Iheartmedia Inc - IHRT STOCK NEWS

iHeartMedia (NASDAQ: IHRT) has announced a new operational structure, splitting its business into two segments: the Digital Audio Group and the Multiplatform Group. The Digital Audio Group, which includes iHeartRadio and its podcasting business, currently makes up almost 20% of total revenue and has experienced significant growth, with a 53% year-over-year revenue increase in Q4 2020. This separation aims to enhance financial visibility, allowing both sectors to focus on their unique strengths in audio content and advertising.

iHeartMedia (Nasdaq: IHRT) reported Q4 2020 revenue of $936 million, down 9% YoY, but showed improvement from prior quarters. Digital revenue surged 53%, bolstered by a 100% increase in podcasting. GAAP Operating income was $113 million, down from $165 million YoY. Full-year revenue totaled $2.948 billion, a 20% decline. The company announced it will report results by three segments beginning Q1 2021, aiming for better financial visibility. iHeartMedia achieved $250 million in cost savings and improved liquidity with $721 million in cash on hand as of December 31, 2020.

iHeartMedia's Black Information Network (BIN) has teamed up with the Ad Council and COVID Collaborative for the "It’s Up To You" COVID-19 vaccine education initiative. Aiming to combat vaccine hesitancy in the Black community, the initiative will offer tailored programming to address concerns and promote accurate information. Founding Partners like Bank of America and CVS Health will contribute over 1,300 hours of advertising to raise awareness. The campaign includes PSAs and expert interviews, emphasizing the importance of informed decisions regarding vaccinations.

LiveXLive Media has partnered with iHeartMedia to exclusively livestream the 'iHeartCountry Album Release Party with Florida Georgia Line' on February 19, 2021, at 7 PM local time. The online event celebrates Florida Georgia Line's fifth album, Life Rolls On, released on February 12, 2021, featuring performances and exclusive interviews. LiveXLive has accumulated over 118 million views in 2020 and has worked with numerous high-profile artists. This collaboration signals an expanding partnership between LiveXLive and iHeartMedia, aimed at providing global audiences with engaging musical experiences.

The E.W. Scripps Company (NASDAQ: SSP) has signed an agreement to sell Triton Digital to iHeartMedia (NASDAQ: IHRT) for $230 million. This transaction yields a cash-on-cash return of 1.6x and follows Scripps' acquisition of Triton for $150 million in 2018. The sale is part of Scripps' growth strategy in digital audio and is expected to close in the first quarter of 2021, pending regulatory clearance. Proceeds will primarily be used to reduce debt, aiming to restore financial stability.

iHeartMedia (NASDAQ: IHRT) has signed an agreement to acquire Triton Digital for $230 million, enhancing its capabilities in the digital audio and podcasting sector. This acquisition will enable iHeartMedia to offer a comprehensive ad service package across various audio distribution methods, including programmatic audio advertising. Triton Digital's advanced infrastructure and measurement solutions will complement iHeartMedia's existing services, solidifying its leadership in the audio market. The deal is subject to regulatory approval.

iHeartRadio, the leading global podcast publisher, has announced its strategic expansion into binaural podcasting with the launch of iHeart 3D Audio. This innovative audio technology aims to immerse listeners in a captivating soundscape, enhancing the podcast experience significantly. With an expected increase of 30 million new listeners annually, iHeartMedia is committed to evolving its podcast network to meet growing demand. The new slate includes collaborations with Blumhouse Television and seasonally themed franchises, reinforcing iHeartMedia’s position in the podcasting industry.

iHeartRadio, the leading global podcast publisher, has partnered with Paris Hilton to create a new series of Original Podcasts and a unique format called PodPosts that combines social media with podcasting. Launching on February 22, the series 'This is Paris' will feature scripted episodes alongside spontaneous, short audio segments. Hilton's venture aims to engage audiences with candid interviews and personal insights while experimenting with podcasting as a social media platform. The collaboration includes producing six additional podcasts within three years, enhancing iHeartRadio’s extensive network of over 750 original podcasts.