Ladies and gentlemen, thank you for standing by. Welcome to Clear Channel First Quarter 2014 Earnings. Now I'll turn the conference over to Effie Epstein, Vice President of Investor Relations.

Good morning and thank you for joining our 2014 first quarter earnings call. On the call today are Rich Bressler, President and Chief Financial Officer; and Brian Coleman, Senior Vice President and Treasurer. We'll provide an overview of the first quarter 2014 financial and operating performances of CC Media Holdings, Clear Channel Communications and Clear Channel Outdoor Holdings. For purposes of this call, when we describe the financial and operating performance of CC Media Holdings, that also describes the performance of its subsidiary, Clear Channel Communications. After an introduction and a review of the quarter, we'll open up the line for questions. Before we begin, I’d like to remind everyone that this conference call may include forward-looking statements that involve uncertainties and risks. There can be no assurance that management’s expectations, beliefs or projections will be achieved or that actual results will not differ from expectations. Please see our annual reports on Form 10-K and our quarterly reports on Form 10-Q filed with the Securities and Exchange Commission for a discussion of important factors that could affect our actual results. Pacing data will also be mentioned during the call. For those of you not familiar with pacing data, it reflects revenues booked at a specific date versus the comparable date in the prior period and may or may not reflect the actual revenue growth rate at the end of the period. During today's call, we’ll provide certain performance measures that do not conform to Generally Accepted Accounting Principles. We provided schedules that reconcile these non-GAAP measures with our reported results on a GAAP basis as part of our earnings press releases and the slide presentation, which can be found on the Investors Section of our websites, clearchannel.com and clearchanneloutdoor.com. Please note that our two earnings releases and the slide presentation provide a detailed breakdown of all foreign exchange and noncash compensation expense items, as well as segment revenues and OIBDAN for the quarter. Our discussion today also excludes the effects of movements in foreign exchange. With that, I’ll now turn the call over to Rich Bressler.

Thanks, Effie, and good morning, everybody. Once again as Effie mentioned in the opening remarks, we prepared slides to accompany this call. You can find those on our websites. Before reviewing our financial results, let me highlight several of the initiatives we’ve launched since our last earnings announcement, that should help give you a sense of where we’re taking the Company. Starting with video entertainment, we’re living up to our promise to be everywhere our listeners want to find us. During the quarter, we announced key partnerships with Amazon’s Fire TV, Apple’s Car Play and the Samsung’s Gear 2 smartwatch. And we’re continuing to focus on expanding distribution of the iHeart radio platform to engage with consumers both in and out of the home. On the broadcast radio front, last month Nielsen Audio and Nielsen Catalina Solutions announced that they’ve finally cracked the code and create the first single source ROI measurement tool for radio. The study showed the power of radio and highlighted radio’s ability to deliver sales lift of more than $6, every dollar spend. According to Advertising Age, this is a ROI greater than digital or TV media. In fact Nielsen found that one retail brand delivered a sales lift of more than $23 for each dollar spend on radio advertising. Finally, we have the definitive proof of radio’s value. This is an important development as radio begins to close the gap between its massive consumer scale and engagement and its relative share of advertising spend. Nielsen has now proved beyond a shadow of a doubt what everyone our industry has always known, that radio over delivers by far for our advertising partners and that radio provide unparalleled value of every dollar invested. As you can imagine we’re sharing the details of this Nielsen study with our…

(Operator Instructions) Our first question comes from the line of Marci Ryvicker with Wells Fargo. Please go ahead.

Thanks. I just wanted to dig deeper into the national commentary. And I guess first, can you just tell us what percent of your revenue both in Outdoor and Radio is national?

Hello, Marci. So, if you look at national was about a third of our revenue -- around or about 35% of overall revenue for Outdoor.

Okay. What about for Radio?

We haven't -- we don’t break that out for Radio.

Okay. And then in terms of why there’s been a shift in Outdoor specifically in not Radio, and I am just also curious if it's particular ad categories, they’re having a larger impact in others in particular markets or is it just a broad based shift?

