Exhibit 99.1

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. REPORTS

RESULTS FOR 2017 FOURTH QUARTER AND FULL YEAR

————————

San Antonio, TX, April 30, 2018 – Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) today reported financial results for the fourth quarter and year ended December 31, 2017.

“We continue to invest in our global network of innovative products to help brands more effectively connect with broad audiences and target specific customers,” said Bob Pittman, Chairman and Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. “We also continue to expand our digital footprint and programmatic ad-buying offerings, as well as enhance our in-depth data analytics and attribution capabilities, to maximize the reach and value of our out-of-home digital platform.”

Rich Bressler, Chief Financial Officer of Clear Channel Outdoor Holdings, Inc. said: “Consolidated revenue increased in the fourth quarter and was down for the full year. Operating income was down in the fourth quarter and full year. We remain focused on balancing financial discipline with the investments we are making in digital, data, programmatic and attribution to strengthen our business.”

Key Financial Highlights

The Company’s key financial highlights for the fourth quarter of 2017 include:

The Company’s key financial highlights for 2017 include:

1

Key Non-Financial Highlights

The Company’s recent key non-financial highlights include:

Strengthening Americas outdoor and International outdoor digital offerings:

Expanding our reach with new contracts:

Winning leading industry awards:

2

GAAP Measures by Segment

3

Non-GAAP Measures¹ (see preceding table for comparable GAAP measures)

Certain prior period amounts have been reclassified to conform to the 2017 presentation of financial information throughout the press release.

4

Fourth Quarter 2017 Results

Consolidated

Consolidated revenue increased $6.6 million, or 0.9%, during the fourth quarter of 2017 as compared to the fourth quarter of 2016. Consolidated revenue decreased $1.9 million, or 0.3%, after adjusting for a $26.7 million impact from movements in foreign exchange rates and the $18.2 million impact from the sale of certain businesses.

Consolidated direct operating and SG&A expenses increased $24.6 million, or 5.1%, during the fourth quarter of 2017 as compared to the fourth quarter of 2016. Consolidated direct operating and SG&A expenses increased $17.4 million, or 3.7%, in the fourth quarter, after adjusting for a $20.9 million impact from movements in foreign exchange rates and the $13.7 million impact from the sale of certain businesses.

Consolidated operating income decreased 64.3% to $89.6 million, during the fourth quarter of 2017 as compared to the fourth quarter of 2016, primarily due to the net gain of $127.6 million recognized on the sale of our business in Australia in the fourth quarter of 2016.

The Company’s OIBDAN decreased 11.8% to $186.0 million, during the fourth quarter of 2017 as compared to the fourth quarter of 2016. The Company’s OIBDAN decreased 12.3% in the fourth quarter 2017 compared to the same period of 2016, after adjusting for movements in foreign exchange rates and the impact from the sale of certain businesses.

Included in the 2017 fourth quarter operating income and OIBDAN were $2.8 million of direct operating and SG&A expenses and $0.5 million of Corporate expenses associated with the Company’s strategic revenue and efficiency initiatives, a decrease of $2.8 million compared to such expenses in the prior year.

Americas

Americas revenues decreased $11.0 million, or 3.2%, during the fourth quarter of 2017 as compared to the fourth quarter of 2016. Revenues decreased $5.0 million, or 1.5%, after adjusting for a $1.0 million impact from movements in foreign exchange rates and the $7.0 million impact from the sale of our business in Canada. The decrease in revenue is primarily due to the exchange of outdoor markets in the first quarter of 2017.

Direct operating and SG&A expenses decreased $6.2 million, or 3.0%, during the fourth quarter of 2017 as compared to the fourth quarter of 2016. Direct operating and SG&A expenses decreased $0.9 million, or 0.5%, after adjusting for a $0.6 million impact from movements in foreign exchange rates and the $5.9 million impact from the sale of our business in Canada, primarily driven by utility expense savings, resulting from increased LED light installations, and lower employee costs, partially offset by higher site lease expense.

Operating income decreased 12.6% to $83.5 million during the fourth quarter of 2017 as compared to the fourth quarter of 2016. OIBDAN decreased $4.8 million, or 3.4%. OIBDAN decreased $4.1 million, or 2.9%, during the fourth quarter of 2017, after adjusting for a $0.4 million impact from movements in foreign exchange rates and the $1.2 million impact from the sale of our business in Canada. Operating income and OIBDAN in the fourth quarter of 2017 each included $0.7 million in expenses related to investments in strategic revenue and efficiency initiatives compared to $1.2 million in the 2016 period.

