iHeartMedia has released its third-quarter financial results, and the company reported a decline in overall revenue during the period.
During the quarter, the company shared that its total revenue was down 1.1%. It added that, when political advertising is excluded, it saw an uptick of 2.8%.
Digital Audio Group revenue rose 14% from the same period last year, up to $342 million. Specifically, podcast revenue grew 22% to $140 million, while digital revenue not including podcasts was up 8% to $202 million.
The Multiplatform Group for iHeartMedia, which encompasses its broadcast radio stations, saw a 4.6% decline in overall revenue, down $28.3 million compared to the same period of 2024.
In total, the company reported an operating loss of $116 million during July, August, and September. That’s down from a $77 million income during 2024. The company took $209 million of non-cash impairment charges pertaining to its FCC license values during the quarter.
“We’re pleased with our third quarter performance, generating Adjusted EBITDA of $205 million, slightly above the midpoint of our guidance range, and our consolidated revenue was down 1.1% compared to prior year, at the high end of our guidance, and up 2.8% excluding political revenue,” said Chairman/CEO Bob Pittman. “And we continue to take important steps in the evolution of our company – last week we announced our new relationship with Amazon Ads, which will provide advertisers using Amazon DSP access to our vast audio portfolio, and just this morning we announced our new TikTok partnership, which will bring TikTok creators into iHeart’s ecosystem.
“We are committed to exploring new ways to unlock the value of our unparalleled assets, maximizing the unique position we occupy in the evolving media landscape, and creating innovative cross-platform opportunities to bring new products and services to our consumers and our advertising partners,” he concluded.
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.
Pitchman loses 60 plus million in the quarter. Still has NEVER shown even ONE profitable quarter in 14 years since buying his job.
Only in the world of Pitchman is that considered good news