iHM Q2 Consolidated Revs Fall 1.5%, Loss Narrows

RADIO ONLINE | Friday, August 4, 2017

iHeartMedia reported second quarter consolidated revenue decreased 1.5% to $1.06 billion from $1.04 billion in 2016. iHM revenue (radio) grew 7.8% to $563 million from $522 million, while operating income declined 7.2% to $262.5 million from $282.8 million. The company posted a net loss of $174 million as compared to $278 million in the year-ago period.

"We continue to build out our unique digital capabilities as a true multi-platform, 21st-century media company fueled by our unique data, with iHeartMedia's unparalleled U.S. reach and the extensive global footprint of our Outdoor businesses," said Chairman/CEO Bob Pittman. "At our iHeartMedia segment, for example, we are expanding our SmartAudio suite of advertising products to create Smart A/V Audiences, which combines data from both iHeartMedia and Fox Networks Group to transform how our advertising partners reach their target audiences."

COO/CFO Rich Bressler said, "In the second quarter, our consolidated revenues declined, while operating income increased. However, adjusting for the impact of certain businesses we sold in 2016 and foreign exchange, consolidated revenues grew, with increases at our iHeartMedia and International outdoor segments. To date, the iHeartMedia segment has delivered seventeen consecutive quarters of year-over-year revenue growth. We remain committed to balancing financial discipline with investments to grow our businesses while continuing to work on our capital structure."