The 2019 iHeartRadio Music Festival Rocked Las Vegas With An Iconic Lineup & Superstar Surprise Collaborations

The CW Network To Broadcast An Exclusive Two-Night Television Special On October 2 and October 3 from 8:00 p.m. – 10:00 p.m. EST/PST

 

NEW YORK – September 22, 2019 – After two days and dozens of legendary performances, the ninth annual iHeartRadio Music Festival hosted by Ryan Seacrest concluded on Saturday evening at T-Mobile Arena in Las Vegas with unforgettable performances by Alicia Keys, Backstreet Boys, Cage The Elephant, Camila Cabello, Chance The Rapper, Def Leppard, French Montana, Green Day, Halsey, Heart, H.E.R., Hootie & The Blowfish, Marshmello with Special Guest Kane Brown, Miley Cyrus, Mumford & Sons, Steve Aoki with special guests Darren Criss and Monsta X, Tim McGraw, Zac Brown Band and more.

The iconic weekend-long concert event included the biggest names in music across all genres on the main stage at the T-Mobile Arena in Las Vegas on the evenings of September 20 and September 21, and at the Daytime Stage at the iHeartRadio Music Festival on Saturday afternoon at the Las Vegas Festival Grounds, which featured performances by Juice WRLD, Maren Morris, Billie Eilish, Old Dominion, H.E.R., Zara Larsson, CNCO, Brett Young, FLETCHER, Monsta X, Bryce Vine, Lauv and Loud Luxury.

Throughout a summer-long on-air and online promotion, lucky iHeartMedia radio station listeners across the country were awarded a one-of-a-kind dream trip to Las Vegas to experience the 2019 iHeartRadio Music Festival at T-Mobile Arena. For fans not in attendance, iHeartRadio on-air talent hosted a live backstage broadcast featuring exclusive artist interviews and performances that aired across iHeartMedia radio stations throughout the country in more than 150 markets and on iHeartRadio. The CW Network exclusively livestreamed both nights of the festival via CWTV.com and The CW App, and will broadcast a two-night television special on Wednesday, October 2 and Thursday, October 3 from 8 p.m. – 10 p.m. EST/PST. The CW will also air an hour-long iHeartRadio Music Festival Greatest Moments on Sunday, September 29 at 8 p.m. EST/PST.

The iHeartRadio Music Festival was a dominant social media topic throughout the weekend. The official hashtag #iHeartFestival2019 was a trending topic on Twitter in the U.S. and worldwide. The Daytime Stage official hashtag #iHeartDayStage also trended in the U.S. #iHeartFestival2019 continues to trend with tweets and retweets from fans as well as artists and Festival presenters.

Highlights of the 2019 iHeartRadio Music Festival and the Daytime Stage:

