iHeartMedia, Inc. today reported financial results for the first quarter ended March 31, 2015.
“We’re pleased with the growth we achieved this quarter, and continued to break new ground in enabling advertisers and partners to engage seamlessly across all of our diverse media platforms with the announcement of our creation of a new programmatic buying solution, which will bring the power of radio to advertisers through an automated, real-time ad buying platform,” said Bob Pittman, Chairman and Chief Executive Officer.
“We delivered strong year over year growth in both revenue and OIBDAN across the board in the first quarter,” said Rich Bressler, President, Chief Operating Officer and Chief Financial Officer. “We also continue to pursue transactions that streamline our balance sheet and maximize liquidity, as well as continually review our entire portfolio of assets to ensure we operate them in the most efficient way possible.”
First Quarter 2015 Results
- Consolidated revenues increased 4% to $1.4 billion in 2015 compared to 2014 after adjusting for a $54 million unfavorable impact from movements in foreign exchange rates. On a reported basis, consolidated revenues were slightly up.
- iHeartMedia revenues increased $28 million, or 4%, driven primarily by our traffic and weather and syndication businesses, as well as events. Revenue growth was partially offset by lower core local broadcast radio advertising revenue.
- Americas outdoor revenues increased $9 million, or 3%, after adjusting for a $4 million unfavorable impact from movements in foreign exchange rates. Growth was driven primarily by digital billboards, as well as higher revenues from our Time Square spectaculars. On a reported basis, revenues increased $5 million, or 2%.