iHeartMedia reported third-quarter revenue of $1.03 billion, a 3.3% increase from a year earlier, as growth in podcasting and political advertising more than offset declines in its traditional broadcast and network businesses.
Excluding political advertising, revenue rose a more modest 0.9%. The company swung to operating income of $73 million from an operating loss of $116.3 million in the same period last year. Its net loss narrowed to $8.2 million from $65.8 million, while adjusted EBITDA declined to $170.5 million from $204.8 million.
The results highlighted the company’s ongoing shift toward digital platforms. Revenue in the Digital Audio Group climbed 13.8% to $388.7 million. Podcast revenue surged 24.4% to $173.7 million, driven by stronger advertiser demand, while other digital revenue rose 6.4% to $215 million. Higher content and marketing costs contributed to a 2.3% drop in the segment’s adjusted EBITDA, which fell to $127.4 million.
By contrast, the Multiplatform Group, which includes the company’s broadcast radio and network operations, saw revenue decline 4.9% to $562.4 million. Excluding political advertising, revenue in the segment was down 7%. Broadcast revenue fell 4.5% on weaker spot sales, and network revenue dropped 12%. Adjusted EBITDA for the Multiplatform Group plunged 42.9% to $68 million.
The smaller Audio & Media Services Group posted revenue of $81.6 million, up 22.6%, helped by political and digital advertising.
Chairman and CEO Bob Pittman said the continued rollout of iHeartMedia’s AudioGraph platform could improve the performance of broadcast radio by making inventory available in the ways advertisers prefer to buy it. The company expects about $400 million in programmatic revenue in 2027, including approximately $100 million in incremental revenue from broadcast radio. It also plans to begin reporting podcasting as a separate segment in 2027.
For the fourth quarter, iHeartMedia expects revenue to increase by a mid-single-digit percentage and adjusted EBITDA to range from $135 million to $185 million. For the full year, the company projects adjusted EBITDA of $550 million to $600 million and free cash flow of about $50 million.