Welcome to our dedicated page for iHeartMedia news (Ticker: IHRT), a resource for investors and traders seeking the latest updates and insights on iHeartMedia stock.
iHeartMedia, Inc. (Nasdaq: IHRT) is a leading multimedia and entertainment company based in the United States, recognized for its wide-reaching influence in the audio broadcasting industry. With a substantial presence across multiple platforms, iHeartMedia boasts an impressive 245 million monthly listeners in the U.S., 87 million monthly digital uniques, and over 75 million social followers. The company has the largest reach of any radio or television outlet in America, serving over 150 markets through its 858 owned radio stations.
iHeartMedia operates through three primary segments: the Multiplatform Group, the Digital Audio Group, and the Audio & Media Services Group. The Multiplatform Group, which includes the company's broadcast radio, networks, sponsorships, and events businesses, is the company’s prime revenue driver. The Digital Audio Group encompasses iHeartMedia's digital ventures, notably including podcasting, which is a rapidly growing segment for the company. The Audio & Media Services Group includes Katz Media Group, a full-service media representation business, and RCS Sound Software, a provider of scheduling and broadcast software and services.
iHeartMedia's signature digital radio platform, iHeartRadio, is a top-ranking all-in-one digital audio service, boasting over 700 million downloads. It achieved a milestone by reaching its first 20 million registered users faster than any digital service in internet history, and it hit 70 million users quicker than any other radio or digital music service, outperforming even Facebook in terms of growth rate.
Recently, iHeartMedia has engaged in significant partnerships to expand its reach and influence. One notable collaboration is with MundoNow's Oyénos Audio Network. This partnership aims to distribute a diverse range of podcasts, enriching the podcasting landscape with multifaceted Latino experiences. Oyénos has experienced remarkable growth since its launch, averaging 1.5 million downloads per month. This partnership allows iHeartMedia to leverage its vast reach and extensive marketing assets to further grow the platform and bring diverse content to new audiences.
iHeartMedia continues to lead the audio media industry, reaching over 90% of Americans each month with its broadcast radio assets alone, which have more consumer reach in the U.S. than any other media outlet. The company is also the largest podcast publisher according to Podtrac, with more downloads than the next two podcast publishers combined. Its strong audience connection and unparalleled consumer reach enable it to build and innovate new platforms, products, and services.
iHeartMedia (NASDAQ: IHRT) has successfully completed comprehensive exchange transactions for approximately $4.8 billion (92.2%) of its existing debt. The exchange includes various secured and unsecured notes due 2026-2028 for new secured notes due 2029-2031. Key outcomes include:
- Extension of debt maturities by three years
- Reduction in total debt by over $440 million
- Expected flat consolidated annual net cash interest payments
- Strengthened capital structure with increased flexibility
The exchange saw high participation rates, including 94.4% of 2026 Secured Notes, 99.1% of 2027 Secured Notes, 44.6% of 2028 Secured Notes, 92.1% of Unsecured Notes, and 99.7% of Existing Term Loans.
iHeartMedia has launched its most significant update to the iHeartRadio app since 2011, introducing industry-first features that bridge traditional car radio experience with mobile streaming. The redesigned app includes innovative features like custom presets for up to 15 favorites, a scan button for discovering nationwide stations, a live radio dial, trending content rankers, and lyrics display functionality - making it the only digital radio app offering lyrics for live radio songs.
The update, available to all Android and iOS users by December 17, also incorporates exclusive editorial content from iHeartMedia stations and creates an ultimate artist fan hub with news, interviews, and contests. The redesign was based on extensive user research and feedback, aiming to deliver a seamless and simplified radio listening experience that combines familiar car radio features with modern streaming capabilities.
iHeartMedia, the leading US audio company, has announced its adoption of Unified ID 2.0 (UID2), a privacy-focused identity framework developed by The Trade Desk. The integration aims to enhance audio advertising through improved targeting, measurement, and attribution across iHeartMedia's platforms.
With 860 broadcast and streaming radio stations, the iHeartRadio platform, and its position as the #1 podcast publisher globally, iHeartMedia reaches a quarter of a billion monthly listeners across the US. The UID2 integration will enable advertisers to connect with addressable, privacy-compliant audiences more effectively across iHeartMedia's channels.
