The company filed an 8K that reported revenue of $913 million for April, May and June, an increase of 2.4% over the $892 million reported in the second quarter of 2018. The NASDAQ also approved iHeart which will begin trading this week.
Due to iHeart’s recent reorganization the financials were broken down into two parts: the successor period ($635 million in revenue) and predecessor period ($278 million in revenue) which combined into the $913 million for the quarter.
iHeart expects total revenue growth in the low single digits for 2019.
In the filing iHeart also reported that NASDAQ has approved its listing and the company will trade starting Friday under the ticker symbol “IHRT.”
Company executives will be meeting with investors to pitch the company highlighting iHeart as the number one media company in the United States with $3.6 billion in annual revenue, a monthly reach of 275 million people, 146 million social media followers, 130 million registered iHeartRadio users and 130 million monthly downloads and streams. iHeart has 854 radio stations and puts on over 20,000 events every year. After bankruptcy the company now has $5.9 billion in debt, down from over $20 billion
They are scamming people into crap digital and podcadtibg advertising that doesnt works.
Wow and IHeart is doing without selling major market stations for pennies on the dollar like Dumulus.
There are no similarities between iHeart and Cumulus, except that they both went thru re-organizatiin. IHeart is led by the Best-In-Class Executive and leadership team of Bob Pittman and his team. They have a clear and forward-thinking strategy, and the positive results are starting to show. Kudos to Bob Pittman for saving this company and saving thousands of jobs, and to your point for retaining and now maximizing the company’s stations.
Good points about Bob Pittman. He has forgotten more about radio than the clueless Cumulus CEO Mary Berner knows about the business.
How much growth was Spot?
Yes. iHeart is officially out of bankruptcy.
Can someone please clarify? Is iHeart officially out of bankruptcy now? If not, when is it anticipated they will be? Thanks.