Due to the coronavirus pandemic, iHeartMedia is withdrawing its financial guidance for the entire year. It was only a few short weeks ago that CEO Bob Pittman said, during an investor conference, that the coronavirus was having very little impact on the company. That was before anyone knew how bad the situation was going to get.
It’s clear the crisis is having an impact on advertising spend. For a detailed explanation on the guidance being pulled, and the $350 million the company tapped into from its revolving credit facility, read this story at our sister publication RBR+TVBR