Home Login RADIO ONLINE RSS Facebook
Find Radio Online
AM FM HD

Advertisement

iHeartMedia Q2 Net Revenue Down 47% to $488 Million


iHeartMedia
iHeartMedia

iHeartMedia reported second quarter net revenue fell 47% to $488 million from $635.6 million in 2019, mainly due to the impact of the COVID-19 pandemic. Broadcast revenue declined by 56.5%, while Networks was more resilient declining 38.4%. Digital revenue grew 2.4%, led by continued growth in podcasting, which increased by 102.7% YoY. Operating loss was $159.1 million down from an operating income of $181.6 million. Adjusted EBITDA decreased to a minus $29.3 million from $262.9 million. The company posted a net loss of $197.3 million as compared to a net income of $38.7 million in the year-ago period.

"The challenges that we have faced due to COVID-19 were unprecedented and had a severe, negative impact on our revenue in the second quarter," said Chairman/CEO Bob Pittman. "Despite those financial challenges, we retained our strong relationship with the consumer as the #1 audio company in America and the #1 media company in America by reach. As the advertising marketplace is recovering, we are working hard to ensure that we have the products and services to fully capitalize on the opportunity while proactively taking steps to fortify our balance sheet and our liquidity. Finally, I want to thank our employees for their commitment and creativity under such difficult and challenging circumstances."

"In response to COVID-driven market weakness, we acted rapidly and decisively to further streamline our cost structure and capital-spending programs, while continuing to implement pre-COVID cost savings programs through our modernization initiatives," added President/COO and CFO Rich Bressler. "These actions played an important role in minimizing the negative impact on our free cash flow results against the backdrop of the significant revenue declines we saw in the second quarter. We believe that these actions, in combination with our proactive capital structure management provides the Company with sufficient liquidity to operate effectively even in an extended period of economic weakness."

As of June 30, 2020, iHeartMedia had $517.7 million of cash on its balance sheet. For the six months ended June 30, 2020, cash provided by operating activities from continuing operations was $102.9 million, cash used for investing activities by continuing operations was $50.7 million and cash provided by financing activities by continuing operations was $65.5 million.

On March 13, 2020, iHeartCommunications borrowed $350 million amount under its $450 million senior secured asset-based revolving credit facility (ABL) to preserve financial flexibility in light of the current uncertainty in the global economy resulting from the COVID-19 pandemic. During the three months ended June 30, 2020, iHM repaid $115 million drawn under its ABL credit facility.

On July 16, 2020, iHeartCommunications entered into an amendment to its credit agreement governing the $2.5 billion of senior secured term loans to issue $450 million of incremental term loan commitments, resulting in net proceeds of $425.8 million. A portion of the proceeds was used to repay the remaining balance outstanding on its ABL credit facility of $235 million, with the remaining $190.6 million of the proceeds available for general corporate purposes.

Advertisement

Latest Radio Stories

AWMF Unveils 49th Annual Gracie Awards Winners
Gracies
Gracies
The Alliance for Women in Media Foundation (AWMF) has announced winners of the 49th Annual Gracie Awards. The Gracies celebrate outstanding achievements in media dedicated to women, by women, and about women across diverse platforms in news and More

Study: Core Commercial Radio Fans Weigh in on AI
Jacobs Media
Jacobs Media
The big story in broadcast radio and all of media is the impact of Artificial Intelligence. In the past year, much has been said and written about how radio broadcasters -- from management to talent -- feel about this burgeoning technology. But now More

Listening to Podcasts and Online Audio Hit New Highs
The Infinite Dial
The Infinite Dial
The portion of Americans who listen to any kind of online audio, and the portion who listen to podcasts, have both reached new record highs, according to The Infinite Dial an annual survey from Edison Research with support from Audacy, Cumulus Media More
Advertisement

iHM Announces Partnership Extension with D.C. United
D.C. United
D.C. United
iHeartMedia/Washington, DC inks an extension to its partnership agreement with D.C. United to deliver local radio broadcast for all of the club's 2024 Major League Soccer regular season matches, effective through the end of the 2024 season. As part More

CMN Promotes Robert Blum, Tyler Brewer & Chris Kleiber
Compass Media Networks
Compass Media Networks
Compass Media Networks promotes three-long-standing executives, Robert Blum, Tyler Brewer and Chris Kleiber, who will collectively oversee the content creation, production and distribution of the company's play-by-play sports platform. The More

Matt Pinfield Joins The SoCal Sound for Afternoons
Matt Pinfield
Matt Pinfield
Veteran air talent and television host Matt Pinfield is joining KCSN-FM (88.5 FM The SoCal Sound) in Los Angeles as AAA outlet's new afternoon host from 2-6pm. The music personality fills the spot left open by Andy Chanley, who announced earlier More

Return to Menu

Advertisement

Subscribe to our Newsletter
Radio news and headlines delivered right to your e-mail box -- and it's free.

Quick Snaps
Benztown: Benztown was at Radiodays Europe 2024, which was held in Munich on March 17-19th. Benztown hosted a well-attended party for customers and partners during Radiodays Europe 2024 on Monday, March 18. Pictured is a traditional Volksmusik band performed for Benztown party attendees at Munich's Augustiner-Keller restaurant. In front in black shirt raising a glass is Oliver Klenk, Head of Production & Composition, and to his right, also in black shirt, is Stephan Halfpap, General Manager, Maxmedia, Austria.

Advertisement

Advertisement