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. reports developments across its U.S. audio media business, including broadcast radio, podcasting, digital audio advertising, live events and audio technology. The company operates through the Multiplatform Group, Digital Audio Group, and Audio & Media Services Group, with recurring updates tied to advertising products, audience research, partnerships, music events and financial results.
Company news commonly covers iHeartRadio programming and awards shows, podcast and digital audio monetization, broadcast-radio attribution tools, consumer and advertiser studies, and quarterly earnings releases that discuss segment revenue, Adjusted EBITDA, liquidity and business outlook.
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iHeartMedia is expanding into web3 and the metaverse, launching new events on Roblox (NYSE: RBLX) and creating tokenized communities. This initiative aims to harness its reach of over 90% of Americans monthly to raise awareness for new platforms. CEO Bob Pittman emphasized the company's unique position to drive demand for emerging technologies, aiming for a new growth layer. iHeart plans to engage 47 million daily Roblox users through immersive musical experiences and a new token that rewards creators and fans with exclusive access and NFTs.
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iHeartMedia Los Angeles partners with Children's Hospital Los Angeles for the sixth consecutive year on Giving Tuesday, November 30, raising funds to support pediatric care. Notable sponsors like DaVinci Baby and CBS Studios pledged $125,000 in matching donations. Over the past five years, the event generated more than $1 million. The campaign promotes community involvement through donations and partnerships with local businesses like Porto’s Bakery.
Listeners can donate via kost1035.com/chla or call 1-800-909-CHLA.
iHeartMedia reported Q3 2021 revenue of $928 million, a 25% increase YoY. Digital Audio Group revenue surged 77% to $205.8 million, with podcast revenue up 184%. Operating income rose to $80 million, doubling from $39 million in Q3 2020. Adjusted EBITDA reached $230 million, reflecting a 42% YoY increase. Free cash flow was $45 million. Despite political ad revenue declines, the company expects Q4 revenue growth of 10% YoY. iHeart maintains strong liquidity with $369 million in cash.
iHeartMedia has announced a multi-year partnership with DraftKings, designating DraftKings as the official odds supplier for iHeartMedia's platforms across over 160 markets in the U.S. This collaboration allows DraftKings to co-create content, access iHeartMedia's diverse personalities, and enhance audience engagement. iHeartMedia's reach includes 270 million consumers monthly, positioning DraftKings for significant exposure in digital and live sports broadcasts. Both companies anticipate innovative opportunities in experiential content and data-driven advertising.
Big Brothers Big Sisters of America (BBBSA) has appointed Tony Coles, iHeartMedia's division president, as a new board member. Coles brings significant media expertise and a commitment to mentorship, particularly in communities of color. His experience includes launching the Black Information Network, which focuses on news for the Black community. BBBSA aims to enhance equity in mentorship experiences nationwide. The board includes executives from various Fortune 500 companies, ensuring a strong leadership dynamic for advancing the organization's mission.
iHeartMedia, Inc. (NASDAQ:IHRT) has successfully repurchased and canceled all 60,000 shares of its Series A Perpetual Preferred Stock for $60 million, enhancing its balance sheet and increasing free cash flow. This strategic move, which involved a total cash outlay of $64.35 million, reflects the company's commitment to improving its capital structure and reducing interest expenses. The buyback demonstrates iHeart's confidence in its business trajectory and maintains liquidity for future investments.
iHeartMedia, Inc. (NASDAQ: IHRT) will announce its financial results for Q3 2021 on November 4th, 2021. The earnings release will be followed by a conference call at 4:30 p.m. ET to discuss the results and future outlook. Investors can access the live audio webcast on iHeartMedia’s investor website. An audio replay will be available from 7:30 p.m. ET the same day for thirty days. iHeartMedia is a leading audio media company in the U.S., reaching over 250 million people monthly.
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