iHeartMedia Second-Quarter Revenue Up, But Net Loss Widens
August 4, 2016 at 4:41 AM (PT)
iHEARTMEDIA, INC. second-quarter revenue increased 1.2% (3.3% adjusted for foreign exchange rate changes and the sale of outdoor markets) to $1,618,532,000, with the radio and digital operation iHEARTMEDIA up 3.2% to $867,914,000.
The radio/digital revenue jump was driven mostly by live event money, traffic and weather revenue, and political, trade, and barter revenue as well as syndication business, the latter showing growth in the News-Talk format. Net loss attributable to the company widened over 500% from $54.466 million to $278.894 million.
“We continue to execute on the right strategies to efficiently leverage our growing capabilities as a multi-platform, 21st-century media and entertainment company,” said Chairman/CEO BOB PITTMAN in a press release. “Across our broadcast radio, digital, social, mobile and events platforms with their growing audiences, we are creating even more powerful marketing solutions for our partners. Because we believe that it is critical to do business in the same way that the advertising industry does today, we are extending our automated, data-infused ad-buying initiatives with digital radio’s first programmatic private marketplace. This enables buyers to access iHEARTRADIO’s premium inventory and target iHEARTRADIO’s audience using a combination of first- and third-party data segments. At both Americas outdoor and International outdoor, our investments in innovative digital technologies and our ability to win new contracts are providing the creative solutions and flexibility our advertising partners want to reach consumers who are increasingly spending more time out of home.”
“We’re pleased with the results we have achieved this quarter, with iHEARTMEDIA extending its growth momentum, AMERICA outdoor improving its operating performance and International outdoor delivering an overall increase in revenues.” said Pres./COO/CFO RICH BRESSLER. “We continue to invest in strengthening our businesses -- particularly in enhancing our offerings for consumers and developing innovative marketing solutions for advertisers and agencies, while maintaining our focus on tight operating and financial discipline. These results provide us with the continued flexibility to manage our capital structure in a prudent manner, allowing us to keep evaluating opportunities to strengthen our balance sheet and our businesses.”