  • Green Day returned to the iHeartRadio Music Festival stage seven years after they trashed their guitars at the 2012 iHeartRadio Music Festival and  kicked off the 2019 show on Friday evening. Introduced by Ryan Seacrest and Christina Aguilera, Billie Joe Armstrong and his bandmates went through a handful of their greatest hits including "Holiday," "Basket Case," "Boulevard of Broken Dreams,” and their new single, "Father of All."
  • French Montana performed a number of his fan-favorite hits, beginning his set with "Intro," before transitioning into “Work,” “Shot Caller,” “All the Way Up” and “Loyal.” Bringing the crowd to their feet, the "Choppa Choppa Down" rapper went into the second half of his set performing “Ain’t Worried About Nothin” and “Unforgettable.” French Montana closed out his set by gifting fans with a few of his classics, including “Ocho Cinco,” “Pop That” and one of his latest tracks, “No Stylist."
  • Heart rocked the packed house at the T-Mobile Arena on Friday night. The iconic band delivered powerful vocals and performed hits like "Magic Man," "What About Love” and "Crazy On You,” and wowed the crowd with green lasers during “Barracuda.” 
  • Camila Cabello took the stage and debuted her first live performances of singles “Liar” and “Shameless.” During her time on stage, Cabello was backed by a four-piece band and performed hits including "Never Be The Same" and a solo rendition of "Señorita.” Cabello brought her 20-minute set full circle by performing her breakout single, "Havana,” plus some impressive dance moves.
  • Backstreet Boys returned to Sin City after their two-year Las Vegas residency to bring fans together to celebrate the BSB renaissance. The Backstreet Boys took a break from their world tour and performed some of their biggest hits including "Everybody (Backstreet's Back)," "The One," "I Want It That Way," and "Larger Than Life." The guys also performed,  "Don't Go Breaking My Heart,” the hit lead single from their latest album, DNA.
  • Tim McGraw paid tribute to Ric Ocasek, The Cars’ late frontman who passed away last week, and Benjamin Orr, the band’s original lead singer. McGraw performed a cover of The Cars’ 1984 hit “Drive,” as well as several songs from his own discography including "All I Want Is A Life," "One of Those Nights" and "Real Good Man.”
  • Lil Nas X made a surprise appearance and brought “Old Town Road” to the iHeartRadio Music Festival as part of his two-part T-Mobile Magenta Moment. The 20-year-old rapper kicked things off with his latest single, “Panini," before pausing his set and later returning to perform "Rodeo" and his record-breaking single, “Old Town Road."
  • Fletcher proved that the rising star has officially hit music festival territory and wowed the audience during her two-song Taco Bell performance set with emotional hits “Undrunk” and “If You’re Gonna Lie.” 
  • Cage The Elephant put on an electric show for the crowd with singer Matt Shultz delivering an epic performance. The set started with smoke filling the stage and pyro going off, then Shultz took the stage wearing a large hat and an eerie mask while singing "Broken Boy.” Once he moved on to their second song, "Ain't No Rest For The Wicked," he began to remove articles of clothing, which continued throughout the performance.
  • Hootie & the Blowfish entertained the huge crowd on Friday night with hits like "Hold My Hand," "Let Her Cry," "Time" and crowd favorite "Only Wanna Be With You." The group then surprised everyone by playing the song "Hold On" from the upcoming Imperfect Circle, their first new album in 14 years. They surprised fans with their own rendition of Kool and the Gang's "Get Down On It” to end their set.
  • Halsey pulled out all the stops during her time on the iHeartRadio Music Festival stage, performing a series of her hits including "Gasoline," "Bad At Love," "Nightmare" and "Without Me." In addition, she treated fans to her first live performance of her latest single, "Graveyard.”
  • Steve Aoki along with special guests Monsta X, Backstreet Boys and Darren Criss closed out the festival Friday night with Aoki kicking off the set with hits including “Pursuit of Happiness.” After Aoki threw cakes in several fans’ faces on stage, Monsta X came out to perform their collaboration with Aoki, “Play It Cool.” Next, Darren Criss graced the stage to perform "Crash Into Me," his and Aoki’s Dave Matthews Band cover.  The Backstreet Boys returned to the stage to help Aoki close out the show and performed their Aoki collaboration, "Let It Be Me,” and nearly recreated the tear-jerking music video on stage.
  • Miley Cyrus kicked off Saturday night on an incredibly high note, beginning with her Mark Ronson collaboration, “Nothing Breaks Like A Heart,” and followed several covers from rock superstars including Led Zepplin and Pink Floyd, as well as her own emotional hits “Wrecking Ball” and new single, “Slide Away.”
  • Zac Brown Band performed music from their new album, Owl, which was just released this weekend, in addition to some fan favorites including “Homegrown” and “Colder Weather.” The country crooners also performed their new pop-influenced single, "Someone I Used To Know.” 
  • Def Leppard immediately had the audience on their feet and screaming when they took the stage. The band kicked off their epic set with "Promises," followed by their 1987 hit, “Animal” and the legendary “Pour Some Sugar On Me.”
  • H.E.R. donned her signature sunglasses and played a wide array of instruments on Saturday night. The musician sang hits including “Carried Away” and “Best Part,” while a full choir joined H.E.R. to complete the final song of her set, a mind-blowing cover of Ed Sheeran’s “Make It Rain.”
  • Alicia Keys brought her catalog of hits and threw it back to 2012, performing her mega-hit "Girl On Fire," followed by "Sleeping With A Broken Heart." She also performed her latest single, "Show Me Love," featuring Miguel, but mixed in the R&B singer’s part with Post Malone's "Congratulations." The songstress followed-up the light-hearted surprise duet with Lewis Capaldi as they sung his new single, "Someone You Loved."
  • Mumford & Sons began their set with "Guiding Light" off their latest album, Delta, followed by their hit song "The Cave." During the band’s set, they said the event boasted the "most eclectic lineup of musicians" that they "never thought [they] would be lucky enough to share a line-up with." 
  • Chance The Rapper had the crowd mesmerized as he performed hits including "No Problem," "Blessings 1," and one of his newest tracks, "Do You Remember," off his recently released debut album, The Big Day. As the rapper performed “Blessings 2,” he encouraged the crowd to sing the lyrics "are you ready for your miracle?" and directed their attention up above.
  • Marshmello and Kane Brown closed the epic show with a sentimental performance of their new collaboration, "One Thing Right.” Marshmello appeared behind the turntables to perform singles like “Wolves,” “Friends” and “Happier.”
  • T-Pain surprised the audience on Saturday night with an entertaining two-part medley of hits. As part of his T-Mobile Magenta Moment, the iconic rapper performed mega-hits from his impressive catalogue, including “Buy U A Drank” and “Bartender.”
  • The 2019 The iHeartRadio Music Festival also featured celebrity appearances from Audrina Patridge, Christina Aguilera, Dennis Quaid, Ian Ziering and Tori Spelling from Beverly Hills 90210, James Van Der Beek, Julianne Hough, Kennedy McMann and Scott Wolf from The CW's Nancy Drew, Kevin Smith, Lucy Hale, Ashleigh Murray, Jonny Beauchamp and Julia Chan of The CW’s Katy Keene, Rachel Skarsten from The CW’s Batwoman, Scott Foley, Shawn Wayans, Taye Diggs from The CW’s All American, Ashley Iaconetti, Becca Tilley, Ben Higgins, Brooks Laich, Dean Unglert, Derek Peth, Eric Winter, Gavin DeGraw, Jared Haibon, Mike Johnson, Roselyn Sanchez, Tayshia Adams, Wells Adams and more, plus host Ryan Seacrest and iHeartRadio’s on-air talent,  Big Boy, Bobby Bones, The Breakfast Club, Woody, Tanya Rad and Sisanie.

