NEW YORK--(BUSINESS WIRE)--iHeartMedia and FOX Entertainment today announced the nominees for the 2024 iHeartRadio Music Awards, airing LIVE from Dolby Theatre in Los Angeles, Monday, April 1 (8:00-10:00 p.m. ET live / PT tape-delayed) on FOX. The event also will be heard on iHeartRadio stations nationwide and on the iHeartRadio app. The 12th annual iHeartRadio Music Awards will celebrate the most-played artists and songs on iHeartRadio stations and the iHeartRadio app throughout 2023, while also offering ...

NEW YORK--(BUSINESS WIRE)--iHeartMedia announced today the return of the “iHeartCountry Festival Presented by Capital One” on Saturday, May 4, 2024. Now in its eleventh year, the 2024 lineup will feature Country music’s hottest artists including Jason Aldean, Jelly Roll, Old Dominion, Lady A, Riley Green, Ashley McBryde, Brothers Osborne and Walker Hayes performing live at Moody Center in Austin, Texas. The festival is once again hosted by iHeartMedia's nationally syndicated top on-air Country personality, ...

NEW YORK & AUSTIN, Texas--(BUSINESS WIRE)--iHeartMedia, the No. 1 podcast publisher globally according to Podtrac, has joined forces with South by Southwest (SXSW) to announce the return of the iHeartPodcast Awards, which will take place live and in-person during the SXSW Conference and Festivals in Austin, TX. The event will be held at the Fairmont Hotel on Monday, March 11 at 8 p.m. CT and will honor the best and most innovative industry podcasts and creators of 2023. The ceremony will broadcast live on s ...

NEW YORK, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Magnite (NASDAQ:MGNI), the largest independent sell-side advertising company, and iHeartMedia, the number one audio company in the United States, today announced the launch of a first-of-its-kind marketplace that brings together iHeartMedia's broadcast radio, streaming radio and podcast assets for inclusion in omnichannel programmatic media buys, providing the reach and efficiency that advertisers are seeking from audio.   Built from a custom implementation of Mag ...

Financial Data and Key Metrics Changes - In Q3 2023, the company generated adjusted EBITDA of $204 million, at the high end of the guidance range of $195 million to $205 million [8][91] - Consolidated revenues for the quarter were down 3.6% year-over-year, slightly better than the guidance of mid-single digits decline; excluding political impacts, revenues were down 1% [8][91] - Free cash flow for the quarter was $68 million, with an additional $45 million generated from the sale of radio broadcast towers to pay down debt [9][74] Business Line Data and Key Metrics Changes - The Digital Audio Group's revenues were $267 million, up 5.2% year-over-year, with adjusted EBITDA of $94 million, up 19.6% year-over-year, and EBITDA margins of 35%, an increase of 420 basis points [10][12][68] - The Multiplatform Group's revenues were $626 million, down 5.1% year-over-year, with adjusted EBITDA of $162 million, down 21.6% year-over-year, and EBITDA margins of 25.9% [19][69] - The Audio & Media Services Group's revenues were $62 million, down approximately 20% year-over-year, with adjusted EBITDA of $17 million, down from $30 million in the prior year [71] Market Data and Key Metrics Changes - The company continues to see gradual improvements in the advertising marketplace, with expectations for continued growth through Q4 despite geopolitical uncertainties [7][23] - The company noted that over 30% of consumer media consumption is audio, yet it only accounts for 9% of total advertising spend, indicating potential for growth in the audio advertising market [22] Company Strategy and Development Direction - The company focuses on the publishing sector of the podcasting industry, leveraging its broadcast radio assets to build new business lines, including podcasting and live events [14][15] - The intersection of AI and podcasting is seen as a key growth driver, with initiatives to translate podcasts into other languages and enhance ad insertion capabilities [16][17] - The company expects Q4 to be the strongest quarter of the year, although it may be weaker than initially anticipated due to advertising demand dampening [23][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a return to growth in 2024, driven by improvements in the advertising marketplace and political advertising revenues [24][84] - The company anticipates Q4 revenues to be down high single digits, with expectations for a recovery in 2024 [75][84] - Management highlighted that the podcasting segment continues to grow, with no signs of slowing down, and emphasized the importance of engagement metrics in driving ad revenue [36][45] Other Important Information - The company has approximately $5 billion of net debt outstanding and total liquidity of $625 million, with no material maintenance covenants and no debt maturities until mid-2026 [71][72] - The company repurchased $89 million of senior unsecured notes at a discount, reducing the outstanding amount from $1.45 billion to approximately $930 million, resulting in annualized interest savings of about $43 million [73] Q&A Session Summary Question: Insights on the ad market and expectations for 2024 - Management noted that digital advertising is recovering first, with confidence in a return to growth in 2024 based on both objective market trends and subjective discussions with advertisers [94] Question: Concerns about bad debt expense and debt maturity - Management confirmed that the increase in bad debt expense is limited to a few advertisers and emphasized the company's proactive approach to managing debt and capital structure [31][32] Question: Podcasting growth trajectory and hybrid formats - Management disagreed with the notion that podcasting is moving towards a hybrid audio-video format, asserting that most listeners prefer audio-only content [61]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission File Number 001-38987 IHEARTMEDIA, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 20880 Stone Oak Parkway San Antonio, Texas 78258 (Address of principal executive offices) (Zip Code) Delaware 26-0241222 (I.R.S. Employer Identification No.) (210) 822-2828 (Registrant's telephone number, including area code) Securities registered pursuant to S ...

