iHeartMedia has released its fourth quarter and full 2024 financial results, which shows the company saw a 3% uptick in its overall revenue for the year.
For the full year, the company secured $3.9 billion in revenue, up 3%. However, when political revenue was excluded, iHeartMedia was flat for the year.
The company’s Digital Audio Group saw $339 million in total revenue during the fourth quarter, an increase of 7%. Podcast revenue rose 6% to $140 million for the final three months of 2024. In total for the 2024 fiscal year, that division saw a 9% increase for the year, with podcast revenue growing by 10%.
The Multiplatform Group, which includes the company’s 850 radio stations, saw its overall revenue decline by 3%. When political advertising is excluded, that figure drops to 5%.
Additionally, the company moved its Consolidated Adjusted EBITDA to $706 million, up from $697 million in the 2023 fiscal year.
“Our fourth quarter Adjusted EBITDA of $246 million was up 18.2% vs. prior year, our highest percentage increase in almost three years, and our consolidated revenues were up 4.8% compared to the prior year, demonstrating the inherent operating leverage in this business,” Chairman and CEO Bob Pittman said.
“We are pleased that we successfully completed the comprehensive exchange transaction discussed last quarter – extending the majority of our debt maturities by three years; keeping our consolidated annual cash interest expense essentially flat; and providing overall debt reduction,” added Pittman. “This provides the company with the flexibility to remain focused on creating shareholder value in 2025 and beyond.”
iHeartMedia reported a cash balance of $260 million and total available liquidity of $686 million at the conclusion of 2024.
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