5

International

International revenues increased $17.6 million, or 4.7%, during the fourth quarter of 2017 as compared to the fourth quarter of 2016. Revenues increased $3.1 million, or 0.9%, after adjusting for a $25.7 million impact from movements in foreign exchange rates and the $11.2 million impact from the sale of our businesses in Australia and Turkey. The increase is primarily due to growth across several markets including China, Spain, Switzerland and Sweden, primarily from new contracts and digital expansion, partially offset by lower revenue in Belgium and Ireland due to the loss of contracts.

Direct operating and SG&A expenses increased $30.8 million, or 11.2%, during the fourth quarter of 2017 as compared to the fourth quarter of 2016. Direct operating and SG&A expenses increased $18.3 million, or 6.8%, after adjusting for a $20.3 million impact from movements in foreign exchange rates and the $7.8 million impact from the sale of our businesses in Australia and Turkey. Direct operating and SG&A expenses increased primarily due to a $10.2 million expense recorded to correct for accounting errors related to the misappropriation of cash identified at our China subsidiary and higher site lease expense in certain countries experiencing revenue growth.

Operating income decreased 16.0% to $50.4 million during the fourth quarter of 2017 as compared to the fourth quarter of 2016. OIBDAN decreased $13.2 million, or 13.3%. OIBDAN decreased $15.2 million, or 15.7%, during the fourth quarter of 2017, after adjusting for a $5.3 million impact from movements in foreign exchange rates and the $3.4 million impact from the sale of our businesses in Australia and Turkey in 2016. Operating income and OIBDAN in the fourth quarter of 2017 each include $2.1 million in expenses related to investments in strategic revenue and efficiency initiatives compared to $3.8 million in the 2016 period.

Clear Channel International B.V. (“CCIBV”)

CCIBV’s consolidated revenues increased $18.1 million to $321.9 million in the fourth quarter of 2017 compared to the same period in 2016. This decrease includes a $23.3 million impact from movements in foreign exchange rates. Excluding the impact from movements in foreign exchange rates and a $11.2 million decrease resulting from the sale of our Australia and Turkey businesses in 2016, CCIBV revenues increased $6.0 million during the fourth quarter of 2017 as compared to the same period in 2016.

CCIBV’s operating income was $25.1 million in the fourth quarter of 2017 compared to operating income of $167.9 million in the same period in 2016, primarily due to the net gain of $127.6 million recognized on the sale of our business in Australia in the fourth quarter of 2016.

Full Year 2017 Results

Consolidated

Consolidated revenue decreased $97.6 million, or 3.6%, during 2017 as compared to 2016. Consolidated revenue increased $29.5 million, or 1.2%, after adjusting for a $8.6 million impact from movements in foreign exchange rates and the $135.7 million impact of markets and businesses sold in 2016.

Consolidated direct operating and SG&A expenses decreased $25.9 million, or 1.3%, during 2017 as compared to 2016. Consolidated direct operating and SG&A expenses increased $76.1 million, or 4.2%, during 2017 as compared to 2016, after adjusting for a $6.7 million impact of movements in foreign exchange rates and the $108.7 million impact of markets and businesses sold in 2016.

Consolidated operating income decreased 63.5% to $232.4 million, during 2017 as compared to 2016, primarily due to the net gain of $278.3 million on sale of nine non-strategic outdoor markets in the first quarter of 2016 and the net gain of $127.6 million on sale on our Australia business in the fourth quarter of 2016, partially offset by the $56.6 million loss, which includes $32.2 million in cumulative translation adjustments, on the sale of our Turkey business in the second quarter of 2016.

6

The Company’s OIBDAN decreased 15.3% to $545.8 million during 2017 as compared to 2016. After adjusting for the movements in foreign exchange rates and the impact of the sale of markets and businesses, the Company’s OIBDAN decreased 12.1% in 2017 compared to 2016.

Included in the 2017 operating income and OIBDAN were $10.3 million of direct operating and SG&A expenses and $0.9 million of corporate expenses associated with the Company’s strategic revenue and efficiency initiatives, a decrease of $1.8 million compared to such expenses in the prior year.

Americas Outdoor

Americas outdoor revenues decreased $22.1 million, or 1.7%, during 2017 as compared to 2016. Revenues decreased $7.9 million, or 0.6%, after adjusting for a $3.8 million impact from movements in foreign exchange rates and a $17.9 million impact from non-strategic markets sold in the first quarter of 2016. The decrease in revenue is primarily due to the exchange of outdoor markets in the first quarter of 2017.