I am not sure. I wouldn’t call it really a broad based shift. And just to -- maybe just take a step back I want to make one comment Outdoor. We continue to be incredibly bullish and are incredibly bullish about the Outdoor business, and I think that’s important context. And really because of the rise of cities, people spend more than third of their time outside of home right now. I think if you look at America well particularly largely 80% of American consumers are out of their home majority of the day. So, it's really important to remember the Outdoor business. When you look at the categories by the way just the overall comment on categories for Outdoor we were strong on, in America strong on travel and transportation, real-estate, some things at government agencies, a little weaker on hotels, motels, beverages and the entertainment business. And really what happened when you look at CCOA, which I assume is what you’re referring to specifically that we just had a couple of national advertisers that we are really doing away with the 12 months contracts as part of the upfront and instead relying a little bit more in specific product launches as I highlighted in my opening remarks and social media guide (indiscernible) throughout the year. And from our standpoint I think that -- and obviously the Olympics, in the Sochi Olympics, which I think I also referred to in my remarks and that also hurt us a little bit in the first quarter. And what we don’t want to do is we don’t want to refer to kind of some short-term tactics like I think some of our competition did. And so from our standpoint where we’re driving the Outdoor business is to really say this is a…

So just, it sounds like it's more of a change in buying patterns versus actual money that’s leaving and going somewhere else. Is that the right way to characterize it?

Yes, look I am not going to characterize it, but I think yes. I think for the most part it's a little bit more in some of the change in buying patterns and we’re in a competitive environment out here for advertising dollars that you know you’re sure, a lot of people have released numbers. I am sure you have seen as much as I have over the last couple of days where there are traditional media companies, new media companies. People releasing numbers today, people releasing numbers this afternoon. But I think at the end you really need to keep your focus. We’re only thinking about focus and the eye on our price series that we have got this great set of assets which is why I went through a couple of minutes upfront about the strength of Outdoor and why we think it's such a great business both in the U.S. and outside the U.S. And then you also have to have management which is why I pointed out under the leadership of Bob, William Eccleshare and myself. Walker, Suzanne Grimes in the U.S. our teams outside the U.S. It is also about management and recognizing shifts and patterns that are out there and making sure that you change your strategies to capture those dollars when the shift in patterns happen, and that’s all you see that’s happening here. And that’s why I pointed out CCI from the credibility standpoint saying okay, we saw that shift in pattern happening outside the U.S. for international and now look at the quarter we just had. I mean international is up over 20% on the bottom line.

Great. Thank you so much.

You are welcome.

We have a question from Avi Steiner with JP Morgan. Please go ahead. Avi Steiner - JP Morgan Chase & Co: Thanks. A couple of more Outdoor before I shift gears here for a second. In the Americas if we stripped out the airport loss and non-renewal and LA, am I right that Outdoor still would have been down and is there a way to kind of frame that somehow for us?

Well, look I am not going to -- and Avi, I know you guys ask maybe every call a little different way, a little different question, but I am not going to breakout any of the pieces, really stick to what I was saying before. Look, LA digital we still have the 77 boards that are down. They were down starting in the second quarter of last year and back to my comment earlier, so we don’t have a clean quarter in the first quarter. I’d like a clean quarter too. We don’t have a clean quarter in the second quarter. And I just want to remind everybody that even in the second quarter even though the boards legally, technically came down April 15 of 2013 but cancellations I think as you’re all well aware take 4 to 5 weeks to come through. So we were able to execute on most of the contracts we had last year that was signed up for digital Outdoor even though the boards came down by leveraging our other assets in the portfolio. So, I think we’re still going to have some tough comps in the second quarter as it's still not clean in terms of year-over-year business. Avi Steiner - JP Morgan Chase & Co: Fair enough. And then on, I thought in the prepared remarks, I heard you talk about this change in buying pattern is coming back long-term and if am misquoting you I apologize, but you might think about that right or did I hear that right, and is that something that you think that normalizes this year or does it take longer for that to happen?

No, I think you’ll see continued improvement and that’s why I purposely in my prepared remarks did not use the word long-term. It's something that Walker and his team and Suzanne they’re all over this. I was with Walkie yesterday, he was in my office, he was on in the middle of a bunch of ad sales meetings, and you’ll start to see improvement in the second quarter, the third quarter, the fourth quarter. I think you’ll continue to see improvement throughout the year. So this is not long-term. This is just like I said I think we had a compliment of events in the first quarter and again, not to be a broken record but I will be a broken record. I pointed out what we had at CCI on international and within a quarter and two quarters look at the results we’re now producing of the great work William and his team did outside the United States. Avi Steiner - JP Morgan Chase & Co: Okay. Turning to Radio, I think you referenced a big buy last year at this time. Was that a onetime event something that comes back, can you frame that or put some magnitude around that? Thank you.

