Thursday, August 2, 2018

iHeartMedia Says Chapter 11 'Moving Along as Anticipated'

iHeartMedia filed its quarterly financials with the SEC this week, showing a slight hit in revenue since filing for Chapter 11 bankruptcy in March.

The San Antonio-based firm said revenue for the three months ended June 30 was $853.3 million, down 3.5 percent compared to the corresponding period in 2017. The six-month revenue tally came to $1.597 billion, down 2.7 percent from a year ago.

During an investors call to discuss Clear Channel Outdoor Holding advertising business, iHeartMedia president and COO/CFO Rich Bressler said the "Chapter 11 process is moving along as anticipated" but reiterated that during that process there would be no earnings calls for the "iHM" segment, covering broadcast media and digital services as well as syndication services and concert events.

iHM posted $228.4 million in operating income for the quarter, representing a 13 percent decrease from the same period in 2017. For the first six months, operating income was $352.3 million, down 14 percent from 2017.

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