Thursday, November 5, 2015

Losses Widen For iHeartMedia

Amid falling revenues, radio and billboard giant iHeartMedia Inc. on Thursday reported a wider third-quarter loss from the same quarter a year ago.

The company reported a quarterly loss of $221.91 million, compared to a $114.85 million loss in the third quarter of 2014.

Revenues for the quarter of $1.58 billion decreased 3 percent from the year before when unfavorable foreign exchange rates are factored in, the company said.

“We continue to leverage our entire company’s expansive portfolio of products, media platforms, content and personalities to enable advertisers and partners to engage seamlessly with consumers around the world,” said Bob Pittman, Chairman and Chief Executive Officer.

“At iHeartMedia, we are building on the power of sound, social and mobile to redefine the future of consumer media and entertainment. In September, our fifth annual iHeartRadio Music Festival generated more buzz than ever with over 7 billion social media impressions, ahead of the Big Game Half Time Show for the third consecutive year and ahead of the Academy Awards. At outdoor, we continue to prove the value of outdoor to local, national and global advertisers through our industry-leading innovation and creativity.”

Key Financial Highlights

The Company’s key financial highlights for the third quarter 2015 include:
  • Consolidated revenues increased slightly, excluding the unfavorable impact from movements in foreign exchange rates. On a reported basis, consolidated revenue decreased 3% to $1.6 billion.
  • iHeartMedia revenues increased $22 million, or 3%, excluding political revenue. On a reported basis, revenues increased $16 million, or 2%.
  • Americas outdoor revenues increased $4 million, or 1%, excluding the unfavorable impact from movements in foreign exchange rates. On a reported basis, revenues decreased $3 million, or 1%.
  • International outdoor revenues increased $5 million, or 1%, excluding the unfavorable impact from movements in foreign exchange rates. On a reported basis, revenues decreased $43 million, or 11%.
  • OIBDAN1 decreased 4%, excluding the unfavorable impact from movements in foreign exchange rates and on a reported basis.

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