Direct operating and SG&A expenses decreased $2.1 million, or 0.3%, during 2017 as compared to 2016. Direct operating and SG&A expenses increased $10.6 million, or 1.4%, after adjusting for a $3.0 million impact from movements in foreign exchange rates and the $15.7 million impact from the sale of non-strategic markets during the first quarter 2016. Direct operating and SG&A expenses increased primarily from higher airport and fixed site lease expenses, partially offset by utility expense savings, resulting from increased LED light installations and lower bad debt expense.

Operating income decreased 8.1% to $273.0 million during 2017 as compared to 2016, resulting primarily from the sale of the non-strategic outdoor markets in 2016. OIBDAN decreased $19.9 million, or 4.1%. OIBDAN decreased 3.9% during 2017 as compared to 2016, after adjusting for a $0.8 million impact from movements in foreign exchange rates and the $2.2 million impact from the sale of the non-strategic markets.

International Outdoor

International outdoor revenues decreased $75.5 million, or 5.4%, during 2017 as compared to 2016. Revenues increased $37.4 million, or 2.9%, after adjusting for a $4.9 million impact from movements in foreign exchange rates and the $117.8 million impact from the sale of our businesses in Australia and Turkey in the second and fourth quarters of 2016, respectively. The increase is primarily due to growth across several markets including Spain, the United Kingdom, Switzerland and China, primarily from new contracts and digital expansion.

Direct operating and SG&A expenses decreased $23.7 million, or 2.1%, during 2017 as compared to 2016. Direct operating and SG&A expenses increased $65.5 million, or 6.2%, after adjusting for a $3.7 million impact from movements in foreign exchange rates and the $93.0 million impact from the sale of our businesses in Australia and Turkey in the second and fourth quarters of 2016, respectively. Direct operating and SG&A expenses increased primarily due to higher site lease expense in certain countries experiencing revenue growth and a $9.6 million expense recorded to correct for accounting errors related to the misappropriation of cash identified at our China subsidiary.

Operating income decreased 26.1% to $85.9 million during 2017 as compared to 2016. OIBDAN decreased $51.8 million, or 19.3%. OIBDAN decreased $28.1 million, or 11.5%, during 2017 as compared to 2016, after adjusting for a $1.1 million impact from movements in foreign exchange rates and the $24.8 million impact from the sale of our businesses in Australia and Turkey in the second and fourth quarters of 2016, respectively. Operating income and OIBDAN in 2017 each include $8.2 million in expenses related to investments in strategic revenue and efficiency initiatives compared to $7.3 million in 2016.

Clear Channel International B.V. (“CCIBV”)

CCIBV’s consolidated revenues decreased $86.9 million to $1,081.8 million in 2017 compared to 2016. This decrease includes an $8.2 million impact from movements in foreign exchange rates. Excluding the impact from movements in foreign exchange rates and a $117.8 million decrease resulting from the sale of our Australia and Turkey businesses in 2016, CCIBV revenues increased $22.7 million during 2017 as compared to 2016.

7

CCIBV’s operating loss was $1.0 million in 2017 compared to operating income of $100.7 million in 2016. This decrease includes a $2.6 million impact from movements in foreign exchange rates. The decrease was primarily due to the net gain of $127.6 million on the sale of our business in Australia in the fourth quarter of 2016, partially offset by the $56.6 million loss, which includes $32.2 million in cumulative translation adjustments, on the sale of our business in Turkey in the second quarter of 2016.

Liquidity and Financial Position

As of December 31, 2017, we had $144.1 million of cash on our balance sheet, including $119.0 million of cash held outside the U.S. by our subsidiaries. For the year ended December 31, 2017, cash provided by operating activities was $147.6 million, cash used for investing activities was $175.9 million, cash used for financing activities was $379.5 million, and there was $10.0 million impact from movements in foreign exchange rates on cash. The net decrease in cash from December 31, 2016 was $397.9 million.

On August 14, 2017, Clear Channel International B.V. (“CCIBV”), our indirect subsidiary, issued $150.0 million in aggregate principal amount of 8.75% Senior Notes due 2020 (the “New CCIBV Notes”). The New CCIBV Notes were issued as additional notes under the indenture governing CCIBV’s existing 8.75% Senior Notes due 2020 and were issued at a premium, which resulted in $156.0 million in proceeds. The New CCIBV Notes mature on December 15, 2020 and bear interest at a rate of 8.75% per annum, payable semi-annually in arrears on June 15 and December 15 of each year.

