iHeartMedia Reports $853M in Quarterly Revenue, Says Chapter 11 'Moving Along as Anticipated'

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 iHeartRadio branding is displayed during the 2018 iHeartCountry Festival By AT&T at The Frank Erwin Center on May 5, 2018 in Austin, Texas. 

iHeartMedia, the nation's largest radio company, filed its quarterly financials with the SEC on Tuesday, showing a slight hit in revenue since filing for Chapter 11 bankruptcy in March. The San Antonio-based firm said revenue for the three months ended June 30 was $853.3 million, down 3.5 percent compared to the corresponding period in 2017. The six-month revenue tally came to $1.597 billion, down 2.7 percent from a year ago.

In an investors call to discuss the company's outdoor advertising business (Clear Channel Outdoor Holdings) on Tuesday, iHeartMedia president and COO/CFO Rich Bressler said the "Chapter 11 process is moving along as anticipated" but reiterated that during that process there would be no earnings calls for the "iHM" segment, covering broadcast media and digital services as well as syndication services and concert events.

iHM posted $228.4 million in operating income for the quarter, representing a 13 percent decrease from the same period in 2017. For the first six months, operating income was $352.3 million, down 14 percent from 2017.

iHeartMedia owns and operates 858 radio stations, plus the iHeartRadio streaming radio and music service, which claims over 100 million users, as well as major events such as the iHeartRadio Music Festival and the iHeartRadio Fiesta Latina. In mid-March iHeartMedia filed for bankruptcy after being saddled with $20 billion in debt over the years. Clear Channel Outdoor Holdings, in which iHeart owns a 90 percent stake, was not part of the bankruptcy filing.


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