iHM 2Q Loss Widens To $278M+

San Antonio-based radio, billboard and digital giant iHeartMedia Inc.’s second-quarter loss widened to $278.89 million as the company continues a dual path of buying its debt at discounts and suing bondholders who oppose the company’s strategy.

According to mysanantonio.com, the loss was more than five times the second-quarter loss of $54.66 million last year. The loss came amid second-quarter revenues of $1.62 billion, up from second-quarter revenues of $1.59 billion last year.

Second-quarter cash flow at the struggling media company increased 0.1 percent from the same period last year.

The last year debt-ridden iHeartMedia reported a quarterly profit was 2009.

“We continue to execute on the right strategies to efficiently leverage our growing capabilities as a multi-platform, 21st-century media and entertainment company,” iHeartMedia Chairman and CEO Bob Pittman said in a statement.

Total debt at the company stood at $20.78 billion as of June 30, up slightly from $20.72 billion a year earlier.