		-		710,898
Impairment charges		-		-		20,646		3,530		-		24,176
Other operating income, net		-		-		32,772		7,259		-		40,031
Operating income (loss)		-		(10,496)		807,490		284,592		-		1,081,586
Interest expense, net		-		1,459,461		52,210		214,008		15,917		1,741,596
Gain (loss) on marketable securities		-		-		-		62,895		(62,895)		-
Equity in earnings (loss) of nonconsolidated affiliates		(722,412)		458,156		73,080		(8,889)		190,649		(9,416)
Gain (loss) on extinguishment of debt		-		127,707		(181,078)		-		10,024		(43,347)
Other income (expense), net		-		(90)		(4,397)		16,152		(2,561)		9,104
Income (loss) before income taxes		(722,412)		(884,184)		642,885		140,742		119,300		(703,669)
Income tax benefit (expense)		-		161,772		(179,835)		(40,426)		-		(58,489)
Consolidated net income (loss)		(722,412)		(722,412)		463,050		100,316		119,300		(762,158)
Less amount attributable to noncontrolling interest		-		-		4,894		26,709		-		31,603
Net income (loss) attributable to the Company	$	(722,412)	$	(722,412)	$	458,156	$	73,607	$	119,300	$	(793,761)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		-		-		20,569		(142,447)		-		(121,878)
Unrealized gain on securities and derivatives:
Unrealized holding gain on marketable securities		-		-		3,924		3,447		(7,044)		327
Unrealized holding gain on cash flow derivatives		-		-		-		-		-		-
Other adjustments to comprehensive income (loss)		-		-		-		(11,438)		-		(11,438)
Reclassification adjustment for realized gain on securities included in consolidated net income (loss)		-		(8,181)		-		11,498		-		3,317
Equity in subsidiary comprehensive income (loss)		(101,548)		(93,367)		(140,694)		-		335,609		-
Comprehensive income (loss)		(823,960)		(823,960)		341,955		(65,333)		447,865		(923,433)
Less amount attributable to noncontrolling interest		-		-		(14,653)		(6,427)		-		(21,080)
Comprehensive income (loss) attributable to the Company	$	(823,960)	$	(823,960)	$	356,608	$	(58,906)	$	447,865	$	(902,353)

(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		-		-		967,980		1,604,236		(7,196)		2,565,020
Selling, general and administrative expenses		-		-		1,092,683		557,465		(11,220)		1,638,928
Corporate expenses		-		10,819		178,296		124,399		-		313,514
Depreciation and amortization		-		-		326,185		404,643		-		730,828
Impairment charges		-		-		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		-		-		898,939		1,613,571		(7,981)		2,504,529
Selling, general and administrative expenses		-		-		1,079,482		588,829		(8,022)		1,660,289
Corporate expenses		-		10,829		166,546		115,832		-		293,207
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, 2014
	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)	$	(722,412)	$	(722,412)	$	463,050	$	100,316	$	119,300	$	(762,158)
Reconciling items:
Impairment charges		-		-		20,646		3,530		-		24,176
Depreciation and amortization		-		-		303,299		407,599		-		710,898
Deferred taxes		-		105,872		(53,442)		(18,507)		-		33,923
Provision for doubtful accounts		-		-		6,982		7,185		-		14,167
Amortization of deferred financing charges and note discounts, net		-		92,277		-		(18,493)		15,917		89,701
Share-based compensation		-		-		2,970		7,743		-		10,713
Gain on disposal of operating assets		-		-		(36,711)		(7,801)		-		(44,512)
(Gain) loss on marketable securities		-		-		-		(62,895)		62,895		-
Equity in (earnings) loss of nonconsolidated affiliates		722,412		(458,156)		(73,080)		8,889		(190,649)		9,416
Loss on extinguishment of debt		-		(127,707)		181,078		-		(10,024)		43,347
Other reconciling items, net		-		-		71		(14,396)		-		(14,325)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
(Increase) decrease in accounts receivable		-		-		24,454		(38,352)		-		(13,898)
Increase (decrease) in accrued expenses		-		35,975		(13,923)		8,997		-		31,049
Increase (decrease) in accounts payable		-		-		10,804		(4,400)		-		6,404
Increase (decrease) in accrued interest		-		94,485		(2,998)		811		(3,738)		88,560
Increase (decrease) in deferred income		-		-		16,962		(5,674)		-		11,288
Changes in other operating assets and liabilities		-		(1,374)		20,674		(19,605)		6,672		6,367
Net cash provided by (used for) operating activities		-		(981,040)		870,836		354,947		373		245,116
Cash flows from investing activities:
Proceeds from sale of other investments		-		-		-		609,135		(372,517)		236,618
Purchases of businesses		-		-		502		339		-		841
Purchases of property, plant and equipment		-		-		(86,772)		(231,392)		-		(318,164)
Proceeds from disposal of assets		-		-		(2,588)		12,861		-		10,273
Purchases of other operating assets		-		-		(3,629)		(912)		-		(4,541)
Investments in subsidiaries		-		-		(125,000)		-		125,000		-
Dividends from subsidiaries		993		-		363,326		-		(364,319)		-
Change in other, net		-		-		(10,325)		(500,451)		497,067		(13,709)
Net cash provided by (used for) investing activities		993		-		135,514		(110,420)		(114,769)		(88,682)
Cash flows from financing activities:
Draws on credit facilities		-		65,000		-		3,010		-		68,010
Payments on credit facilities		-		(312,000)		-		(3,682)		-		(315,682)
Intercompany funding		-		1,215,783		(965,843)		(249,940)		-		-
Proceeds from long-term debt		-		2,080,450		-		-		(17,975)		2,062,475
Payments on long-term debt		-		(2,042,255)		2,743		(48)		(59,541)		(2,099,101)
Payments to purchase additional noncontrolling interests		-		-		-		-		(48,750)		(48,750)
Dividends and other payments to noncontrolling interests		-		(993)		-		(405,914)		366,880		(40,027)
Dividends paid		-		-		-		125,000		(125,000)		-
Deferred financing charges		-		(24,947)		-		(4)		(1,218)		(26,169)
Change in other, net		(993)		-		-		2,236		-		1,243
Net cash provided by (used for) financing activities		(993)		981,038		(963,100)		(529,342)		114,396		(398,001)
Effect of exchange rate changes on cash		-		-		-		(9,560)		-		(9,560)
Net decrease in cash and cash equivalents		-		(2)		43,250		(294,375)		-		(251,127)
Cash and cash equivalents at beginning of period		-		9		182,152		525,990		-		708,151
Cash and cash equivalents at end of period	$	-	$	7	$	225,402	$	231,615	$	-	$	457,024

(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 (decrease) 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 purchase additional 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)		78,353		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		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		(50,149)		-
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)
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		1,753,607		(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		-		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 purchase additional 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)		3,851,322		-
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