iHeart Pres./COO/CFO Rich Bressler Says Chapter 11 Is 'Moving Along As Anticipated'

Rich Bressler

iHEARTMEDIA Pres./COO/CFO RICH BRESSLER commented on the state of iHEART's Chapter 11 proceedings prior to an investors call for subsidiary CLEAR CHANNEL OUTDOOR. "Before I speak about CLEAR CHANNEL OUTDOOR’s results, a few words on iHEARTMEDIA," said BRESSLER. "The Chapter 11 process is moving along as anticipated. However, as I’ve mentioned previously, while we continue to file our quarterly financials with the SEC, we will not host an earnings conference call for iHEARTMEDIA during its bankruptcy process."

As for iHEART's 2nd quarter, the company reported revenue was $853.3 million, down 3.5% compared to Q2 2017. The six-month revenue was $1.597 billion, down 2.7% percent from a year ago. The company posted $228.4 million in operating income for the quarter, down 13% from Q2 2017. For the first six months, operating income was down 14% to $352.3 million.

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