This implementation supports the company's goal to make broadcast listening, which represents nearly 70% of all ad-enabled audio consumption, fully programmatic and addressable.
iHeartMedia announced significant participation in its exchange offers and consent solicitations for existing notes and term loans. As of November 29, 2024, the company received:
- 93.8% ($750.6M) of 6.375% Senior Secured Notes due 2026
- 99.1% ($743M) of 5.25% Senior Secured Notes due 2027
- 44.3% ($221.6M) of 4.75% Senior Secured Notes due 2028
- 92.1% ($843.7M) of 8.375% Senior Notes due 2027
- 99.5% ($2.25B) of outstanding term loans
The total participation reached 92.0% ($4.81B) of existing debt. The company modified terms, including extending the expiration time to December 18, 2024, removing the 95% participation requirement, and increasing base consideration by $10 per $1,000 principal amount.
iHeartMedia (NASDAQ: IHRT) has announced exchange offers and consent solicitations for its existing notes and term loans, commencing November 15, 2024. The company has secured support from holders representing approximately 85.4% of the aggregate principal amount of existing debt. The exchange offers include Communications' outstanding secured notes (6.375% due 2026, 5.250% due 2027, 4.750% due 2028) and 8.375% unsecured notes due 2027. Supporting holders have agreed to tender and provide consents, including 84.1% of 2026 notes, 89.5% of 2027 secured notes, 40.9% of 2028 notes, 82.8% of unsecured notes, and 95.3% of existing term loans.
iHeartMedia launches its annual holiday music transformation across more than 85 stations nationwide, offering 24/7 festive music from contemporary artists and Christmas classics. The iHeartRadio Holiday Special, hosted by Mario Lopez, will air on November 27 at 7 p.m. local time, featuring interviews with celebrities like Dan + Shay, Jennifer Hudson, Jimmy Fallon, and Kelly Clarkson discussing their holiday traditions.
Listeners can access holiday content through the iHeartRadio app across 500+ platforms, including specialized stations like 'iHeart Christmas,' 'North Pole Radio,' and genre-specific channels such as iHeartCountry Christmas and iHeart Christmas Rock. The company's holiday programming makes iHeartMedia the leading destination for holiday music through Christmas Day.
iHeartMedia (IHRT) reported Q3 2024 financial results with revenue of $1,008 million, up 5.8%. The company announced debt exchange transactions affecting $4.1 billion of existing debt and cost efficiency programs expected to generate $150 million of net annual savings in 2025. Digital Audio Group revenue grew 13% to $301 million, with Podcast revenue up 11% to $114 million. Multiplatform Group revenue decreased 1% to $620 million. The company expects Q4 consolidated revenue to increase in high-single digits and full-year 2024 Adjusted EBITDA to reach approximately $750 million, up 8%.
iHeartMedia (NASDAQ: IHRT) has entered into a Transaction Support Agreement (TSA) with holders representing approximately 80% of its outstanding debt. The agreement outlines two alternative exchange transaction structures, both extending debt maturity by three years. The first structure involves issuing new secured debt, while the alternative involves newly-formed subsidiaries issuing secured debt against transferred assets. The company also amended its ABL facility to accommodate these transactions and modify certain covenants. This restructuring aims to strengthen iHeartMedia's financial position and provide additional flexibility for executing its business strategy.
iHeartMedia announced 'Coldplay's Moon Music Album Experience: A Gamified Tycoon Adventure,' launching October 24 in State Farm Park in iHeartLand in Fortnite. This first-ever concert tycoon experience combines gaming with music, featuring content from Coldplay's new album Moon Music. Players progress through three phases, building a rocket, lunar base, and concert stage while listening to the album and exclusive band commentary. The experience takes place in State Farm Park, which has hosted over 50 music and podcast events since 2022 and has been rebuilt in Unreal Editor for Fortnite for enhanced visual quality.
iHeartMedia has announced the lineup for the eighth annual 'iHeartRadio ALTer EGO Presented by Capital One' event, set to take place on January 11, 2025 at the Kia Forum in Los Angeles. The star-studded roster includes Cage The Elephant, Fontaines D.C., Glass Animals, Incubus, St. Vincent, The Head And The Heart, The Lumineers, The Offspring, and a special performance by Damiano David.
The event will be hosted by Woody of iHeartRadio ALT 98.7's nationally syndicated 'The Woody Show' and will broadcast live on iHeartRadio Alternative and Rock stations nationwide. Capital One returns as the national presenting partner, offering cardholders early access to tickets and exclusive perks. The general public ticket sale begins on October 25, 2024, at 12 p.m. PT via Ticketmaster.com.
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