iHeartMedia on Monday said its second-quarter revenue rose 2.4% as the country’s largest radio broadcaster prepares to list on the Nasdaq this week.
The San Antonio-based company said in a filing with the Securities and Exchange Commission that revenue rose to $913 million on a preliminary basis in the quarter ended June 30 from $892 million in the prior-year period. Adjusted earnings before interest, tax, depreciation and amortization rose to $263 million from $255 million.
For full 2019, iHeartMedia said it expects total revenue growth to grow in the low single digits while adjusted Ebitda margins will be in the range of 26% and 29%.
The company said its shares are expected to trade on the Nasdaq Global Select Market on Thursday under the ticker symbol IHRT.
The company in May exited bankruptcy protection after a March 2018 filing due to the weight of the $20 billion of debt it took on after its acquisition of billboard company Clear Channel Communications in 2008.
A judge in January approved the company’s bankruptcy plan, which included cutting debt to $5.75 billion from $16 billion and the spin off of Clear Channel Outdoor Holdings (CCO), the since-renamed billboard business, which was completed in May.
No comments:
Post a Comment