Capital expenditures for the year ended December 31, 2017 were $224.2 million compared to $229.8 million for the same period in 2016.

On February 23, 2017, we paid a special dividend of $282.5 million to our stockholders using a portion of the proceeds from the sales of certain non-strategic U.S. markets and of our Australia business.

On October 5, 2017, we made a demand for repayment of $25.0 million outstanding under the Due from iHeartCommunications Note and simultaneously paid a special cash dividend of $25.0 million. iHeartCommunications received approximately 89.5%, or approximately $22.4 million, of the proceeds of the dividend through its wholly-owned subsidiaries, with the remaining approximately 10.5%, or approximately $2.6 million, of the proceeds of the dividend paid to our public stockholders. On October 31, 2017, we made a demand for repayment of $25.0 million outstanding under the Due from iHeartCommunications Note and simultaneously paid a special cash dividend of $25.0 million. iHeartCommunications received approximately 89.5%, or approximately $22.4 million, of the proceeds of the dividend through its wholly-owned subsidiaries, with the remaining approximately 10.5%, or approximately $2.6 million, of the proceeds of the dividend paid to our public stockholders. On January 24, 2018, we made a demand for repayment of $30.0 million outstanding under the Due from iHeartCommunications Note and simultaneously paid a special cash dividend of $30.0 million. iHeartCommunications received approximately 89.5%, or approximately $26.8 million, of the proceeds of the dividend through its wholly-owned subsidiaries, with the remaining approximately 10.5%, or approximately $3.2 million, of the proceeds of the dividend paid to our public stockholders.

On November 29, 2017, the “Due from iHeartCommunications” note was amended to extend its maturity from December 15, 2017 to May 15, 2019. The note’s interest rate was also amended and increased from 6.5% to 9.3%. Any balance above $1.0 billion continues to accrue interest capped at a rate of 20.0%, while the balance up to $1.0 billion will accrue interest at a rate of 9.3%.

At December 31, 2017, the principal amount outstanding under the Due from iHeartCommunications Note was $1,067.6 million. As a result of the voluntary petition by iHeartMedia, iHeartCommuncations and certain of their subsidiaries for reorganization under Chapter 11 of the United States Bankruptcy Code (the “iHeart Chapter 11 Cases”), CCOH recognized a loss of $855.6 million on the Due from iHeartCommunications Note during the fourth quarter of 2017 to reflect the estimated recoverable amount of the note as of December 31, 2017, based on management’s best estimate of the cash settlement amount. As of December 31, 2017, we had no borrowings under the revolving promissory note to iHeartCommunications.

8

China Investigation

As previously disclosed, several employees of Clear Media Limited, an indirect, non-wholly-owned subsidiary of the Company whose ordinary shares are listed, but are currently suspended from trading on, the Hong Kong Stock Exchange, are subject to an ongoing police investigation in China for misappropriation of funds. Such misappropriation resulted in discrepancies between actual cash balances and cash amounts included in the Company’s accounting records. Included in Selling, general and administrative expenses and Interest expense is $9.6 million and $1.4 million, respectively, recorded in the fourth quarter of 2017 to correct for the accounting errors resulting from the discrepancies. Such corrections are not considered to be material to the current year or prior year financial statements. Clear Media Limited has conducted additional procedures and processes, including a special investigation by forensic accountants and an external law firm appointed by Clear Media Limited’s board of directors and approved by the CCOH’s Audit Committee, into the misappropriation of funds. During the course of the special investigation, it was discovered that three bank accounts were opened in the name of Clear Media Limited entities, which were not authorized, and certain transactions were recorded therein. These matters have been referred to the police in China for investigation.

The Company advised both the United States Securities and Exchange Commission and the United States Department of Justice of the investigation at Clear Media Limited, and the Company intends to cooperate with both agencies in connection with any investigation that may be conducted in this matter.

In 2017, Clear Media Limited accounted for 9.8% of the Company’s net revenue and 9.9% of its consolidated total assets. Based on information known to date, we believe any contingent liabilities arising from potential misconduct that has been or may be identified by the investigations are not material to the consolidated financial statements of the Company.

The investigation could implicate the books and records, internal controls and anti-bribery provisions of the U.S. Foreign Corrupt Practices Act, which statute and regulations provide for potential monetary penalties as well as criminal and civil sanctions. It is possible that monetary penalties and other sanctions could be assessed on the Company in connection with this matter. The nature and amount of any monetary penalty or other sanctions cannot reasonably be estimated at this time.

