Home Login RADIO ONLINE RSS Facebook
Advertisement

iHeartMedia Q3 Revenues Fall 3.6% to $953 Million


iHeartMedia
iHeartMedia

iHeartMedia reported third quarter revenue was down 3.6% to $953 million from $988 million. Excluding Q3 political revenue, Q3 revenue declined 1%. GAAP operating income grew to $69 million from a GAAP operating loss of $211 million, which included a $302 million non-cash impairment charge. Consolidated Adjusted EBITDA fell to $204 million from $252 million. The company posted a net loss of $8.9 million as compared to a net loss of $309.7 million in the year-ago period.

"We're pleased to report that our third quarter results were at the high end of our Adjusted EBITDA and Revenue guidance ranges. Our Digital Audio Group's performance reflects the strong flow-through characteristics of the business and Podcasting continues to be a strong growth engine for the Company; additionally, while the Multiplatform Group does continue to be impacted by advertising industry uncertainty, we've seen sequential gradual quarter to quarter improvement throughout the year and we remain confident that the Multiplatform Group will be an additional growth engine for the company as the advertising marketplace recovers," said Chairman and CEO Bob Pittman.

"We still feel confident -- and see strong indications -- that Q4 will continue the trend of sequential quarterly improvement for both the Digital Audio Group and the Multiplatform Group, and for iHeart on a consolidated basis. While there continues to be lingering uncertainty in the advertising market driven by the current global geopolitical situation, as the advertising ecosystem continues to improve, combined with what is expected to be a record political advertising year in 2024, we believe that we will resume our growth story in terms of revenue and profitability," added President, COO and CFO Rich Bressler.

Advertisement

Latest Radio Stories

Veteran Air Personality Maria Garcia Dies at Age 52
Maria Garcia
Maria Garcia
Veteran personality Maria Garcia, who had aired in Miami, New York and the Long Island area, died on Friday, July 12, at the age of 52. Garcia, a Miami native, began her career in her hometown, holding positions at WINZ-AM, WIOD-AM and WHQT-FM. In More

First Dallas Media Closes on KRMX-FM/Waco for $1.35M
KRMX-FM/Waco
KRMX-FM/Waco
First Dallas Media Inc. has closed on its previously annouinced purchase of 50kW Country KRMX-FM (92.9 Shooter FM) serving the Waco, TX market from M&M Broadcasters of Waco. The purchase price was $1.35 million. The buyer is headed by Ben More

2024 Rising Through Ranks Scholarship Recipients Announced
Radio Advertising Bureau
Radio Advertising Bureau
Scholarship recipients for this year's Rising Through the Ranks program presented by the RAB, BMI, Mentoring and Inspiring Women in Radio, Inc. and Xperi have been selected. As previously announced, this year's program will be hybrid, starting with More
Advertisement

''Sunday Night Slow Jams'' Celebrates 30 Years On-Air
Slow Jams
Slow Jams
Benztown's "Sunday Night Slow Jams" celebrates 30 big years on-air Wednesday. Creator, producer and host R Dub! first aired the show on July 17, 1994 -- when he was just 16 years old -- at a tiny AM station in the middle of the Tucson, AZ desert. More

B-Dub Radio Welcomes Five New Radio Affiliates
B-Dub
B-Dub
B-Dub Radio, through its syndication partner, Skyview Networks, has announced its recent growth across multiple new markets with the addition of five radio affiliates. Through the program's newly expanded network, host Bryan "B-Dub" Washington can More

Carter Media, High Aspirations Partner For Backpack Drive
3rd Annual Debbie Dee Backpack Drive
3rd Annual Debbie Dee Backpack Drive
Carter Media and High Aspirations are hosting the 3rd Annual Debbie Dee Backpack Drive on Friday, July 26 from 6am-6pm at High Aspirations in Kansas City. CM and HA will accept new backpacks to benefit High Aspirations and other local male mentoring More

Return to Menu

Advertisement

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

Advertisement

Advertisement