Debtwire senior credit analyst Seth Crystall tells MySA.com the reason for the early look at the revenue numbers is to help convince lenders and bondholders to agree to a debt-exchange offer iHeart has been working on. The debt-exchange offer expires today for lenders and April 28 for bondholders. There have already been two extensions. The good news is the radio side of the business was up. Here’s what iHeart reported.
Consolidated revenue decreased $32.5 million, or 2.4%, during the first quarter of 2017 compared to the first quarter of 2016. Revenue growth from iHeartMedia was offset by lower revenue generated by the company’s Outdoor business. Consolidated revenue increased $20.9 million, or 1.6%, after adjusting for a $12.8 million impact from movements in foreign exchange rates and the $40.6 million impact from the sale of outdoor markets and businesses.
iHeart has not announced a date to release its Q1 earnings as of yet.
Read the iHeart SEC filing HERE