The iHeartMedia Q2 increase of $27.2 million (3.2%) was driven by events, including the iHeartRadio Music Awards show, iHeart’s traffic and weather business, and political advertising. CFO Richard Bressler told analysts and investors Thursday he’s pleased with the results from the quarter, and iHeart continues to outperform its radio competitors, according to Miller/Kaplan.
While the company expects the majority of political revenue to come in during the 4th quarter, iHeart took in $7 million in political in Q2, compared to $5 million a year ago. Bressler admitted that political revenue has been a little slower than expected. Medical/Health Care, Food/Beverage and Restaurants/Entertainment were the top-performing categories. Revenue also increased at Premiere, specifically in the news/talk format. In Q3, iHeartMedia is pacing up 1.7%.
At the end of June, iHeart’s debt was $20.8 billion. The biggest expense in the quarter was interest expense, at $874 million.
Pittman was probably on the corporate jet (which he has carte blanche use of) when these Q2 financial numbers came out, flying off to the French Riviera to hob-knob with Elton John and drink champagne with the Monte Carlo elite. From there, it was off to Burning Man to get high with his friends whilst staying in his $50K “Man Cave Tent.” Meanwhile, back at the local clusters, they are cutting commissions and reducing the workforce. All the while, he was struggling internally with: Got to make room for Rush Limbaugh’s new contract – let’s see, We can renew the buffoon Limbaugh for millions or hire 1,500 regular employees to make iHeart “Great Again”? Ahh, let’s renew Rush.
Wait a minute though! Iheart/Clear Channel is run by Radio’s Man of the Year, Bob Pittman! Forget about the fact that in 8 years with Pittman as the boss, Clear Channel hasn’t made one dime in profit and has lost billions of dollars, and Pittman has laid off hundreds of employees while he dumbed down many of the stations with voice tracking. None of that matters apparently. ..he’s Radio’s Man of the Year!!…UNBELIEVABLE. …In most other industries, Pittman would have been held accountable, and fired a long time ago. Must be nice to have the Board of Directors in your pocket.
Is this an Onion article? How do you LOSE over a quarter BILLION dollars and say “we are pleased”? Is iHeart now in the weed-growing business, and smoking too much of the product?
Is there anything else iHeart can do to KILL this industry any quicker?
loses $279 million… “pleased with results”. Something is rotten in the state of Radio.