iHeartMedia Inc. lost $174 million in the second quarter as the radio, billboard and digital giant edged closer to bankruptcy under more than $20 billion in debt.
The San Antonio-based company’s second-quarter loss narrowed from a loss of $278.9 million during the same three months last year, the company said in releasing its earnings results Thursday.
Revenue dropped to $1.59 billion in the second quarter, from $1.62 billion a year ago, a 1 percent decline.
“We continue to build out our unique digital capabilities as a true multi-platform, 21st-century media company fueled by our unique data, with iHeartMedia's unparalleled U.S. reach and the extensive global footprint of our Outdoor businesses,” said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc. “At our iHeartMedia segment, for example, we are expanding our SmartAudio suite of advertising products to create Smart A/V Audiences, which combines data from both iHeartMedia and Fox Networks Group to transform how our advertising partners reach their target audiences. And Americas outdoor and International outdoor are maximizing the value of our expanding digital inventory with innovative data analytics and automated ad-buying offerings.”
Rich Bressler, President, Chief Operating Officer and Chief Financial Officer said: “In the second quarter, our consolidated revenues declined, while operating income increased. However, adjusting for the impact of certain businesses we sold in 2016 and foreign exchange, consolidated revenues grew, with increases at our iHeartMedia and International outdoor segments. To date, the iHeartMedia segment has delivered seventeen consecutive quarters of year-over-year revenue growth. We remain committed to balancing financial discipline with investments to grow our businesses while continuing to work on our capital structure.”
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