I am sorry, what's the question Avi, I am not … Avi Steiner - JP Morgan Chase & Co: On Radio pacings I thought you had referenced a big telco buy last year at this time?

Yes, I did. My only point there and you all know if I haven't said it a 100 times, I’ll say it a 100 times more how much I hate giving everybody pacing information because it is such a snapshot, in point in time it could change so quickly and you’re catching at a superior time that we had a big buy last year. But yes we did have a big buy last year and all I was referencing is, how it affects things at the day I’m giving you those pacings. But we have, with Tim Castelli and his team and Greg Glenday and Jeff Howard, leading all of our national sales efforts. They’re constantly in the market. We have lots of buys that are going on. I was just referencing this point in time compared to last year. Avi Steiner - JP Morgan Chase & Co: Okay. The press reported -- I don’t know if you’re going to even answer this either, but I am going to try, that you’ve been engaging in some headcount reduction on the Radio side. I don’t know if you can help us think about that in terms of margins going forward. You did talk about I think growth in EBITDA in the Radio business going forward. But anything you can talk about there would be helpful.

I am not going to discuss anything individually on any matters that we do. But if you just really kind of take a step back the one thing and I think Bob and I have been clear on this over the last several months not by our work by our actions we have significantly flattened our senior management organization to reduce overlap. And now that we’re riding our sales organizations to this structure we’re giving more it recourses, we’re giving people more authority, we’re giving people more accountability. We have got just a great term in place. So, that team can now be more productive, they can operate efficiently and they can operate as effectively as possible. And we’re just going to continue with that as a backdrop, we’ll continue to look for ways to be more effective and more efficient as we identify opportunities to improve our business, and look that’s out job. I mean our job is to create value for all of our stakeholders and any time we identify that we can be more effective, more efficient. Anytime we identify that we can get closer to the decision making process and the sum of all those points is to drop more to the bottom line, we expect to do that. And I expect that you’ll see to realize EBITDA benefits from all of our actions in this year as the results go forward.

A question from Jason Kim with Goldman Sachs. Please go ahead.

Great, thank you. Maybe a couple of question to capital structure side. First of all, is there any particular reason why you paid down the $247 million of your ABL facility during the quarter?

Sure Jason, this is Brian. That really was a cash management maneuver. We had the cash we could earn 20 basis points in short-term investments so we could earn 200 basis points so to speak by repaying the ABL. Liquidity is still available; we can re-borrow that at any time. So that’s really cash management move when we think about our liquidity it didn’t change anything because it's available to be drawn if and when needed.

Okay. And then, I mean I guess as I look at the trading levels of your bonds in the bank that virtually every piece of that is at the highs right now, so the market seems to be continuing to be supportive of the company and I know you typically talk about balancing between to taking advantage of market conditions and not taking on more interest expense too soon, as you look at first year maturities and obviously your last major transaction was done just at the end of last year. But has your thoughts evolved at all recently given how well your bonds are trading today, and I am talking about looking at potentially addressing more of your maturities and even ways to saving interest expense on some of your wider spread term loans.

Yes, first let me just say that it has not gone unnoticed the improvement in the trading levels across our capital structure the whole complex. So we are aware of that. I think the best way to answer this question is, if you take a look at our past behavior it's probably a pretty good indication of the company’s future behavior. We have been active in the past. We’ll continue to be active. This is just one of those things like asset sales, I can tell you actually you have something to announce, you can’t really talk about it. You still get the question and then you have to answer it like I am answering it today.

Understood. Thank you.

We have a question from David Miller. Please go ahead. David Miller - Caris & Company: Hi, guys. I just wanted to flush out the Los Angeles situation a little bit more. So, at least my impression was that, those comparisons lapped on April 15th, but you guys are saying that that’s not really true because even though the boards were turned off last year on April 15th there was sort of a residual revenue effect that kind of leaked in to the bottom portion of last years quarter. Can you just flush that out for me a little bit, was it a make good situation or how should I think about that? Should I just assume basically that those comparisons don’t really lap on April 15th, should I just assume that as of July 1, that the comparison laps -- when should that comparison lap in your view? Thanks.