As of December 31, 2017, management assessed the effectiveness of our internal control over financial reporting based on the criteria for effective internal control over financial reporting established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework). Based on the assessment, we determined that there was a material weakness in internal control over financial reporting with respect to Clear Media Limited. Specifically, falsification of bank statements and other supporting documentation used to complete bank reconciliations, collusion and circumvention of controls enabled an employee of Clear Media Limited to misappropriate $10.2 million over several years and resulted in discrepancies between actual cash balances and cash amounts included in the Company’s accounting records. These discrepancies were identified in January 2018 when the employee surrendered to the police in China and confessed to the misappropriation, and our consolidated financial statements as of and for the year ended December 31, 2017 have been adjusted to accurately reflect the Company’s cash balances. The errors arising from the deficiencies identified at our China business are not material to the consolidated financial statements reported in any interim or annual period, and therefore did not result in a revision to previously filed financial statements. However, the control deficiencies could have resulted in misstatements of the aforementioned accounts and disclosures that could have resulted in a material misstatement or omission to the annual or interim consolidated financial statements that would not have been prevented or detected in a timely manner. Specifically, it was determined that our China business had control deficiencies related to: circumvention of controls and the related control environment through collusion and override of control processes; inadequate segregation of duties; and inadequate controls regarding the safeguarding of authorization mechanisms for bank accounts. We have determined that these control deficiencies constitute a material weakness. Because of this material weakness, management concluded that we did not maintain effective internal control over financial reporting as of December 31, 2017, based on criteria described in the 2013 Framework.

9

Conference Call

The Company will host a conference call to discuss results on May 1, 2018 at 8:00 a.m. Eastern Time. The conference call number is (800) 398-9367 (U.S. callers) and (612) 332-0335 (International callers) and the passcode for both is 448556. A live audio webcast of the conference call will also be available on the investor section of www.iheartmedia.com and www.clearchanneloutdoor.com. After the live conference call, a replay will be available for a period of thirty days. The replay numbers are (800) 475-6701 (U.S. callers) and (320) 365-3844 (International callers) and the passcode for both is 448556. An archive of the webcast will be available beginning 24 hours after the call for a period of thirty days.

TABLE 1 - Financial Highlights of Clear Channel Outdoor Holdings, Inc. and Subsidiaries

For the three months ended December 31, 2017, foreign exchange rate movements increased the Company’s revenues by $26.7 million and increased direct operating expenses by $15.2 million and SG&A expenses by $5.7 million. For the year ended December 31, 2017, foreign exchange rate movements increased the Company’s revenues by $8.6 million and increased direct operating expenses by $4.0 million and SG&A expenses by $2.8 million.

10

TABLE 2 - Selected Balance Sheet Information

Selected balance sheet information for December 31, 2017 and December 31, 2016:

TABLE 3 - Total Debt

At December 31, 2017 and December 31, 2016, Clear Channel Outdoor Holdings had a total net debt of:

On August 14, 2017, Clear Channel International B.V. (“CCIBV”), our indirect subsidiary, issued $150.0 million in aggregate principal amount of 8.75% Senior Notes due 2020 (the “New CCIBV Notes”). The New CCIBV Notes were issued as additional notes under the indenture governing CCIBV’s existing 8.75% Senior Notes due 2020 and were issued at a premium, which resulted in $156.0 million in proceeds. The New CCIBV Notes mature on December 15, 2020 and bear interest at a rate of 8.75% per annum, payable semi-annually in arrears on June 15 and December 15 of each year.

The current portion of long-term debt was $0.6 million and $7.0 million as of December 31, 2017 and December 31, 2016, respectively.

Supplemental Disclosure Regarding Non-GAAP Financial Information

The following tables set forth the Company’s OIBDAN for the three months and years ended December 31, 2017 and 2016. The Company defines OIBDAN as consolidated operating income adjusted to exclude non-cash compensation expenses, included within corporate expenses, as well as the following line items presented in its Statement of Operations: Depreciation and amortization; Impairment charges; and Other operating income (expense), net.

11

The Company uses OIBDAN, among other measures, to evaluate the Company’s operating performance. This measure is among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an important indicator of the Company’s operational strength and performance of its business because it provides a link between operational performance and operating income. It is also a primary measure used by management in evaluating companies as potential acquisition targets.

