iHeartMedia(IHRT)

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iHeartMedia(IHRT) - 2025 Q1 - Earnings Call Transcript
2025-05-12 21:30
Financial Data and Key Metrics Changes - In Q1 2025, the company generated adjusted EBITDA of $105 million, flat compared to the prior year, and consolidated revenue increased by 1% year-over-year, exceeding guidance of a low single-digit decline [5][11][13] - The consolidated direct operating expenses rose by 4.4%, primarily due to higher variable content costs associated with digital growth [12] - The company reported a GAAP operating loss of $25.4 million, an improvement from a loss of $34.7 million in the prior year [13][17] Business Line Data and Key Metrics Changes - The Digital Audio Group's revenue was $277 million, up 16% year-over-year, with adjusted EBITDA of $87 million, a 27.8% increase [6][14] - Podcast revenue within the Digital Audio Group grew by 28% year-over-year, significantly above guidance [6][15] - The Multi-Platform Group's revenue was $473 million, down 4.2% year-over-year, with adjusted EBITDA of $70 million, down 9.3% [7][16] - The Audio and Media Services Group's revenue decreased by 14.2% year-over-year to $59 million, with adjusted EBITDA down 33.3% [9][17] Market Data and Key Metrics Changes - iHeartMedia's share of advertising revenue in measured markets grew to 40%, indicating a strong position among national advertisers [8][9] - The company noted that the largest gains in advertising revenue came from professional services, tech and telco, beauty and fitness, and education, while declines were seen in restaurants, auto, gambling, and political categories [11][12] Company Strategy and Development Direction - The company is focused on leveraging new technologies, including programmatic and AI, to enhance operational efficiency and drive growth [4][5] - A modernization program is expected to generate $150 million in net savings in 2025, primarily through technology and AI [9][13] - The company aims to reignite growth in its broadcast radio business while maintaining leadership in podcasting [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the advertising marketplace, noting stable ad spend despite economic uncertainties [4][11] - The company anticipates Q2 2025 adjusted EBITDA in the range of $140 million to $160 million, with revenue expected to decline low single digits compared to the prior year [18] - Future guidance remains contingent on macroeconomic conditions improving in the latter half of the year [19] Other Important Information - The company reported a net debt of approximately $4.6 billion and total liquidity of $569 million, with a cash balance of $168 million [17] - Free cash flow for Q1 was negative $80.7 million, consistent with the prior year, but positive free cash flow is expected in the remaining quarters of 2025 [17] Q&A Session Summary Question: Insights on the advertising market and visibility - Management noted that larger advertisers are maintaining their spending, while small and medium-sized businesses are more affected by economic news [22][23] Question: Market share in terrestrial radio - Management highlighted that broadcast radio has more listeners than a decade ago, and the focus is on monetization through digital platforms [27][28] Question: Podcasting growth drivers - The company emphasized its strong podcast portfolio and audience, which continues to grow, contributing to revenue acceleration [35][38] Question: Cost savings and future opportunities - The $27 million in cost savings for Q1 was actual impact, with expectations of continued savings throughout the year [50][51] Question: Nielsen's updated ratings methodology - Management expressed optimism about Nielsen's efforts to capture more accurate listening data, which is crucial for advertising effectiveness [53][54] Question: Programmatic advertising adoption - Management indicated that while programmatic advertising is progressing, it has not yet materially impacted Premier Networks' performance [58][59]
iHeartMedia(IHRT) - 2025 Q1 - Earnings Call Presentation
2025-05-12 20:22
Safe Harbor Statement First Quarter 2025 Investor Presentation May 12, 2025 NASDAQ: IHRT Forward Looking Language Certain statements in this presentation constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries (the "Company"), to be materially diffe ...
