iHeartMedia reports its third-quarter financial performance, with layoffs cutting $150 million in 2025 expenses to reduce existing debt.
Despite the fact that hundreds of staff have been laid off, iHeartMedia’s third-quarter financial statistics are excellent. The company earned $1.008 billion during the quarter, a 5.8% increase from the same time in 2023.
Revenue for the company’s Digital Audio Group increased by 13% to $301 million, with podcast revenue alone up 11%. During the quarter, the company generated $114 million in revenue from this area.
Multiplatform Group revenue fell slightly, by 1%, to $620 million. The Audio & Media Services Group industry witnessed an amazing 45% increase in revenue, earning $90 million.
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“We’re pleased to report that our third-quarter results were in line with our previously provided Adjusted EBITDA and Revenue guidance ranges,” stated iHeartMedia Chairman/CEO Bob Pittman.
“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.”
The radio company also announced a debt restructure that includes a $4.1 billion debt exchange, which is expected to delay maturities by three years.
“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,” says Rich Bressler, iHeartMedia’s president
“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.”
The company’s strong news in terms of revenue growth follows huge layoffs at iHeartMedia, which began last week. iHeartMedia is laying off nearly 5% of its workforce, or approximately 500 people.
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