San Antonio, Texas - February 23, 2017 — iHeartMedia, Inc. (PINK: IHRT) today reported financial results for the fourth quarter and year ended December 31, 2016.
“We continue to take major steps to transform our iHeartMedia and outdoor businesses into a leading multi-platform, 21st-century media and entertainment company,” said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc. “We are successfully building out new products and services for advertising partners to capitalize on our unique strength with the consumer - such as extending iHeartRadio with new on demand services and to in-home connectivity devices, including Amazon's Alexa and Google Home. In firsts for both industries, iHeartMedia and outdoor are building out their data-rich analytics capabilities and programmatic ad-buying solutions to do business in the same way that the entire advertising industry is heading. At outdoor, we continue to win new contracts while expanding our digital networks for even more innovative campaigns.”
Rich Bressler, President, Chief Operating Officer and Chief Financial Officer, said: “We delivered growth in our consolidated revenues, operating income and OIBDAN in both the fourth quarter and full year 2016. At the iHeartMedia segment, fourth quarter revenue growth marked the fifteenth consecutive quarter of year-over-year increases in revenues, evidence of our company's successful transformation. Throughout the year, both our iHeartMedia and outdoor businesses benefited from the investments we are making to develop and deliver new products, while maintaining our tight operating and financial discipline.”