Somewhere between, what I mentioned just I want to go back through that again, because I just want to make sure I was clear, but I wasn’t clear before. So, just as a reminder the boards were turned off April 15th, you’re right on that. In the advertising world, in the advertising community cancellations usually take four to five weeks to come through since you have contracts and you have the ability to repurpose that inventory. And we’re able to do that by leveraging other assets in our portfolio. And I think it's just worth reminding all of us that yes, we did lose 77 digital boards in LA and we would -- we’re on a process, we’re working. I think as I said in my opening remarks with the municipalities in LA very constructively to move forward and to get those back. On the other hand in the same Los Angeles just as a reminder we still have -- we have 2000 traditional bulletins and posters in LA County excluding to say we have another 2800 basis, and in the Greater Los Angeles DMA we have another 3200 basis. So, we have plenty of other places to put this inventory there, and so in terms, I can’t tell you exactly how to model it and when to do it. All I can tell you is April 15th they came down, the contracts had four to five weeks to run a number of the contracts, so it's still not a clean quarter. What I would say is obviously clearly in the third quarter will be a clean quarter, the third quarter this year compared to the third quarter last year. David Miller - Caris & Company: Okay, understood. Thanks so much.

You are welcome.

We have a question from Lance Vitanza with CRT. Please go ahead.

Thanks. It looks like you’re finally seeing a turnaround in France, it seems like it's coming sometime after the economies and so at least starting to improve. And so I am just wondering is that just a normal lag between economic recovery and Outdoor ad spend or is something else going on there, is the market getting less competitive or can you talk a little bit about that?

Happy to talk about it, and thanks for the question on France. The French market -- the market in France is as competitive as it was 12 months ago, so there clearly is no material change to that. I think as we’ve talked about in the last 6 or 7 months, one of our big initiatives at CCI is to allocate capital the highest return on inventory. One of our big initiatives is to identify un-served or bring a tighter focus to markets and go where we think we can capture dollars. I am not going to go into a lot of detail on that for competitive reasons, but with the downturn that was happening last year in France we took a critical look at our footprint. We managed to focus on the highest ROI. For example we do have better offerings in digital malls in France which are performed very well in Q1 and overall France came back this quarter. And by the way just, I think I pointed this out briefly your question was on France, but I’ll also want to point out the U.K. and China were also growth markets for us in the first quarter. So, we feel really good about again the job the team has done in the markets we are in.

If I can just get one more in quickly on the political revenue, could you remind us what the current asset configuration generated in 2Q, ’12 and 2Q, ’13 in terms of political revenues?

Yes, I don’t have that off head. I’ll let Effie get back to you with that. And just as a reminder our political dollars this year are relatively smaller or not even relatively are small in the first quarter. The second quarter, we expect to see the bulk of the political spending come in the third and fourth quarter. And Nathan Daschle and his team and the new political organization we have are just doing an outstanding job for us. Remember Nathan used to run the Democratic Governors Association, came on board towards the end of the last year and he and his team are working with a lot of market presence to make sure we maximize the advertising dollars. So, we feel really good about that.

Thank you.

A question from Tracy Young with Evercore. Please go ahead.

Just focusing on the digital business, it looks like you added 15 boards this quarter, it's a little light versus prior first quarters. Is that just a timing difference compared to where they’re going to be aligned for the rest of the year? And also is there any way for us to give us the same board revenue growth on digital? Thanks.

Okay. So in terms of the digital expansion we did add only 15 boards this year. We're continuing to be incredibly bullish about our digital billboards. We intend to add more digital billboards this quarter than we added last and more as the year goes on. Well quite frankly the extreme weather conditions that I referenced earlier in my opening remarks and slow permitting process has forced us to push those planned installations into the second and third quarter, but I think you’ll see the pace of those pick up.

Okay, thanks. And is there any way to give us just a revenue same board revenue growth figure for digital for first quarter?

No, we don’t break that out. Sorry.

Okay. Thanks.

At this time there are no further questions in queue. Please continue.

Well thank you everybody. Effie, I, Brian and the team we’re here to answer any follow-up questions and hope everybody has a great day.

Ladies and gentlemen this conference will be available for replay after 10:30 AM Eastern Time today through midnight Eastern Time on May 24th. You may access the AT&T executive replay service at any time by dialing 1800-475-6701 and entering the access code 325341. International participants dial 320-365-3844. Those numbers again are 1800-475-6701 and 320-365-3844, access code 325341. That does conclude our conference for today. Thank you for your participation and for using AT&T Executive Teleconference. You may now disconnect.