iHeartMedia(IHRT) - 2025 Q1 - Quarterly Report
2025-05-12 20:05
Part I – Financial Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The Q1 2025 financial statements reflect a slight revenue increase, a significant net loss, decreased assets, and a widened stockholders' deficit [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets decreased to **$5.27 billion**, total liabilities slightly decreased, and the total stockholders' deficit widened to **$1.65 billion** Consolidated Balance Sheet Summary (Unaudited) | (In thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $1,159,561 | $1,361,842 | | **Total Assets** | **$5,268,093** | **$5,571,696** | | **Total Current Liabilities** | $729,832 | $870,280 | | **Long-term debt** | $5,032,066 | $5,048,968 | | **Total Liabilities** | $6,914,216 | $6,943,476 | | **Total Stockholders' Deficit** | **$(1,646,123)** | **$(1,371,780)** | [Consolidated Statements of Comprehensive Loss](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Loss) Q1 2025 saw a slight revenue increase and improved operating loss, but a significant **$280.9 million** net loss, primarily due to higher income tax expense and an investment loss Consolidated Statements of Comprehensive Loss Summary (Unaudited) | (In thousands, except per share data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Revenue** | $807,101 | $799,038 | | **Operating loss** | $(25,434) | $(34,708) | | **Gain (loss) on investments, net** | $(18,594) | $91,994 | | **Income tax benefit (expense)** | $(135,359) | $20,662 | | **Net loss** | **$(280,883)** | **$(18,108)** | | **Net loss attributable to the Company** | $(281,224) | $(18,508) | | **Net loss per common share - Basic & Diluted** | **$(1.84)** | **$(0.12)** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, cash used for operating activities slightly increased, investing activities shifted from providing to using cash, and overall cash and cash equivalents decreased by **$91.9 million** Consolidated Statements of Cash Flows Summary (Unaudited) | (In thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Cash used for operating activities** | $(60,944) | $(59,277) | | **Cash provided by (used for) investing activities** | $(20,067) | $78,015 | | **Cash used for financing activities** | $(11,038) | $(3,548) | | **Net (decrease) increase in cash** | $(91,866) | $15,021 | | **Cash, cash equivalents and restricted cash at end of period** | $167,714 | $361,403 | [Notes to Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail segment performance, debt structure, and liquidity, highlighting three reportable segments and **$559.1 million** in total available liquidity as of March 31, 2025 - The company operates three reportable segments: Multiplatform Group (Broadcast radio, Networks, Sponsorships), Digital Audio Group (Digital businesses, Podcasting), and Audio & Media Services Group (Katz Media, RCS)[24](index=24&type=chunk) - As of March 31, 2025, the company had total available liquidity of **$559.1 million**, comprising **$167.7 million** in cash and **$391.4 million** in borrowing availability under its ABL Facility[20](index=20&type=chunk) Revenue by Segment (Q1 2025 vs Q1 2024) | (In thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Multiplatform Group** | $472,978 | $493,463 | | **Digital Audio Group** | $277,287 | $238,968 | | **Audio & Media Services Group** | $59,323 | $69,168 | | **Total Revenue** | **$807,101** | **$799,038** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A highlights **1.0%** consolidated revenue growth driven by Digital Audio, offset by Multiplatform decline, improved operating loss, but a significantly widened net loss, with **$150 million** in anticipated 2025 savings - Modernization initiatives implemented in 2024 are anticipated to generate approximately **$150 million** of net savings for the full year 2025[83](index=83&type=chunk) Key Financial Metrics (Q1 2025 vs Q1 2024) | (In thousands) | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | **Revenue** | $807,101 | $799,038 | 1.0% | | **Operating loss** | $(25,434) | $(34,708) | (26.7)% | | **Net loss** | $(280,883) | $(18,108) | 1,451.2% | | **Adjusted EBITDA** | $104,588 | $104,617 | — % | [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Q1 