In the past nine years, the Festival has helped raise $2 million for a number of charities including the American Association for Cancer Research, Ryan Seacrest Foundation, Musicians on Call, Augie’s Quest to Cure ALS, Lalela, The Genesis Foundation for Children, Community Foundation of NW Mississippi, City of Hope, Lupus Research Alliance, Camp Southern Ground, Kristen Ann Carr Fund and many more. Additionally, the Festival plays host to a number of critically ill children and their families through its long-term partnership with the Make-a-Wish Foundation.

Proud partners of this year's event include: 100 Coconuts, Capital One®, The CW Network, JBL®, Macy's, Outback Steakhouse, Progressive® Insurance, REIGN Total Body Fuel, T-Mobile, Taco Bell® and Tic Tac and more.

The iHeartRadio Music Festival, which debuted nine years ago in celebration of the launch of the iHeartRadio digital service, has quickly become one of the most talked about music events of the year. The Festival is a live representation of the diverse music experience that fans find and enjoy through the iHeartRadio app, iHeartMedia’s free all-in-one digital music, podcasting and live streaming radio service – with more than 2 billion app downloads and more than 130 million registered users.

The iHeartRadio Music Festival is co-produced by John Sykes, President of Entertainment Enterprises and Tom Poleman, Chief Programming Officer for iHeartMedia. For more details about the iHeartRadio Music Festival visit iHeartRadio.com/festival.

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iHeartMedia, the National Alliance on Mental Illness and the Child Mind Institute Launch Joint “Let’s Talk” Campaign During Mental Health Awareness Month

Multi-Year Media Campaign To Bring Mental Illness Into The Spotlight And Fuel A Global Conversation

 

Kristen Bell, Wayne Brady, Weezer, Pete Wentz, Charlamagne Tha God, Imagine Dragons And Others Share Personal Insights In National Radio And Video Campaign

 

NEW YORK (April 30, 2019) It’s time we talk about mental health. Each year, millions of Americans face the reality of living with a mental illness, yet many don’t feel comfortable sharing their experience with others. In observance of Mental Health Awareness Month, iHeartMedia teamed up with the National Alliance on Mental Illness (NAMI) and the Child Mind Institute to kick off a multi-year campaign that will raise awareness of mental health and foster a culture within communities that supports talking about mental health issues like anxiety and depression.

“Research shows that talking about mental illness has the power to reduce stigma and to make a suffering person feel less isolated”

 

The goal of iHeartMedia’s “Let’s Talk” campaign is to weave a virtual support system through iHeartMedia’s 850 stations across the U.S. for people struggling with anxiety and depression and to let them know they are not alone, while also encouraging the general population to check in on the people in their lives by starting a conversation around mental health.

 

Beginning May 1, 2019 through 2020, iHeartMedia will air a diverse series of PSAs that will educate the public on the general state of mental illness – such as the fact that over 350 million people in the U.S. of all ages are dealing with depression – and describe the signs and symptoms associated with the most common mental health concerns. Additionally, throughout the year, iHeartMedia’s on-air personalities will have open and organic discussions about their personal struggles with mental illness and provide reminders to listeners to take care of their mental well-being and help others who may be struggling.

 

All of the radio spots drive listeners to iHeartRadio.com/TALK where they will find curated resources published by NAMI and the Child Mind Institute, guides to starting the conversation with a friend, child or healthcare provider, a symptom checker and general information on mental health.

 

“Research shows that talking about mental illness has the power to reduce stigma and to make a suffering person feel less isolated,” said Jessica King, iHeartMedia’s Vice President of Marketing and Communications. “By activating iHeartMedia’s greatest assets – our listeners, personalities, artists, airwaves and digital platforms – we hope to change the course of this global epidemic and help normalize conversations around mental illness and encourage them to happen more regularly.”

 

The campaign is also intended to reach parents and educators and to help them identify and proactively address concerns that they may be facing with the kids in their lives. During the month of May, iHeartMedia is providing an extended platform for the Child Mind Institute’s digital campaign #MyYoungerSelf which asks celebrities what they would tell the younger version of themselves about mental health. