iHeartMedia Q4 Net Revenue Flat Over 2018, Earnings Down

RADIO ONLINE | Thursday, February 27, 2020

iHeartMedia

iHeartMedia reported 2019 fourth quarter revenue was flat at $1.02 billion as compared the successor company in 2018. Broadcast radio fell 2.7% to $611.7 million from $628.8, while digital revenue increased 33.6% to $112.4 million from $84.1 million. Networks climbed 2.2% to $160 million from $156.6 million. Adjusted EBITDA was down 0.6% to $306.1 million from $308 million. The company posted a decline in net income to $61.3 million from $214.9 million in the year-ago period.

"We are extremely proud of all that iHeart and its employees accomplished in 2019. After emerging from Chapter 11 in May with a healthier capital structure and listing on the Nasdaq in July, we continued to execute on our strategic plans to build our strong operating business and drive shareholder value," said iHeartMedia Chairman/CEO Bob Pittman. "As the number one audio company in the U.S. based on reach, we look forward to expanding our unequaled multi-platform leadership position and leveraging the investments that we have made to modernize our infrastructure and become more efficient, effective and competitive."

"Our financial performance in 2019 was underpinned by the reach and resilience of our traditional business, profitable growth in our other platforms including our digital businesses and proactive improvement of our capital structure," added President, COO & CFO Rich Bressler. "Through our innovation and thought leadership in areas like podcasting and our SmartAudio suite of targeting, analysis and attribution services for advertisers, we are at the forefront of driving the audio revolution. We will continue to work to build long-term shareholder value by maximizing our Free Cash Flow and de-leveraging our balance sheet."