2025 consolidated revenue grew **1.0%** due to Digital Audio's **16.0%** increase, offset by Multiplatform and Audio & Media Services declines, while net loss significantly widened due to investment and tax swings Revenue by Stream (Q1 2025 vs Q1 2024) | (In thousands) | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | **Multiplatform Group** | $472,978 | $493,463 | (4.2)% | | Broadcast Radio | $340,736 | $359,338 | (5.2)% | | **Digital Audio Group** | $277,287 | $238,968 | 16.0% | | Podcast | $116,036 | $90,624 | 28.0% | | **Audio & Media Services Group** | $59,323 | $69,168 | (14.2)% | | **Total Revenue** | **$807,101** | **$799,038** | **1.0%** | - The increase in net loss to **$281.2 million** was primarily due to a **$101.4 million** gain on the sale of the company's investment in BMI in Q1 2024 and an increase in income tax expense in Q1 2025[93](index=93&type=chunk)[95](index=95&type=chunk) [Segment Results](index=25&type=section&id=Segment%20Results) Q1 2025 Digital Audio Group revenue grew **16.0%** with **27.8%** EBITDA increase, while Multiplatform and Audio & Media Services Groups experienced revenue and EBITDA declines Segment Performance (Q1 2025 vs Q1 2024) | (In thousands) | Revenue | Segment Adjusted EBITDA | | :--- | :--- | :--- | | **Multiplatform Group** | | | | Q1 2025 | $472,978 | $70,007 | | Q1 2024 | $493,463 | $77,182 | | % Change | (4.2)% | (9.3)% | | **Digital Audio Group** | | | | Q1 2025 | $277,287 | $87,083 | | Q1 2024 | $238,968 | $68,127 | | % Change | 16.0% | 27.8% | | **Audio & Media Services Group** | | | | Q1 2025 | $59,323 | $15,798 | | Q1 2024 | $69,168 | $23,695 | | % Change | (14.2)% | (33.3)% | [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, total available liquidity was **$559.1 million**, deemed sufficient for the next twelve months, with anticipated **$333.7 million** in remaining 2025 debt service and increased net debt - Total available liquidity as of March 31, 2025 was **$559.1 million**, consisting of **$167.7 million** in cash and **$391.4 million** of borrowing base availability under the ABL Facility[116](index=116&type=chunk) - Anticipated cash payments to service debt for the remainder of 2025 are approximately **$333.7 million**[118](index=118&type=chunk) Net Debt Calculation | (In thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Debt | $5,054,577 | $5,071,469 | | Less: Debt Premium | $278,106 | $289,752 | | Less: Cash and cash equivalents | $167,714 | $259,580 | | **Net Debt** | **$4,608,757** | **$4,522,137** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rates, foreign currency, and inflation, with **45%** of long-term debt at variable rates, where a **100 basis point** change impacts quarterly interest expense by **$5.4 million** - As of March 31, 2025, approximately **45%** of the company's long-term debt bore interest at floating rates[129](index=129&type=chunk) - A **100 basis point** change in floating interest rates is estimated to change quarterly interest expense by **$5.4 million**[129](index=129&type=chunk) [Item 4. Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[138](index=138&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[139](index=139&type=chunk) Part II – Other Information [Item 1. Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various ordinary course legal proceedings, accruing for probable and estimable losses, which could materially affect future results - The company is involved in a variety of legal proceedings in the ordinary course of business and has accrued for probable and estimable losses[142](index=142&type=chunk) [Item 1A. Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) No material changes in risk factors were reported since the last Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes in risk factors were reported since the last Annual Report on Form 10-K[143](index=143&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not issue unregistered equity securities but repurchased **292,544** Class A common shares at **$2.20** per share from employees for tax withholding obligations Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January 1 - January 31 | 3,040 | $2.21 | | February 1 - February 28 | 268,829 | $2.20 | | March 1 - March 31 | 20,675 | $2.20 | | **Total** | **292,544** | **$2.20** | - The repurchased shares were tendered by employees to satisfy tax withholding obligations in connection with the vesting of restricted stock[145](index=145&type=chunk)
