iHeartMedia Second Quarter Revenues, Income Up, Despite Decrease In Radio Revenue

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Q2 Results

iHEARTMEDIA, INC. second quarter 2019 revenue rose 2.4% year-to-year to $913.3 million (up 3.9% excluding political ad revenue), the company reported TODAY (8/15).

The revenue increase was attributed to a 32.8% jump in digital revenue to $91 million (with the acquisition of STUFF MEDIA), despite a 1.4% decrease in broadcast radio revenue to $561 million, blamed mostly on loss of political revenue.

Network revenue (PREMIERE NETWORKS and TOTAL TRAFFIC AND WEATHER NETWORK) increased 6.4% to $156 million, and Audio and Media Services, also affected by loss of political advertising in the off-year, fell 4.7% to $58 million.

Net income increased from a loss of $69.9 million to a gain of $11.3 billion, a result of $9.5 billion due to emerging from Chapter 11 bankruptcy and $1.8 billion due to the sale of CLEAR CHANNEL OUTDOOR, while Adjusted EBITDA rose 3.2% to $263 million.

“iHEARTMEDIA is the #1 audio company in AMERICA and the only true multi-platform audio company able to reach consumers at scale,” said Chairman/CEO BOB PITTMAN. “There are two segments of the audio sector — radio, which provides companionship and connection when people want to join the world; and the music collection segment, which people use when they want to tune out and escape the world. As the leader in the radio, or companionship, segment of the audio sector, iHEARTMEDIA uses its unparalleled reach and consumer connection to deliver a compelling experience for our audiences and revenue opportunities across our multiple platforms. As we look ahead, iHEARTMEDIA intends to increase our share of radio advertising spend, participate in TV and digital advertising revenue pools, extend our leadership in podcasting and drive sponsorship revenue.”

“We successfully emerged from Chapter 11 on MAY 1st, 2019 and are pleased that the restructuring process resulted in a capital structure that matches our successful operating business. We now have an iHEART business that will focus exclusively on increasing our lead as the number one audio company in the U.S. As demonstrated in our results, iHEARTMEDIA’s increased revenue and overall positive financial performance reflects the resilience and growth of our businesses and the value of our recent investments, particularly in podcasting and data and analytics,” said Pres./COO/CFO RICH BRESSLER. “We are focused on building long-term shareholder value through a combination of operational and capital structure initiatives and we are prioritizing de-leveraging in our capital allocation policies.”

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