Iheartmedia ( (IHRT) ) has released its Q3 earnings. Here is a breakdown of the information Iheartmedia presented to its investors.
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iHeartMedia, Inc., a leading U.S. audio company, operates across digital audio, multiplatform, and audio services, providing unparalleled reach with its extensive array of radio stations, digital platforms, and live events.
In their latest earnings report for the third quarter of 2024, iHeartMedia announced strategic debt restructuring and cost-saving initiatives alongside a 5.8% increase in quarterly revenue, buoyed by strong digital audio and political advertising.
Key financial highlights include a significant debt exchange agreement to enhance financial flexibility, annual cost savings initiatives expected to yield $150 million net in 2025, and a 5.8% revenue growth to $1,008 million, driven by a 13% increase in Digital Audio Group revenue. However, the Multiplatform Group saw a slight revenue decline of 1.1%, attributed to uncertainties in the broadcast advertising market.
Looking forward, iHeartMedia anticipates high single-digit revenue growth in the fourth quarter and mid-single-digit growth for the full year 2024, with an expected increase in consolidated Adjusted EBITDA to $750 million, reflecting the company’s strategic focus on technology and efficiency to drive future growth.