iHeartMedia(IHRT) - 2024 Q4 - Earnings Call Transcript
2025-02-28 05:58
Financial Data and Key Metrics Changes - In Q4 2024, the company generated adjusted EBITDA of $246 million, an increase of 18.2% compared to the prior year [9][26] - Consolidated revenues for the quarter were up 4.8% year-over-year, but down 1.8% when excluding political impacts [10][24] - The company reported a GAAP operating income of $104.5 million, compared to $79.8 million in the prior year [26] - The net debt position at quarter end was approximately $4.52 billion, the lowest in the company's history, with total liquidity of $686 million [30][31] Business Line Data and Key Metrics Changes - The Digital Audio Group generated revenues of $339 million, up 6.7% year-over-year, contributing approximately 30% of total revenue [10][27] - The Multiplatform Group's revenues were $684 million, flat compared to the prior year, with adjusted EBITDA of $150 million, up 5.9% [15][29] - The Audio and Media Services Group saw revenues of $98 million, up 44.7% year-over-year, with adjusted EBITDA increasing 136% from $21 million in the prior year [19][29] Market Data and Key Metrics Changes - The company noted that broadcast radio has more listeners today than it did 20 years ago, maintaining strong audience reach compared to other media [17] - The Digital Audio Group's podcast revenues grew 5.7% year-over-year, with expectations for high teens growth in Q1 2025 [11][12] Company Strategy and Development Direction - The company completed a comprehensive exchange transaction that extended debt maturities by three years and reduced overall debt levels, enhancing financial flexibility [7][31] - The company is focused on modernizing operations, flattening the organization, and implementing cost-saving initiatives expected to generate $150 million in net savings [8][24] - The company aims to integrate broadcast radio inventory into programmatic platforms to align with digital buying behavior [21][22] Management Comments on Operating Environment and Future Outlook - Management expressed optimism for the year ahead despite economic uncertainties, including tariffs, inflation, and consumer confidence declines [33][34] - The company expects Q1 2025 adjusted EBITDA in the range of $100 million to $110 million, with revenues anticipated to be down low single digits compared to the prior year [36][38] - Full year 2025 guidance includes flat revenues compared to 2024 and adjusted EBITDA of approximately $770 million [38][39] Other Important Information - The company recorded $33.5 million in restructuring expenses in Q4, impacting free cash flow [32] - The company launched a redesigned iHeartRadio app, receiving positive feedback from listeners [14] Q&A Session Summary Question: How is the company thinking about monetizing broadcast listening going forward? - Management emphasized the importance of programmatic and automated buying to fit broadcast radio inventory into digital-centric buying systems [44][45][46] Question: Can you address the video podcasting opportunity? - Management noted that while there is interest in video podcasting, the majority of podcast users prefer audio, and the focus remains on delivering what consumers want [54][56][57] Question: What are the expected drivers of growth in the podcasting business this year? - Growth drivers include expanding product offerings, audience, value, and pricing, with continued demand for podcasting [82][83] Question: Why was political advertising revenue lower than expected? - Management indicated that political campaigns are becoming more data-driven, and the company is preparing to enhance its offerings for future political cycles [85][86]
iHeartMedia(IHRT) - 2024 Q4 - Earnings Call Presentation
2025-02-28 05:58
Fourth Quarter 2024 Investor Presentation February 27, 2025 NASDAQ: IHRT Safe Harbor Statement Forward Looking Language Certain statements in this presentation constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries (the "Company"), to be materially ...
