Home Login RADIO ONLINE
Advertisement

iHeartMedia Q2 Revs Up 2.4% to $913.3 Million, Earnings Down


iHeartMedia
iHeartMedia

After emerging from Chapter 11 on May 1, 2019 with a streamlined capital structure, iHeartMedia reported second quarter revenue grew 2.4% to $913.3 million from $891 million in 2018. Excluding political revenue, revenue increased 3.9%. Digital revenue grew 32.8% year-over-year, while operating income of $181.6 million climbed 0.2%. Adjusted EBITDA gained 3.2% to $262.9 million. The company posted a net income of $38.7 million as compared to $11.1 million in the year-ago period.

"We successfully emerged from Chapter 11 on May 1, 2019 and are pleased that the restructuring process resulted in a capital structure that matches our successful operating business. We now have an iHeart business that will focus exclusively on increasing our lead as the number one audio company in the U.S. As demonstrated in our results, iHeartMedia's increased revenue and overall positive financial performance reflects the resilience and growth of our businesses and the value of our recent investments, particularly in podcasting and data and analytics," said President/COO and CFO Rich Bressler. "We are focused on building long-term shareholder value through a combination of operational and capital structure initiatives and we are prioritizing de-leveraging in our capital allocation policies."

Chairman/CEO Bob Pittman commented, "There are two segments of the audio sector -- radio, which provides companionship and connection when people want to join the world; and the music collection segment, which people use when they want to tune out and escape the world. As the leader in the radio, or companionship, segment of the audio sector, iHeartMedia uses its unparalleled reach and consumer connection to deliver a compelling experience for our audiences and revenue opportunities across our multiple platforms."

He continued, "As we look ahead, iHeartMedia intends to increase our share of radio advertising spend, participate in TV and digital advertising revenue pools, extend our leadership in podcasting and drive sponsorship revenue."

Advertisement

Latest Radio Stories

U.S. Department of Justice Sides With Global Music Rights
In a victory for songwriters, the U.S. Department of Justice today weighed in on behalf of Global Music Rights (GMR) in its lawsuit against the Radio Music Licensing Committee (RMLC) and urged a federal court to reject RMLC's attempts to More

Ann Marie Mulholland Departs Hubbard Seattle as VP/MM
Ann Marie Mulholland
Ann Marie Mulholland
Ann Marie Mulholland exits Hubbard Radio's 5-station cluster in Seattle as VP/Market Manager after only 14 months in the post. She's a 29-year radio veteran and previously served as the General Manager for CRISTA Media's Christian AC KCMS-FM (Spirit More

WXOS-FM/St. Louis Program Director Chris Neupert Exits
Chris Neupert
Chris Neupert
Hubbard Sports WXOS-FM (101 ESPN)/St. Louis Program Director Chris "Hoss" Neupert exits, reports Barrett Sports Media. Cluster OM and Alternative KPNT-FM (105.7 The Point) PD Tommy Mattern adds WXOS programming duties. Neupert, who joined the More

Advertisement

Podtrac Releases Top 10 Podcasts for November 2019
Podtrac
Podtrac
Podtrac has realeased their Top 10 Podcast Publishers ranking for November 2019. is now available at Podtrac.com. In the report all Top 10 Publishers saw decreases in US Unique Monthly Audience in November compared to October, consistent with a More

Lane Joins Cumulus Media/Birmingham as Traffic Coordinator
Brian Lane
Brian Lane
Brian Lane exits Alabama 810's Classic Country WCKA-AM/Gadsden-Anniston, AL, as Program Director to join Cumulus Media/Birmingham as Traffic Coordinator for its traffic hub there, effective December 9. Prior to WCKA, he served as Operations Manager More

Envision's Ashley & Brad Offer Stations Free Holiday Gift
Ashley & Brad
Ashley & Brad
Envision Networks' "The Ashley & Brad Show" is offering stations 24 free one-minute vignettes that give listeners different trivia facts about holiday traditions. "Holiday Fun Facts" are fully produced and available for any format for broadcast More

Return to Menu