iHeartMedia reports Q3 EBITDA $205M vs.$204M last year

Reports Q3 revenue $1.01B, consensus $1B.”We’re pleased to report that our third quarter results were in line with our previously provided Adjusted EBITDA and Revenue guidance ranges,” said Bob Pittman, Chairman and CEO of iHeartMedia (IHRT), Inc. “We continue to see evidence that this is a recovery year for advertising revenues, and the strong momentum in our podcast business, our digital ex-podcast business, and the sequential improvement of our Multiplatform Group’s year over year revenue performance reflect the power of our unparalleled reach, consumer relationships and range of assets.” Pittman continued, “Technology is the key to increasing our operating leverage because it allows us to speed up processes, streamline legacy systems, and enables us to take another significant step in our modernization journey. We have flattened our organization, eliminated redundancies and broken down silos, which will have a major impact on costs, expected to generate $200 million of annual savings in 2025 compared to 2024, and benefiting full year 2025 Adjusted EBITDA by $150 million on a year over year basis.” “We’re happy to announce that we have entered into a Transaction Support Agreement with a group of debt holders representing, on an aggregate basis, approximately 80% of the Company’s outstanding debt to support an exchange of approximately $4.1 billion of debt for new notes and term loans,” said Rich Bressler, iHeartMedia’s President, COO and CFO. “The exchange offers will extend maturities by three years; keep consolidated annual cash interest essentially flat; and provide debt reduction – all of which will strengthen the Company’s financial flexibility, and provide us with the runway to accelerate our strategic growth initiatives. This marks a significant step in iHeart’s strategy of disciplined balance sheet and capital structure management.”