CFO Rich Bressler says iHeartMedia’s core radio business was up and the company continues to outperform the entire radio industry. A big part of the increase had to do with political advertising revenue. In Q1 this year, iHeartMedia wrote $11.5 million in political advertising business. One year ago, that number was only $2.6 million and the $11.5 million represents a 40% increase over 2012, the last Presidential election cycle.
Bressler said revenue was up in iHeartMedia’s top five markets (New York, Los Angeles, Chicago, Dallas, and San Diego). He also said the company was doing a better job selling traffic and weather reports. The company is pacing up 1.7% in Q2. Bressler said, “We feel really great about our business. Our biggest growth opportunity lies in more effective monetization of our existing portfolio of assets. We’ve had great success but the most important thing is we are undermonetized and we need to continue to focus on getting better at driving revenue based on our reach and on our consumer engagement.”
On Monday, iHeart filed an 8K with the SEC that stated it had “entered into mediation with certain of the holders to try to resolve the dispute and to explore possible alternatives to the terms of the company’s existing senior secured indebtedness.” The mediation is scheduled to end on May 16, 2016, or the earlier resolution of the issues.