IHeartMedia (IHRT) Tops Q4 Earnings Estimates
ZACKS· 2025-02-27 23:45
Core Insights - iHeartMedia reported quarterly earnings of $0.76 per share, significantly exceeding the Zacks Consensus Estimate of $0.39 per share, and showing a substantial increase from $0.09 per share a year ago, resulting in an earnings surprise of 94.87% [1] - The company generated revenues of $1.12 billion for the quarter ended December 2024, which was 4.15% below the Zacks Consensus Estimate, but an increase from $1.07 billion year-over-year [2] - iHeartMedia's stock has increased by approximately 14.7% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] Earnings Outlook - The future performance of iHeartMedia's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook, including current consensus earnings expectations for upcoming quarters [4][6] - The current consensus EPS estimate for the next quarter is -$0.37 on revenues of $804.35 million, and for the current fiscal year, it is -$0.11 on revenues of $3.83 billion [7] Industry Context - The Broadcast Radio and Television industry, to which iHeartMedia belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]
iHeartMedia(IHRT) - 2024 Q4 - Earnings Call Transcript
2025-02-27 22:30
iHeartMedia (IHRT) Q4 2024 Earnings Call February 27, 2025 04:30 PM ET Company Participants Mike McGuinness - Executive Vice President, Deputy Chief Financial Officer & Head of Investor RelationsBob Pittman - Chairman & CEORich Bressler - President, COO, CFO & DirectorPatrick Sholl - Vice PresidentStephen Laszczyk - Vice President Conference Call Participants Jessica Reif Ehrlich - Analyst Operator Good afternoon, and welcome to the iHeartMedia Q4 twenty twenty four Earnings Call. All participants are in a ...
iHeartMedia(IHRT) - 2024 Q4 - Annual Report
2025-02-27 21:06
Regulation and Compliance - The company is subject to extensive regulation by the FCC under the Communications Act, which includes licensing and compliance requirements[64]. - The FCC grants broadcast licenses for a term of up to eight years, with historical renewals typically granted for the full term[68]. - The maximum allowable number of radio stations that may be commonly owned in a market varies based on the number of stations, with up to eight stations permitted in markets with 45 or more stations[71]. - The FCC has the authority to impose fines exceeding $400,000 per violation for broadcasting obscene or indecent material, with a cap exceeding $4 million for continuing violations[77]. - The FCC's local radio ownership rules are reviewed every four years, with the latest review retaining existing numerical limits on ownership[73]. - The company is required to engage in equal employment opportunity recruitment efforts and report data to the FCC[78]. Licensing and Royalties - The company must pay license fees to copyright owners for broadcasting and streaming music, with ongoing negotiations that could impact licensing costs[80]. - The outcome of pending rate-setting proceedings for music royalties could result in increased licensing costs for the company[81]. Privacy and Data Protection - The company collects personal information from users through various platforms, which is subject to evolving privacy and data protection regulations[85]. - Comprehensive state privacy laws are now in effect in multiple states, establishing data privacy rights for consumers and imposing new assessment requirements for higher risk data processing[87]. - The California Consumer Privacy Act (CCPA) allows for private right of action with potential damages of $100 to $750 per consumer per incident for data breaches[88]. - The EU GDPR and UK GDPR impose fines up to €20 million or £17.5 million, or 4% of worldwide annual turnover for inadequate breach notifications[88]. - Compliance with new privacy laws entails substantial expenses and could limit the services the company is able to offer[87]. Antitrust and Market Concentration - The company faces potential scrutiny under federal antitrust laws for acquisitions that may increase market concentration[84]. Legal Liabilities - The Telephone Consumer Protection Act (TCPA) allows for damages up to $500 per violation, with significant settlements possible depending on the class size[90].
