Ladies and gentlemen, thank you for standing by. Welcome to the Clear Channel First Quarter 2013 Conference Call. At this time all participants are in a listen-only mode. (Operator Instructions) And as a reminder this call is being recorded. I would now like to turn the conference over to Senior Vice President, Investor Relations, Gregory Lundberg. Please go ahead.

Hey, good afternoon every one. Sorry about that beginning. Thank you for joining our 2013 first quarter earnings call. With us today are Tom Casey, Executive Vice President and Chief Financial Officer and Brian Coleman, Senior Vice President and Treasurer. Tom will provide an overview of the first quarter 2013 financial and operating performances of CC Media Holdings, Clear Channel Communications and Clear Channel Outdoor Holdings. For purposes of this call, when we described the financial and operating performance of CC Media Holdings that also describes the performance of its subsidiary, Clear Channel Communications. After Tom’s comments we will open up the lines 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 and projections will resolve or be achieved but the 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 this 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 at the end of the period. The company's revenue pacing information includes an adjustment to prior periods to incorporate all acquisitions and exclude all divestitures in both periods presented for comparative purposes. It also eliminates the effects of movements in foreign exchange rates. During today’s call we will also provide certain performance measures that do not conform to generally accepted accounting principles. We provided a schedule that reconcile these non-GAAP measures with our reported results on a GAAP basis as part of our earnings press releases, which can be found on the Investor sections of our websites. A webcast of this call and the earnings press release issued today can also be found on the investor section of our websites at clearchannel.com and clearchanneloutdoor.com. A replay of this conference call will be available for a period of 30 days. With that, I’ll now turn the call over to Tom Casey.

Thank you, Greg and good afternoon everyone. When you look at our first quarter results and our second quarter pacings, you can see there are strategic revenue and expense initiatives that are really beginning to bear some fruit. Before we get to the financial details of the quarter, I want to highlight the one recent example of the opportunity Clear Channel is leveraging to monetize our multi-platform reach and its the launch of the Justin Timberlake new album, The 20/20 Experience. I am using this as an example, because this shows how we are constantly working with major advertisers to adjust their specific marketing challenges by developing innovative new products, services, content and events that bring new advertising dollars into the company. Two months ago, Clear Channel utilized most of our key assets, radio, online, mobile, outdoor, entertainment, events, contests and talent relationships in an innovative and coordinative partnership with the national retailer, Target to launch Justin Timberlake’s new album. Clear Channel Media and Entertainment ran a first of its kind two minute live road block across 800 stations in essence a virtual press conference, simulcasted across all the stations at the same time that enabled Justin to both introduce his new album and kick off the exclusive iHeartRadio album release party with Justin Timberlake. The party was streamed on iHeartRadio.com and aired on 175 stations nationwide. We rebroadcasted on CW Network and it was attended by fans chosen through our nationwide Clear Channel contest. And Clear Channel Outdoor featured a countdown clock to the party across 399 of its nationwide digital billboards which own their own delivered 65 million impressions. In total, the Clear Channel and Target campaign generated more than 124 million social impressions and more than 600 million unpaid media impressions. This partnership is the perfect example…

The first question comes from the line of Jason Kim with Goldman Sachs. Please go ahead. Jason Kim – Goldman Sachs: Hi good afternoon. Thank you for taking my questions. I will start with the business question first, can you talk about your plans to monetize investing need probably over the past year or so more aggressively and specifically if you can comment on the customer platform and as you continue to see the user base increase a lot like when do you start thinking about on generating the revenues out of the platform?

Well Jason we are very excited about what we are seeing in the growth of (inaudible) as we mentioned, we saw terrific growth for the quarter about 31% and so we are very excited about that and I think that as we see us continue to bring it into the coordinated effort with our businesses, we see opportunities to continue to grow that revenue stream. For example, digital revenue this quarter was up strong again, it continues to be one of the fastest growing areas in the company and we see that as an opportunity for us to continue to grow our revenue and take additional share. So we are quite encouraged with that and I think it’s as we continue to see the growth, we see opportunities to take advantage of the growth in digital space. Jason Kim – Goldman Sachs: And just a clarification question, the pacing up 5% for radio for CC pacing up to the delta is it still the main driver of the different digital mainly the traffic business?

Can you repeat that? Jason Kim – Goldman Sachs: Some of the pacing numbers for the CCME in total which is up 2% but the radio station, journaling the pacing was up 5% that the 5 and 2 Delta is that the difference that will be mainly driven by the traffic business?

Yeah, yeah, sorry. As we talked during the first, back in the year-end earnings, we were definitely seeing challenges in the year-over-year comps, as we talked we had a loss of affiliate out of our traffic business and we are continuing to merge the inventory and the systems and the sales forces together and so we saw a continued improvement in that area for the rest of the quarter. We also talked a little bit about some softness at the start of the year for peer and that is really modulated back and feel good about the business, so the biggest driver really is the traffic business. As you can see in the 2Q pacing, we are continuing to see continued improvement in the underline core business, but also good improvement in the traffic business as well. Jason Kim – Goldman Sachs: Great. And if I can ask just a one question about the capital structure. So clearly, you made a significant progress with your balance sheet and now 2014 from a maturity standpoint is pretty much a non-event. Now the market is very strong right now and recently at our conference, you’ve also alluded to, you’re having some preliminary discussions with LBO bondholders in terms of how to manage the 2016 maturities. So we just want to see evidently if you can share with us on that front whether it’s on the LBO bonds or on the banker side, how you’re thinking about starting to address 2016 debt maturities?

Jason, as we’ve talked and I think we’ve been consistent on the phone over the last few years. We see how robust the market is right now and we continue to be very disciplined and proactive in managing through our debt maturities. You saw us proactively prepaid at 2014. Again, that opens up a lot of opportunities for the company. We have a number of amendments in place from our transactions last year and so we’re well-positioned we think to take advantage of market opportunities when we see them. And I think that posture would continue. I think -- I can’t comment on specific transactions and I think you know that we’ve always been proactive in our management or accounting. Jason Kim – Goldman Sachs: Got it. Just on the clarification part, wanted to have a quick clarification, not just a follow-up question, the bond exchange on the bank debt to the PGM side, I mean is there any reason why the max has to be kept at $5 billion?

Well, it currently it’s $5 million contractually which we’ve used a couple of billion. I think your question maybe is that something we can go out and seek an amendment and do we think it would be difficult to obtain. If we were to go above that level, we wouldn’t need to see an amendment. Further, I don’t think it would be something that is too difficult to obtain, if the trading was to fly because the folks that we note on the amendment would be those that would participate in the exchange. So contractually it is 125 billion, I don’t think that’s a problem as long as there is a mutually beneficial target opportunity. Jason Kim – Goldman Sachs: Understood. Thank you.

All right next we go to the line of Marci Ryvicker with Wells Fargo. Please go ahead. Your line is open. Marci L. Ryvicker – Well Fargo Securities: Thank you. On the Americas said, I think this is the first time we have actually called out traditional bulletins and posters have been relatively strong and I am referring to the Q3 pacing that you provided. I guess are these products healthier and is this a function of higher average, are we finally seeing a turn in traditional billboards?

Yeah, we saw a good strength in 1Q as well and both posters and bulletins and obviously that has being a difficult product over the last couple of years. So I would say that we are seeing some good momentum through the quarter and you can see that in the pacings at 3% and that’s with the pulling out of the 77 board. So the traditional business is very healthy and that’s including both our national and (inaudible) both of those were strong. Marci L. Ryvicker – Well Fargo Securities: Fair. Is it rate or is it occupancy, or is both?

I think we are seeing really both. Clearly occupancy was a big driver in the first quarter, but we are seeing great improvements throughout. Marci L. Ryvicker – Well Fargo Securities: Okay. And then moving to radio, the pacing is obviously very strong. Is that both national and local, are they pacing similarly or is one outpacing the other?

In the second quarter national continues to be very strong, but there were seeing good growth in local as well. With the efforts we’ve been putting on our national business we continue to see very strong adoptions with some of the larger advertisers with their connections business, really reaching out specifically to advertisers, and they have a very good pipeline, and we are encouraged, they continue to see very, very good strong growth we saw good strong growth in the first quarter, as I mentioned in my prepared remarks, and I think 2Q right now would probably a similar profile. Marci L. Ryvicker – Well Fargo Securities: And then my last question; on the strategic investment side, I think I got the numbers right. There was $1 million in the Americas, $6 million in International and another $1 million in radio, so $8 million total for the first quarter?

Yeah, I think there was little bit in corporate as well, so… Marci L. Ryvicker – Well Fargo Securities: Okay.

So it was $9 million in total. Marci L. Ryvicker – Well Fargo Securities: Can you give us a number that you are expecting to spend in 2013?

I can’t. This is something that we have been trying to explain to you that we see opportunities throughout the year to accelerate certain activities. I didn’t mentioned, I think we have $76 million last year. I don’t think we will be at that level this year, but with the activities that are motivating our teams to accelerate activities don’t have a specific number to share with you. Obviously we forecasted it internally, but these are – timing is always an issue when we do these things, but I would expect it as to be lower than the $76 million we had last year. Marci L. Ryvicker – Well Fargo Securities: Great, thank you very much.

All right. And next we go to the line of Avi Steiner with JPMorgan. Please go ahead. Avi Steiner – JPMorgan: Thanks for taking the questions guys. First of, given how strong pacing is, I wanted to focus on the expense side and really how we think about expense growth or declines going forward. It seems to me, and I don’t want to pick on one quarter, but it seems to me of tough comp in the second quarter royalty rate refund, et cetera, so maybe if you can help us in terms of how to think about expenses for the coming quarter and year. And then I’ll come back for a couple, thank you.

Well I think when you think about expense management, I can tell you that we have a incredible focus on that across the globe and I’ll break it down into some pieces. But internationally, obviously we are resizing that business. We are very encouraged with them telling out with a half of 1% growth. We are seeing later and later posting there. And so that is a challenging environment, the team has done a very good job. And then on the same side, they are doing it (inaudible) managing their expenses. Really making sure that all discretionary expenses are curved and resizing that business for the slow down we are seeing in certain economies. So internationally, I would say that the continued focus and again the diversification of that business, we want to continue invest in areas like Latin America and China and Australia areas that are growing. So it’s a bit of a two speed economies that we are dealing with there. And again the team has done a nice job of investing in the high growth areas and really fixed the costs on some of the more challenged ones. In the U.S. what you are seeing in some of the activities in the Outdoor Business of all the expense management work we did last year, we talked quite a bit about how much money we invested last year, $76 million and some of that was in outdoor business in the Americas and again your are starting to see that reflected in their expense management. The team has done a nice job of managing expenses, getting the organization in line and driving efficiencies. And you can see the pull through, the operating leverage that business can result in with some additional top line improvement. And then finally when you look at CCME, this has really been an issue of funding the growth. We are funding significant investments in our national business and in the digital area, and so that is really the view of Bob and John is to – is the final savings across the business in order to fund the highest fastest growth areas in the company. And again, we’re starting to see those benefits come through with our – the accelerated growth we’re seeing in national. Avi Steiner – JPMorgan: Okay. And then if I could take it to the outdoor side, can you talk briefly about the LA billboard dispute, maybe how we should think about that? And I believe you said it’s big [intercon] already but how we think about the potential revenue and EBITDA impact there? And I want to just to be clear that I interpreted what you said right in terms of giving the LA billboard accounts outside of the 82 that none of those other billboards are impacted by the disputes

Right. Well, keep in mind., we always have a big business. We’re in 30 countries with 108 in the U.S. alone, we’ve got over 1,000 digital billboards, 650,000 internationally. So, in the grand stream of things, this is a small piece obviously to impact will for the LA business and one that has obviously been significant for them. But we’re going to continue to work with the city to obtain permits. While we’re disappointed, we are complying with the order. And we are now working closely with the city, and we have a number of actions and options that we’re working on. So it’s little preliminary to this specific, but we’re exploring new digital permits around that the LA area and again we have good foot print there with our traditional building and posters and all the surrounding areas over 3,000 site. So, I do encourage that the business is performing very well 3% pacing growth even with that unfortunate development in LA and the business is doing very good as I mentioned the traditional postures and built ins are quite strong. So, I am not going to provide specific details on the impact of LA. We don’t disclose that level of detail, but I would say the business is healthy despite that and we are working through as fast as we can. Avi Steiner – JPMorgan: Great. And then if you said this earlier, I apologize. But is it fair to think that the delta between your core radio performance, which has been very strong and CCME kind of narrows and becomes the same in the second half keeping all else being equal that when comps get easier on the tasks side?

Well, I think yes we’ve told you. We bought this business and certain affiliates remain until their renewals in exit. So we have – we do have those comp level will improve throughout the year as those, some of the contracts rolled off and we continue to prove our some of the integration activities or finish those. So I think that’s right, I think as the year progresses, we should see that business moderate. Avi Steiner – JPMorgan: Okay. And very last question from me and thank you for taking them. Away from the obvious bank debt exchanges that you can still do, just a question on the LBO and specifically the (inaudible) can you make that payment early or can you escrow the $57 million related 11% notes ahead of – and basically deal with those notes ahead of the August payment. And then there is a kind of related question is there anything preventing you from using any cash sitting in unrestricted sub as part of any liability management exercise and I’m done. Thank you very much.

So I’ll take those in reverse order. We can use cash under it itself pretty liberally. And so it can certainly return it to a restructured subsidiary and user defined liability management activities, you maybe asking something different, we will do something however we restricted self and I probably need a little help understanding what the question is, is that correction. But certainly we can and half move the money out of our unrestricted self to restrictive to the initiatives.

The first question is worldwide (inaudible) can we do something with the payment, presumably this is a situation where notes would exchange. So you know, we would do something, but the ideal thing and to answer that accelerating and are paying in advance. Well, I don’t know, I don’t see iHeart, but we haven’t had legal discussions about how to handle that. So I would softly say yes, without kind of that background and support. Avi Steiner – JPMorgan: Thanks for the questions guys.

All right. Next we go to line of Doug Arthur with Tracy Young Evercore. Please go ahead. Doug Arthur – Evercore Partners: Figure on CapEx for the entire company, it looks like CapEx in the outdoor business was down pretty significantly year-over-year in Q1. So, any guidance you can give out, or kind of what that might look like for the year. And then I mean somebody is really getting beaten round a little bit on this call, but there are a lot of link parts, the cost structure in the Americas and international. And I am just to and obviously you make do some more restructuring as you see that. But I’m trying to get sense of the kind of underlying cost trends in both Americas and international for the balance of the year, thanks?

Okay. On the CapEx, I gave an update that we’re sill probably inline with 350 for the year it’s kind of our target, that will be all in. The big users of capital tend to be Outdoor businesses and from a year ago, I mean they are down slightly a couple of million bucks, but they typically is not a significant cap rate late in the first quarter. So not much of story other than, we continue to invest in the business, we are still thinking that’s about 350 or so. As far as the operating expenses, as I commented earlier, we continue to see opportunities as we drive through higher margins in our international business. I think the difficulty is obviously these markets are challenged in Europe, we have been fortunate to see the offset in some of our developing markets, seeing very strong growth in Latin America and China and Australia. And so it’s hard to pinpoint what that operating expense profile look like other than to say, as we’re seeing slowdown in Europe, we are aggressively going after those expenses. At the same time, we are investing in some of the higher growth areas, so it is a balancing act to try to manage that portfolio and we’ve been fortunate to see the developing markets perform strong enough to offset some of the slowdown, we are seeing in some of our larger markets in Europe.

Okay, great. Thank you.

All right. And next we go to the line of Lance Vitanza with CRT. Please go ahead. Lance W. Vitanza – CRT Capital Group LLC: Thanks guys. A couple of questions; first, it looks from our perspective, like you are doing a very good job on the top line, but I want to talk about margin. EBITDA was lighter than we at least were looking for and I’m wondering, is the business just becoming less profitable as you focus more on new stock spots and streaming and so forth in order to stay ahead of those [cost]?

No, I wouldn’t say so, I think keep in mind that first quarter is always our lowest revenue quarter. And so you always are going to see some margin compression in the first quarter, because we obviously have a big fixed cost base. But we feel very good about our top line growth and I want to see that momentum continue throughout the year. But I would say our expense focus has been pretty intense over the last couple of years. I don’t think we’ve lost that intensity and I would say that our margin expansion has always been a goal. We’ve talked a little bit in the past that we’ve seen some margin compression due to the mix of business in the outdoor business because of the growth in airports. But even that that’s mostly a mix issue, not an expense issue. So I would say we feel pretty good about it, but I would say it’s mostly due to some of the just the shallowness of the first quarter revenue number. Lance W. Vitanza – CRT Capital Group LLC: And then with respect to traffic, is it possible to quantify the impact of the ongoing integration versus cumulous essentially in-sourcing it’s business?

We don’t get into that level of detail. I think it’s just one cumulous of that, there was other affiliates as well that that also were terminated or left. And so again, as part of the acquisition, we also anticipate these things. So it’s not a value issue, but it is a year-over-year comparable issue. And we’re actively managing this. The teams are focused. We understand that the pressure is putting on the top line. But underlying, we like the business and we continue to see opportunities to grow the top line. Lance W. Vitanza – CRT Capital Group LLC: Great. And then the shareholder litigation, could you walk us through the settlement and as much as little detail as you think is necessary?

Well, yeah, I think first of all, we are excited that both companies have come together and kind of the dealing with this issue. We are pleased that the parties had made progress towards it. And I would say that the details specifically we laid out the memorandum of understanding in our 8-K file on April 3. I really encourage you to read through that because there is lot of details and new answers of the memorandum. That obviously has to be approved and by the Delaware Chancery Court, we expect that to happen sometime in the third quarter or so. But I encourage you to pull that down and take a read through of the details. Lance W. Vitanza – CRT Capital Group LLC: We did that and I guess just from my read was that if you look at where your bond are trading, it didn’t look like there is going to be much of an impact to your liquidity, is that the right take away?

Yeah, right now, definitive the memorandum of understanding would indicate that $200 million dividend keep in mind that the net impact to the parent company is only the minority share that which is only about $22 million, given that CCMH owns 89% of CCOH, so pretty nominal liquidity impact for the parent due to the small public shareholders percentage. Lance W. Vitanza – CRT Capital Group LLC: Thanks very much.

All right and next we’ll go to the line of James Dix with Wedbush. Please go ahead, your line is open. James Dix – Wedbush: Thanks a lot. Good afternoon, gentlemen. A couple of things, just in terms of your pacing data for the second quarter, does that pull out the L.A. signs from the 2012 base as well as obviously the second quarter of this year or are those included in the 2012 base?

Yeah, it’s a great question, James. I did not exclude them from last year. If I did, the basis will be even out much stronger. James Dix – Wedbush: Okay.

So just to give you an idea of what we’re seeing, the 3% is comparative with signs in for this year and the signs out for this year. James Dix – Wedbush: Okay. I suppose I could be tricky and ask what roughly about difference, but would it be much a material difference do you think in the phasing number, I mean, or kind of a rounding error?

Well, it’s – look, I think we look at this business as a portfolio and we said it’s significant for the DLA market, but in total that’s on a very large revenue base and it’s not material to the company, and maybe material to a specific phasing number, but then again, that’s not what. We’re trying to give you a sense of where the business is going. James Dix – Wedbush: Okay. Okay. Great. And then, in terms of your growth in the first quarter, was there any material difference in the Americas between, like your top 10 markets and then your smaller markets in terms of the growth maybe you’re seeing?

No, as I mentioned, actually we’re seeing both national and local up pretty strong and so I’m not seeing any differentiation by size of market. James Dix – Wedbush: Okay, great. And then, in international, I mean, when did you start seeing the difference in the phasing, is that something which was kind of deteriorating over the quarter due the weakness in Europe, because it is a little bit lower phasing that the phasing what you gave for the first quarter a quarter ago?

I would say I didn’t mention earlier. I think that what we’re seeing is later and later pacings, later postings rather and so the visibility is challenging. We gave a negative outpacing number back in February at our earnings call, it’s slightly larger this quarter, but again we are just dealing with later and later pacings and postings and so, we have been encouraged with the business being able to manage its way right to the end. I will point out that, all the things we did last year and prior year before that of all the sales force effectiveness work, all the pricing work and yield management work we did, that’s really what’s helping us manage through a very, very difficult environment. So all of the investments that were done in the previous couple of years has got the team focused and is really helping manage through that challenging environment. James Dix – Wedbush: Okay. And just two other quick one hopefully. The outlook for the – the current balance of the due from Clear Channel Communications alone was 7.6 as of quarter and then pro forma for the settlement is just $200 million less.

Yeah, that’s right. So the settlement goes according the MOU that would be a $200 million demand. So it will reduce by $200 million and then there will be a contemporaneous $200 million dividend which would not have any impact on the inter company note. James Dix – Wedbush: Okay. And then is the outlook for the growth of that note, just how fits into the overall relationship between the parent and clear channel outdoor, really any different after the settlement is closed before or should we be thinking about it, fairly similarly.

Well, I think it’s pretty similarly. Our excess cash flow would continue to be slow. James Dix – Wedbush: Okay. And then last thing, just on – do you have updated thoughts on the potential for weak conversion now that at least CBS has stated it’s made a filing with the IRS regarding getting a ruling on a potential conversion for its Americas business?

Yeah, as I’ve said on some of the other calls and some of the conferences, we will continue evaluating the conversion. We don’t see any immediately given our tax position, but it’s something that we are looking at. Obviously, we have a different capital structure than they have a different objective with this spin-off of their business. So I think it’s something we’ll continue to evaluate and as the letters come in and we get better clarity, we’ll give you some additional insight as we go, but right now we don’t feel disadvantage given that we are not paying a taxpayer given our NOL position. And so we have the ability to wait and see how this all plays out. James Dix – Wedbush: Okay, great. Thanks very much, guys.

Next, we’ll go to the line of David Miller with Caris. Please go ahead. David Miller – Caris & Company: Well, hey after all that, I think most of my questions have been answered, but I just have one on expenses. It looks like you guys blocked a tag on expenses much better than you usually do when America is down 2%, International down 4%. I know you guys mentioned in your prepared remarks, a lot of that was due to essentially what’s become a tough comparison if you will due to the litigation last year. But are there other factors, I mean if you could just detail it for us if technology, less people, and more efficiencies and if you can just profile the expense decline therapy, that would be great. Thanks very much.

We talked well, I think at year end we try to pull that together and I think it was about $76 million again on restructuring activities. About 50% of that if I recall was in areas of course accelerated productivity on the sale side, so sales force effectiveness or yield management activities and about half of that was in expense takeouts. And if you recall, I’d mentioned that on the expense side, we pay back on that typically comes pretty quick. These are severance related activities or takedown related activities, things that lease re-negotiations, those types of things. And so that’s what you are seeing is, some of that benefit coming through the financials and that’s something that’s why we continue to make those investments, because the pay back is so quick. Similarly, in this quarter, with the – that the $9 million of I will call the strategic initiatives are caused, a good chunk of that again, about half of it again is in that consulting type of expenses to drive those initiatives across more and more countries in CCI, and again those typically have pay backs on the top line, again that’s some of the areas that are helping us manage to do this difficult environment where our sales force are really focused and have the pricing tools. And then about half of it relates to severance, lease re-negotiations, takedowns, those types of things and those again have a pretty quick pay back. So it’s been and we were running about 50-50 and what you are seeing is the benefits those start to come through. David Miller – Caris & Company: Thank you very much.

Okay. And next we go to the line of (inaudible). Please go ahead.

Hi. As someone else said, most questions have been answered, but just one quick administrative one, can you just give us any further insight as to why you now need to file for Clear Channel Capital One. Obviously it hasn’t been a change recently, but I understand in the shareholdings but you now have to file. Is there a reason, or transaction that might be driving that or anything in particular?

No there is no transaction that is driving this. This is just the result of ongoing reduced by the SEC. They requested us to make this adjustment we are, their guarantor of the jet. And so we’re complying with the request and will start to continue. We have and we will continue to disclose those, but really nothing to speak off Clear Channel Capital One guarantees, the credit facility, CCUPGNs and the (inaudible) notes. So basically everything other than the legacy notes. So they just asked us to make that separate filing.

Okay, thank you. Alright and next we go to the line of Davis Hebert with Wells Fargo. Please go ahead. Davis Hebert – Wells Fargo Securities: Hi, thanks for taking these questions. I’ll try and squeeze these in pretty quick here. So, in the context of your radio and media and entertainment pacings where does the network fall whether it’s toward the plus two plus five given I think that you started off a little bit fast?

Yeah I think that specific question. I would say it’s definitely more than on the plus side than on the minus side. So I would say that we will continue to see the recovery of the network business. We really saw that throughout the first quarter. If you remember we acknowledged that, it really was a slow start for the year. And that business is going to perform as it normally would as we’ve seen some better momentum in the market. Davis Hebert – Wells Fargo Securities: Okay. And then touching on M&A broadcast TV has been very active, radio relatively quite, so just wanted to ask, how you feel about your station make out and the M&A environment picks up, would you look to divest anything or maybe acquire something?

Well, we have acquired couple of AM stations last year, WOR in New York and also one up in Boston as well. So we have been acquiring certain tuck-in acquisitions. We have not changed this time to exit any of our stations, clearly there is a competitive advantage for us to have the number of stations we have and being able to deliver local content and local advertisers and leverage our overall scale. So we are not planned at this time in the divest area. Davis Hebert – Wells Fargo Securities: Okay, great. Thanks again for the questions. Appreciate it.

The final question comes from the line of Andrew Finkelstein with Barclays. Please go ahead. Andrew Finkelstein – Barclays Capital Inc: Thanks. A couple of questions; one, maybe you could talk about how the company feels right now about their liquidity position and specifically on thinking about the ability to take on more interest expense., should there be anymore slops of any kind going forward?

Brian, you want to take that again and I will have some thoughts.

Sure. Well, we are obviously focused on liquidity and the ability to continue to generate liquidity in the business. Our balance sheet cash is lowered to some payments during the quarter and then obviously it’s coming of the weakest operating quarter. That being said, we don’t have any significant debt maturities until late I think September 24, it was a higher thing August, but it was a knack that their runway is clear. We look to continue to grow free cash flow. We have availability under our ABL facilities. And continue over time to improve the business free cash flow with additional levers from distributions of excess cash from subsidiaries, working capital initiatives, a lot of activities that we can kind of look to. We’ve cleared the runway, continue to operate the business, feel that we have enough free cash and liquidity to meet all our operating needs moving forward. But it is a balance, we would always take a balanced an sequenced approach to refinancing any near or that could be supported of our liquidity, and I think we’ll continue to do that. Balancing that with refinancing risk and take being opportunistic in attractive markets. So we feel pretty good about our liquidity position, we continue to focus on it, and every capital structure move we make reprises some fairly attractive price, as well we’ve been sequestering and delivered it in the past and we will continue take that vehicle forward. Andrew Finkelstein – Barclays Capital Inc: Thanks, fine. One follow up from an earlier question. How many cash right now is in the unrestricted subs, if it could be used with regards to higher modes?

Well, I don’t feel we separately disclose it, but it’s calculable, and so I can go ahead in March 31, it was right around $100 million. Andrew Finkelstein – Barclays Capital Inc: Okay. Thanks. And then just one small question, the sale of the neon group in international, should we assume that it’s roughly the same amount of revenues and expenses that come out every quarter going forward for modeling purposes.

Yeah, approximately that’s right. And we will be giving you that each quarter to see how the true run rate. Andrew Finkelstein – Barclays Capital Inc: Okay. And then not to be diverse Tom but I think the Westwood One revenues that you are giving us were in the $28 million per quarter, the 3% move in the pacings for the second quarter on the entertainment business is roughly $25 million. So I am hard pressed to think that Westwood One is in sort of whipped out there, is it a larger traffic business that is being impacted, that is doing the dragging down there and why not thinking about the right sort of scale of the stations versus traffic has been a question that we have done a lot over the last quarter?

Yeah. Keep in mind what we did is as we bought the traffic business and integrated with our existing business. And so there has been quite a bit of activity to re-size that business and get the sale forces together, consolidate the inventory and so there has been just a lot of work to position that business properly. So I think yeah, we’re working hard at it and we will continue to make sure you understand how the broadcasters have gone, because that’s really performing quite well as we work through the traffic integration issue. So I feel, we will continue to break that for year until we don’t need to anymore, but that is a drag on the current core broadcast, but one that again we committed again with the strength we are seeing in national, recovery in PRN and digital. And again a lot of excess comp year-over-year where you just don’t have the same affiliate levels. Andrew Finkelstein – Barclays Capital Inc: Okay. But it’s a bigger traffic than just the Westwood One?

Yes, it is. Andrew Finkelstein – Barclays Capital Inc: Okay. All right, thanks guys.

Okay, everyone. Thank you very much, I really appreciate, we appreciate your questions and we look forward to talking to you again.

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