A short 10Q filing with the SEC states that iHeartMedia expects to report consolidated revenue of approximately $1.37 billion for the first quarter of 2018. That’s up from $1.329 billion in the first quarter of 2017. Here’s the company explanation for the increase…
“The increase is primarily due to an impact from movements in foreign exchange rates of approximately $35 million, as well as revenue growth from iHeart’s international business. The company expects to report consolidated operating income of approximately $62 million for the three months ended March 31, 2018, compared to consolidated operating income of $114.1 million for the three months ended March 31, 2017. The approximately $52 million decrease is due primarily to increased direct operating expenses and selling, general and administrative expenses, and a $28.6 million gain on the exchange of the outdoor Indianapolis market for certain assets in Atlanta, Georgia, and cash recognized during the three months ended March 31, 2017.
iHeart expects to report a consolidated net loss of approximately $412 million for the first quarter of 2018, compared to $388.2 in 2017. The increase in consolidated net loss is due primarily to the decrease in the operating income and the recognition of reorganization items as a iHeart’s Chapter 11 Bankruptcy filing. That was partially offset by an income tax benefit recognized during the three months ended March 31, 2018.”
iHeart filed for Chapter 11 bankruptcy back in March and there have been far fewer court documents filed when compared to the Cumulus filing…at least up to this point.