iHeartMedia(IHRT) - 2024 Q4 - Annual Results
2025-02-27 21:03
Revenue Performance - Q4 2024 revenue reached $1,118 million, an increase of 4.8% year-over-year, while excluding political revenue, it decreased by 1.8%[4] - Full Year 2024 revenue totaled $3,855 million, a 3% increase year-over-year, remaining flat when excluding political revenue[5] - Revenue for Q4 2024 was $1,118,269,000, representing a 4.8% increase from $1,066,783,000 in Q4 2023[32] - Total revenue for the year ended December 31, 2024, was $3,854,532, an increase from $3,751,025 in 2023, representing a growth of approximately 2.8%[67] - The Multiplatform segment generated revenue of $1,164,515 in 2024, while the Digital Audio segment contributed $2,372,909, showing a significant revenue contribution from Digital Audio[67] Adjusted EBITDA and Profitability - Consolidated Adjusted EBITDA for Q4 2024 was $246 million, up 18.2% from $208 million in Q4 2023, marking the highest percentage increase in nearly three years[7] - Adjusted EBITDA for Q4 2024 was $246,208,000, an 18.2% increase compared to $208,210,000 in Q4 2023[43] - Adjusted EBITDA for the year ended December 31, 2024, was $705,617, compared to $696,598 in 2023, indicating stable operational performance[60] - The Adjusted EBITDA margin for the consolidated results was 22.0% in Q4 2024, compared to 19.5% in Q4 2023, indicating improved profitability[65] - The Adjusted EBITDA margin for the Digital Audio segment was 43.0% in 2024, compared to 32.6% in 2023, highlighting improved efficiency in this segment[67] Debt and Cash Flow - The company completed a debt exchange transaction, reducing net debt to approximately $4.52 billion, the lowest in its history, and extended maturities by three years[7] - Free Cash Flow for Q4 2024 was $(24) million, impacted by $89 million in debt exchange fees and $46 million in accrued interest payments[13] - Cash provided by operating activities for the year ended December 31, 2024, was $71,429,000, down from $213,062,000 in 2023[28] - The company had a cash balance of $259,600,000 and total available liquidity of $685,900,000 as of December 31, 2024[31] - Total debt as of December 31, 2024, was $5,071,500,000, with net debt at $4,517,900,000[30] Operational Efficiency and Future Guidance - The company expects to drive shareholder value and improve operational efficiency through new technologies and strategic initiatives[40] - Q1 2025 consolidated revenue is expected to decline in the low-single digits, with Adjusted EBITDA projected to be between $100 million and $110 million[4] - The company anticipates approximately flat consolidated revenue for the full year 2025 in a non-political year, with Adjusted EBITDA expected to be around $770 million[4] - The Company plans to provide guidance for Consolidated Revenue and Adjusted EBITDA for the quarter ending March 31, 2025, during the earnings call on February 27, 2025[59] Income and Expenses - Net income for the year ended December 31, 2024, was a loss of $1,009,494,000, improving from a loss of $1,100,339,000 in 2023[30] - Operating income for Q4 2024 was $104,547,000, compared to $79,780,000 in Q4 2023[43] - Operating loss for 2024 was $763,108, which is an improvement from the operating loss of $797,311 in 2023, reflecting a reduction in losses[67] - Operating expenses for 2024 totaled $3,148,915, compared to $3,054,427 in 2023, indicating an increase in operational costs[67] - Restructuring expenses for Q4 2024 were $33,456, compared to $13,882 in Q4 2023, reflecting ongoing efforts to streamline operations[65]
iHeartMedia Teams Up With The Martin Luther King III Foundation and Legacy+ To Launch New Groundbreaking "My Legacy" Podcast Highlighting Iconic Changemakers
Prnewswire· 2025-01-16 14:00
Core Points - iHeartMedia, The Martin Luther King III Foundation, and Legacy+ announced the launch of a new podcast series titled "My Legacy," which will premiere on January 20, 2025, focusing on the stories of influential leaders and public figures [1][2] - The podcast will feature notable guests such as Mel Robbins, Dr. Sanjay Gupta, David Oyelowo, and others, who will share their personal journeys alongside family members or trusted confidantes [2][3] - iHeartMedia will award a $5 million Spotlight Media Grant to the 'Realize the Dream' initiative, aimed at inspiring communities to perform 100 million hours of service by January 15, 2029, the 100th anniversary of Dr. King's birth [4] Company Overview - iHeartMedia is the leading audio media company in America, with a significant audience reach, including 90% of Americans listening to its broadcast radio monthly [14] - The company is the largest podcast publisher, with more downloads than its closest competitors combined, and has a strong social media presence [14] Initiative Details - The 'Realize the Dream' initiative is designed to encourage community service and promote Dr. King's vision of peace, justice, and equality [4][11] - The initiative aims to mobilize individuals and organizations to contribute to their communities through acts of love and goodwill [11]