(By Adam R Jacobson) It was another challenging month for the nation’s leading audio content creation and distribution company, as iHeartMedia saw revenue growth during the second quarter of 2024 offset by an increase in operating expenses.
This resulted in a wider net loss compared to what was seen by the company led by Bob Pittman and Rich Bressler during the three month period ending June 30, 2023.
Here’s the good news: revenue for the owner of iHeartRadio, national radio syndication group Premiere Network, and one of the biggest podcast entities in the U.S. saw its consolidated revenue grow by 1% year-over-year in Q2, to $929.09 million from $920.01 million.
While $920.22 million in impairment charges are on the books for Q2, compared to $960.57 million a year ago, direct operating expenses rose by 7.6% to $382.05 million as “selling, general and administrative expenses” — likely including receipts from Cannes Lions 2024 in France, where iHeartMedia again had a lavish presence — surged by 9.6% to $431.61 million.
Add up the numbers and the net loss attributable to iHeartMedia came in at $981.66 million, surging from $884.47 million.
Then, there are higher restructuring costs, suggesting that reports of iHeartMedia executive leaders meeting with Pacific Investment Management Company (PIMCO) to discuss new lender agreements and its 2026 payments due are indeed ongoing. Restructuring expenses rose to $27.56 million from $10.79 million in Q2.
Total debt is $5.22 billion.
MULTIPLATFORM WEAKNESS
Breaking down the numbers in detail, Broadcast Radio was off by 0.9% year-over-year to $425.49 million, from $429.15 million.
Networks revenue fell by 12.8% to $106.59 million from $122.17 million, indicative of the ongoing weakness in national advertising being felt across all broadcast media in Q2.
Sponsorship and events dollars rose to $39.12 million, from $38.21 million.
Then, there is the Podcast revenue, which increased by 8.1% to $104.52 million, from $96.71 million.
I dropped my 3 year old premium account because of I Hearts illegal arrangement with Ted Cruise. I don’t support illegal political entanglements. I’m done with I heart…
Another quarter…another HUGE financial loss.
Has ANYONE EVER held onto a CEO position as long as Pitchman has and never, not ONE time shown a quarterly profit??
What a joke.
Check his bank account. Then check yours. He doesn’t care.
I dont blame Pitchman for taking the money, but who in the world keeps giving it to a guy who is completely incompetent at his job?
Give Bob credit. The iHeart Board of Directors is stacked with his people, who will never hold him accountable.
And it’s funny… when iHeart releases quarterly reports that are good news. Pittman is all over it. He is right there in the press releases, with quotes and statements.
But anytime that the quarterly news is “bad news” like this quarter, Pittman is nowhere to be found lol.
Any investors that put money into iHeart now are suckers. They will never see their money back.
There’s NEVER been good news.
Show me ANY quarter that Pitchman has shown a profit since he took over.
I’ll wait.
BF you are right. Pittman has never made one penny of profit in 13 years for iHeart. All he has done is destroyed thousands of careers. I don’t know how he sleeps at night.
My point is, when there is “good news” in the context of bad news some quarters, he is very visible to the press. When there is no specific “good news” he is nowhere to be found.
A stacked Board of Directors. One iHeart bankruptcy already – maybe another one coming??
Yet investors keep pouring money in!!
He and Bressler are pulling off one of the biggest business cons in history!! Give them credit for that, lol.
Pittman must actually enjoy firing people and destroy their lives. Or he wouldn’t be staying on this long.
He built his own board. It’s rare that a CEO has that power.
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