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iHeartMedia has announced its third-quarter financial results, with the news being a positive one for the company.
During July, August, and September, the company brought in $1.008 billion. That figure represented a 5.8% increase compared to the same time period in 2023. If political revenue is excluded, the revenue increase still rests at 2%.
Revenue for the company’s Digital Audio Group rose 13% to $301 million. Podcast revenue alone at iHeartMedia was up 11%. The company brought in $114 million in revenue from that category during the three-month period.
Multiplatform Group revenue dropped slightly, down 1% to $620 million. With political revenue excluded, this group’s revenue was down 3%.
The Audio & Media Services Group sector saw dramatic growth with a 45% increase in revenue. That arm of iHeartMedia earned $90 million.
The company also announced a debt restructuring that included a $4.1 billion debt exchange. It will extend maturities by three years.
“We’re pleased to report that our third quarter results were in line with our previously provided Adjusted EBITDA and Revenue guidance ranges,” said iHeartMedia Chairman/CEO Bob Pittman. “We continue to see evidence that this is a recovery year for advertising revenues, and the strong momentum in our podcast business, our digital ex-podcast business, and the sequential improvement of our Multiplatform Group’s year-over-year revenue performance reflect the power of our unparalleled reach, consumer relationships and range of assets.”
News of the company’s revenue uptick comes on the heels of widespread layoffs being enacted by iHeartMedia. Beginning last week and continuing through this week, the company is slashing roughly 5% of its workforce in what it is calling an effort to contain “cost efficiencies”.
