iHeartMedia Reports Results For 2021 Third Quarter

Q3 Numbers

iHEARTMEDIA has reported its 2021 third quarter results. iHEARTMEDIA saw Q3 revenue of $928 million, up 25% year-over-year. That number exceeded prior guidance from iHEARTMEDIA of being up approximately 20%. 

Digital Audio Group revenue was up 77% year-over-year with Podcast Revenue up 184%.

iHEARTMEDIA Chairman and CEO BOB PITTMAN commented, "Our strong results this quarter are further evidence of the success of our company’s continuing transformation – data-led, digital and podcast focused, along with the unparalleled audience reach of our broadcast radio assets, and supported by the largest sales force and the only unified ad tech stack in audio advertising -- all with the strong flywheel effect of our scale and leadership position. These results highlight both the strong growth and potential of our digital business, including podcasting, and the strong recovery and growth potential of our radio business."

iHEARTMEDIA President, COO and CFO RICH BRESSLER added, "BOB and I are pleased to report our strong top line growth was coupled with continued margin expansion, generating Adjusted EBITDA of $230 million in the third quarter. We remain confident that we’ll be back to 2019 Adjusted EBITDA levels by the end of 2021, and that we will continue to grow beyond that as our investments in high growth areas and strict cost discipline continue to generate profit and Free Cash Flow."

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