iHeartMedia Q3 Revenue Up 3% to $948.3M, Radio Stable
|RADIO ONLINE | Thursday, November 7, 2019|
iHeartMedia reported third quarter revenue of $948.3 million, up 3% over 2018 totals. Excluding political revenue, revenue grew 4.9%, driven by growth across all revenue streams as digital revenue rose 33.4%. Operating income declined 24.6% to $140.8 million and adjusted EBITDA of $274.7 million was up 0.3%. The radio giant posted net earnings of $51.16 million for the successor company that emerged from backruptcy in May.
iHM said its traditional radio business, which is comprised of broadcast and networks revenue streams, is "stable and growing." Broadcast revenue declined by (0.6)% on a reported basis and increased 0.4% excluding the impact of political revenue, while networks grew 9.2% year-over-year driven primarily by growth in its Total Traffic & Weather network. Growth was also driven by digital revenue stream, which grew 33.4%. Digital revenue growth was primarily driven by growth in podcasting, as well as other digital revenue.
"During the third quarter, our integrated multi-platform approach to meeting listeners wherever they are continues to drive our strong performance, and we're seeing momentum across all of our businesses - from broadcast radio to digital, social, podcasts and live events," said iHeartMedia Chairman/CEO Bob Pittman. "This quarter, we advanced our offerings of goal-oriented marketing solutions to advertisers, expanding our addressable pool beyond radio. And we continued to strengthen our leadership position in our podcasting business, announcing multiple new partnerships and a slate of exciting new content. Looking ahead, iHeartMedia is well-positioned to continue to grow our leadership position in the audio space."
"When iHeartMedia returned to the public equity markets, we set clear goals to increase our share of radio advertising spend, tap into TV and digital advertising revenue pools, and extend our leadership in podcasting and drive sponsorship revenue," added President/COO and CFO Rich Bressler. "Our results demonstrate significant progress against these goals and we are pleased with the revenue growth we've seen across the board. We continue to work to build long-term shareholder value, and de-leveraging remains a key priority."