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) announced the successful prepayment of $250 million of its debt, including $206 million from its Term Loan and $44 million from its Incremental Term Loan. This move lowers the interest rate on the remaining Incremental Term Loan balance to LIBOR + 3.25%, resulting in an annual interest expense savings of approximately $13 million. The prepayment reflects iHeartMedia's strategy to manage its debt more effectively following its emergence from Chapter 11. The company continues to be a leader in audio media, reaching over 250 million people monthly.
iHeartMedia announced its continued partnership with Global Citizen as the U.S. exclusive audio partner for Global Citizen Live. This event, airing performances from six continents, aims to tackle pressing global issues like poverty and climate change. iHeartMedia will also launch Global Citizen Radio to provide updates on the event. The collaboration marks the ninth year of partnership, highlighting iHeart's commitment to social causes. The Global Citizen Festival will be held on September 25 at Central Park, showcasing artists and leaders advocating for equitable access to resources.
iHeartMedia (Nasdaq: IHRT) announced that its subsidiary, iHeartCommunications, will prepay $250 million of its $2,075 million Term Loan and $447 million Incremental Term Loan using cash on hand. This initiative aims to enhance its balance sheet, reduce interest expenses, and boost free cash flow while maintaining liquidity. Alongside the prepayment, the company will reprice the Incremental Term Loan, expecting completion by mid-July. CEO Bob Pittman highlighted the favorable market conditions and the company's commitment to deleveraging.
iHeartMedia has revealed the lineup for the 2021 iHeartRadio Music Festival, scheduled for September 17-18 at T-Mobile Arena in Las Vegas. The festival features major artists including Billie Eilish, Coldplay, and Dua Lipa. A Daytime Stage will showcase emerging artists like Olivia Rodrigo and DaBaby. The event, hosted by Ryan Seacrest, will be broadcast live on iHeartMedia stations and The CW Network. Pre-sale tickets for Capital One cardholders will be available starting June 23. Public ticket sales begin on June 25.
On June 4, 2021, Celsius, a leading cryptocurrency yield-earning platform, announced a multiyear partnership with iHeartMedia to co-produce a new iHeartRadio Original podcast hosted by Celsius CEO Alex Mashinsky. Scheduled to launch later this year, the podcast aims to educate audiences on various topics, including fintech trends and cryptocurrency. Celsius aims to reach 100 million users through education and audience engagement. iHeartMedia brings a robust platform with 27 million monthly US unique users to boost cryptocurrency awareness.
iHeartMedia, Inc. (NASDAQ: IHRT) has appointed Graciela Monteagudo to its Board of Directors, effective immediately. Monteagudo brings over 30 years of experience from leading multinational corporations in consumer products, healthcare, and retail sectors. Previously serving as CEO of Lala U.S., her expertise spans strategic planning, digital marketing, and consumer engagement, particularly in Hispanic and Latin American markets. This move is expected to enhance the board's diversity and drive growth in iHeartMedia's business segments, benefiting both the company and its shareholders.
iHeartMedia and P&G will host the second annual “Can’t Cancel Pride” benefit on June 4 at 9 p.m., featuring performers like Kylie Minogue, Dolly Parton, and Troye Sivan. The hour-long event aims to raise funds for LGBTQ+ organizations impacted by COVID-19, including GLAAD and The Trevor Project. Viewers can tune in on platforms like Roku and iHeartRadio. The initiative underscores the ongoing struggles faced by the LGBTQ+ community during the pandemic.
Premiere Networks has launched “The Clay Travis & Buck Sexton Show,” a new talk radio program airing weekdays from 12 p.m. to 3 p.m. ET, starting June 21. The show takes over the timeslot previously occupied by “The Rush Limbaugh Show.” Clay Travis, an established sports radio host and founder of Outkick, and Buck Sexton, a former CIA officer and political commentator, will discuss major news and current events with a blend of intelligence and humor.
iHeartMedia and FOX are set to honor Elton John with the iHeartRadio Icon Award at the 2021 iHeartRadio Music Awards, featuring performances by Brandi Carlile, Demi Lovato, H.E.R., and more. The event will be hosted by Usher and will air live on May 27 from The Dolby Theatre, Los Angeles. Award winners will be announced in real-time across major U.S. time zones in categories such as Country Album of the Year and Social Star Award. Fan voting will play a key role in several award categories.
LiveXLive Media (NASDAQ: LIVX) will exclusively stream the 2021 iHeartRadio KIIS FM Wango Tango festival on June 30, showcasing performances from artists like Justin Bieber and Ed Sheeran. This virtual event celebrates the festival's rich history in pop culture and music. Fans can enjoy the show at 7 p.m. PT via LiveXLive and over 95 iHeartMedia radio stations will also broadcast it nationwide. The event is a part of iHeartMedia's successful lineup of concerts and is expected to attract significant viewership, enhancing LiveXLive's market presence.
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