iHeartMedia, Inc. (NASDAQ:IHRT) Q2 2023 Earnings Conference Call August 8, 2023 8:00 AM ET Company Participants Mike McGuinness - Head of Investor Relations Bob Pittman - Chairman & Chief Executive Officer Rich Bressler - President, Chief Operating Officer & Chief Financial Officer Conference Call Participants Steven Cahall - Wells Fargo Jim Goss - Barrington Research Operator Good morning. My name is Rob and I'll be your conference operator today. At this time I would like to welcome everyone to the iHeart ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission File Number 001-38987 IHEARTMEDIA, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 20880 Stone Oak Parkway San Antonio, Texas 78258 (Address of principal executive offices) (Zip Code) Delaware 26-0241222 (I.R.S. Employer Identification No.) Indicate by check mark whether the registrant has submitted electronically every Interactive Data File ...

Financial Data and Key Metrics Changes - In Q1 2023, the company generated adjusted EBITDA of $93 million, slightly exceeding the guidance range of $80 million to $90 million [33] - Consolidated revenues for the quarter were down 3.8% year-over-year, better than the guidance of mid-single digits decline [33] - Free cash flow for the quarter was negative $133 million, which is typical for Q1 as it is the lowest revenue and adjusted EBITDA quarter of the year [18][33] Business Line Data and Key Metrics Changes - Digital Audio Group revenues were $223 million, up 4.3% year-over-year, with adjusted EBITDA of $54 million, up 3.1% year-over-year, and margins at 24.2% [7][41] - Multiplatform Group revenues were $529 million, down 7.4% year-over-year, with adjusted EBITDA of $87 million, down 35% year-over-year, and margins at 16.5% [9][16] - Audio & Media Services Group revenues were $61 million, up approximately 1% year-over-year, with adjusted EBITDA of $15 million, down from $16 million in the prior year [42] Market Data and Key Metrics Changes - In April, consolidated revenues were down approximately 5% year-over-year, indicating a slight improvement from Q1 [19][50] - The company noted that broadcast radio assets reach over 90% of Americans monthly, outperforming platforms like Facebook and Google in terms of audience reach [10] Company Strategy and Development Direction - The management team is focused on identifying revenue growth opportunities while managing expenses aggressively, with expectations of improved performance throughout 2023 and a strong 2024 [11][47] - The company is leveraging technology and data to enhance its broadcast radio offerings, making them more competitive with digital platforms [36][78] - The company aims to achieve a long-term net debt to adjusted EBITDA ratio of approximately four times, with proactive debt management strategies in place [17][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a gradual recovery of the advertising market, with expectations for improved adjusted EBITDA results throughout 2023 [3][47] - The company anticipates that the advertising environment will continue to improve, particularly as major advertisers begin to re-enter the market [81] - Management highlighted the importance of podcasting and digital audio as growth areas, with a significant portion of advertising dollars expected to shift towards these mediums [8][35] Other Important Information - The company expects full-year 2023 capital expenditures to be approximately $90 million, a reduction from previous guidance [20] - The company has no material maintenance covenants and no debt maturities until 2026, positioning it to be resilient in the current macro environment [17] Q&A Session Summary Question: Insights on April revenue trends and visibility for May - Management noted that April was down 5%, but they expect a slight improvement trend moving forward, particularly with national advertisers [50][51] Question: Commentary on advertising market trends across different segments - Management indicated that the advertising market is showing signs of recovery, with strength noted in categories like automotive [81][82] Question: Discussion on digital margins and overall performance - Management expects digital margins to return to 35% in the long term, with significant improvements anticipated from Q1 to Q2 [67][83] Question: Insights on podcast partnerships and market rationalization - Management highlighted that the podcasting market is stabilizing, with a focus on building sustainable businesses rather than chasing uneconomic deals [91][92] Question: Commentary on capital allocation and debt repurchases - Management is actively looking to improve the capital structure and reduce interest expenses, with a focus on generating free cash flow [113]

Q1 2023 Financial Performance - iHeartMedia's Q1 2023 revenue was $811 million, a decrease of 38% year-over-year, but above the guidance range[7] - The company's consolidated Adjusted EBITDA for Q1 2023 was $93 million, exceeding the guidance range of $80 million to $90 million, but lower than the $145 million reported in Q1 2022[7] - Digital Audio Group revenue increased by 4% to $223 million, with podcast revenue up by 12% to $77 million[7] - Multiplatform Group revenue decreased by 7% to $529 million[8] Capital Structure and Liquidity - As of March 31, 2023, iHeartMedia had a cash balance of $188 million and total available liquidity of $601 million[8] - The company repurchased $20 million in principal balance of Senior Unsecured Notes for $15 million in cash during Q1 2023, expecting approximately $2 million in annualized interest savings[8, 40] - Total repurchases of notes reached $350 million for $315 million cash, expected to generate approximately $30 million of annualized interest savings[8, 57] Podcast Performance and Market Trends - iHeartPodcast Network's monthly downloads have grown more than the next two publishers combined since 2019[14] - Podcast reach is accelerating across every age group, hitting an all-time high in 2023[19] - Weekly podcast listeners in the U S now exceed Netflix subscribers, with 89 million weekly podcast listeners[25, 31] Q2 2023 Guidance - iHeartMedia expects Q2 2023 consolidated revenue to decline in the mid-single digits, and consolidated revenue excluding political impact to decline in the low-single digits[9] - The company anticipates Q2 2023 consolidated Adjusted EBITDA to be between $180 million and $200 million[9]