iHeartMedia has ensured continuity at the top of its executive team. The company has extended the contracts of Chairman and CEO Bob Pittman and President/COO Rich Bressler through the end of 2029.
The media company confirmed both leaders signed amended agreements that push their terms to December 31, 2029. Unless further extended by October 1 of that year, each contract will expire at year’s end. The filings, made with the SEC, largely keep prior provisions intact. However, they include notable updates around retirement planning, aircraft usage, and post-employment restrictions.
For Pittman, 71, the amendment creates a framework for a retirement termination beginning after December 31, 2029. Under the new terms, he must provide 60 days’ notice before stepping down. At retirement, Pittman would be entitled to unpaid salary, earned bonuses—including those for 2029—and continued benefit payments. His equity awards granted at least six months before retirement would continue vesting on schedule or remain eligible if performance targets are met.
Bressler’s amendment mirrors much of Pittman’s while introducing additional provisions. His personal use of company aircraft is capped at $250,000 annually. Any excess requiring reimbursement under company and SEC standards. The new deal also strengthens his post-employment restrictions, adding an 18-month prohibition on soliciting clients, employees, or vendors.
In addition, Bressler’s “Good Reason” resignation clause was clarified. It now requires a 30-day notice period, a 15-business-day cure period, and a 10-day post-cure window to formally exit. Should he resign under those conditions, Bressler would receive two years of base salary and target bonus in installments. He would also receive along with 18 months of COBRA premium reimbursements and a prorated performance bonus. Those payments remain contingent on him signing—and not revoking—a release within 60 days of termination. His retirement clause is aligned with Pittman’s structure and entitlements.
The moves follow the company’s second round of amended agreements filed in March 2022, signaling iHeart’s intent to solidify its leadership team for the long term. With Pittman and Bressler locked in, the company maintains continuity at a pivotal moment in the audio industry.
Pittman joined then Clear Channel as Chairman of Media and Entertainment Platforms in 2010 and rose to Chairman/CEO of the company in 2013 overseeing its rebrand to iHeartMedia in 2014. Bressler has served in his role alongside Pittman since January 2013 after previously working as a Managing Director at Thomas H. Lee Partners.
Financially, iHeart posted second-quarter revenue of $937 million, a 0.5% increase year-over-year and up 1.5% when excluding political revenue. Digital audio continued to be a bright spot, growing 13.4% to $324 million, powered by a 28.5% surge in podcasting. Non-podcast digital revenue grew 4.7%.
The company’s Adjusted EBITDA was $156 million at the quarter’s conclusion, compared to $150 million in the same window in 2024.
Additionally, the company’s GAAP operating income was $35 million, compared to a GAAP operating loss of $910 million in last year’s second quarter.
Barrett Media produces daily content on the music, news, and sports media industries. To stay updated, sign up for our newsletters and get the latest information delivered straight to your inbox.
