iHeartMedia Announces New Business Operating Structure
|RADIO ONLINE | Thursday, February 25, 2021|
iHeartMedia has announced a new operating structure under which its Digital Audio Group business, which includes its iHeartRadio digital service as well as its podcasting business, will publicly report its financials separately from its Multiplatform Group business, which includes its broadcast radio assets. Each group will now operate as a separate reportable segment with dedicated management.
As of the fourth quarter, the iHeartMedia Digital Audio Group encompassed almost 20% of the company's consolidated revenue and 23% of its earnings, and in Q4 2020 grew revenue by 53% year-over-year and Adjusted EBITDA by 74% year-over-year. The company expects the Digital Audio Group will continue to grow as an increasing proportion of its business in the future. The company says that separate reporting of these two operating segments will provide "improved visibility into the underlying performances, results and margin profiles of these distinct audio-driven businesses."
iHeart has created a management structure for each business reportable segment. Both segments will continue to report to Bob Pittman, iHeartMedia Chairman and CEO, and Rich Bressler, iHeartMedia President, Chief Operating Officer and Chief Financial Officer.
The iHeartMedia Digital Audio Group
The iHeartMedia Digital Audio Group includes the company's podcasting business as well as the iHeartRadio digital service; the company's digital sites, newsletters, digital services and programs; and its digital advertising technology companies, including Jelli, RadioJar, Unified and Voxnest, and will also include the recently-announced Triton Digital upon completion of the acquisition. The group will be led as a team by Conal Byrne as Chief Executive Officer and Darren Davis as Chief Operating Officer, with Carter Brokaw serving as the President of Digital Revenue and Jessica Jerrick as Executive Vice President of Digital Distribution and Platform Partnerships.
The iHeartMedia Multiplatform Group
The iHeartMedia Multiplatform Group represents almost 75% of iHeartMedia's revenue. It includes the iHeartMedia Markets Group, with its 860+ radio stations in 160 markets; the company's live and virtual events business; and its National Sales organization. Plus, Premiere Networks, which includes the Total Traffic and Weather Network; and BIN: Black Information Network.
The iHeartMedia Multiplatform Group will be led by Greg Ashlock as Chief Executive Officer and Tim Castelli as Chief Revenue Officer. In addition, Julie Talbott joins this group in her role as President, Premiere Networks; Hartley Adkins will become President of the Markets Group; Jeff Howard remains President of National Sales and Tony Coles as President of BIN: Black Information Network.
"These new reportable segments will enable us to strengthen the mission and tighten the focus of both the iHeart Digital Audio Group and the iHeart Multiplatform Group, while accelerating our ability to deliver industry-leading products and services to our listeners and advertising partners across all of our platforms," said Bob Pittman.
He added, "Creating these two business reportable segments will allow us to provide the investment community with increased visibility into the financial results of each segment - enabling them to better appreciate the strong growth and success of our digital businesses, including our industry-leading podcast business, as well as the continued strength of our broadcast radio and marquee events businesses."
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