The Company believes the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by the Company’s management. The Company believes it helps improve investors’ ability to understand the Company’s operating performance and makes it easier to compare the Company’s results with other companies that have different capital structures or tax rates. In addition, the Company believes this measure is also among the primary measures used externally by the Company’s investors, analysts and peers in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in its industry.

Since OIBDAN is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, operating income as an indicator of operating performance and may not be comparable to similarly titled measures employed by other companies. OIBDAN is not necessarily a measure of the Company’s ability to fund its cash needs. As it excludes certain financial information compared with operating income, the most directly comparable GAAP financial measure, users of this financial information should consider the types of events and transactions which are excluded.

The other non-GAAP financial measures presented in the tables below are: (i) revenues, direct operating and SG&A expenses and OIBDAN, each excluding the effects of foreign exchange rates; (ii) revenues, direct operating and SG&A expenses and OIBDAN, each excluding the effects of foreign exchange rates and the results from markets and businesses sold and (iii) corporate expenses, excluding non-cash compensation expenses and the effects of foreign exchange rates.

The Company presents revenues, direct operating and SG&A expenses and OIBDAN, each excluding the effects of foreign exchange rates, because management believes that viewing certain financial results without the impact of fluctuations in foreign currency rates facilitates period to period comparisons of business performance and provides useful information to investors. A significant portion of the Company’s advertising operations are conducted in foreign markets, principally Europe, the U.K. and China, and management reviews the results from its foreign operations on a constant dollar basis. Revenues, direct operating and SG&A expenses and OIBDAN, each excluding the effects of foreign exchange rates, are calculated by converting the current period’s amounts in local currency to U.S. dollars using average foreign exchange rates for the prior period.

In the first quarter of 2016, the Company sold nine non-strategic Americas markets. The Company sold its businesses in Australia and Turkey in the second and fourth quarters of 2016, respectively. In the first quarter of 2017, the Company sold its Indianapolis market. The Company presents revenues, direct operating and SG&A expenses and OIBDAN, each excluding the effects of foreign exchange rates and the results from markets and businesses sold, for the consolidated Company and the Company’s segments, in order to facilitate investors’ understanding of operational trends without the impact of fluctuations in foreign currency rates and without the results from the markets and businesses that were sold, as these results will not be included in the Company’s results in current and future periods.

Corporate expenses, excluding the effects of non-cash compensation expenses is presented as OIBDAN excludes non-cash compensation expenses.

Since these non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the most directly comparable GAAP financial measures as an indicator of operating performance.

As required by the SEC rules, the Company provides reconciliations below to the most directly comparable amounts reported under GAAP, including (i) OIBDAN, excluding effects of foreign exchange rates and OIBDAN for each segment, to consolidated and segment operating income (loss); (ii) revenues, excluding effects of foreign exchange rates, to revenues; (iii)

12

direct operating and SG&A expenses, excluding effects of foreign exchange rates, to direct operating and SG&A expenses; (iv) corporate expenses, excluding non-cash compensation expenses and effects of foreign exchange rates, to corporate expenses; (v) Consolidated and segment revenues, excluding effects of foreign exchange rates and results from markets and businesses sold, to Consolidated and segment revenues; (vi) Consolidated and segment direct operating and SG&A expenses, excluding effects of foreign exchange rates and results from markets and businesses sold, to Consolidated and segment direct operating and SG&A expenses; and (vii) Consolidated and segment OIBDAN, excluding effects of foreign exchange rates and results from markets and businesses sold, to Consolidated and segment operating income.

Reconciliation of OIBDAN, excluding effects of foreign exchange rates and OIBDAN for each segment to, Consolidated and Segment Operating Income (Loss)

13

Reconciliation of Revenues, excluding effects of foreign exchange rates, to Revenues

Reconciliation of Direct operating and SG&A expenses, excluding effects of foreign exchange rates, to Direct operating and SG&A expenses

14

Reconciliation of Corporate expenses, excluding non-cash compensation expenses and effects of foreign exchange rates, to Corporate Expenses

15

Reconciliation of Consolidated and Segment Revenues, excluding effects of foreign exchange rates and results from markets and businesses sold, to Consolidated and Segment Revenues

Reconciliation of Consolidated and Segment Direct operating and SG&A expenses, excluding effects of foreign exchange rates and results from markets and businesses sold, to Consolidated and Segment Direct operating and SG&A expenses

16

Reconciliation of Consolidated and Segment OIBDAN, excluding effects of foreign exchange rates and results from markets and businesses sold to, Consolidated and Segment Operating income