iHeartMedia Q2 Total Revs Up 2%, iHM Rises 4%

RADIO ONLINE | Thursday, July 30, 2015

iHeartMedia reported second quarter total revenue was up 2% to $1.7 billion, while iHM revenues grew 4% to $846 million from $806 million in 2014. The company said that key revevenue drivers included gains in its core local and national broadcast advertising revenue, traffic and weather business, syndication business and events. Expenses totaled $1.1 billion, up 3% from the prior year, while OIBDAN increased 3% to $499 million. The company posted a net loss of $47.3 million as compared to $171.7 million in the year-ago period.

"We continue to differentiate ourselves in the marketplace with our unmatched portfolio of products, media platforms, content and personalities -- all built on the power of broadcast radio and out of home -- which give us the most powerful marketing vehicles available today," said Chairman/CEO Bob Pittman. "We are building on the power of sound and social, the power of outdoor and the emerging power of digital to create even stronger marketing solutions for our partners, while providing the most live content and events to the industry's most engaged audiences, wherever they are and on whatever device they want to use. We continue to find creative ways to use iHeartMedia's cross-platform assets to redefine the future of consumer media and entertainment."

"We're pleased with the revenue and OIBDAN growth we achieved this quarter," added President, COO/CFO Rich Bressler. "We continue to invest in our capabilities across both iHeartMedia and outdoor to realize the full value of our multi-platform assets. With no significant debt maturities until 2018, we can continue focusing on growing the top and bottom lines across our business segments."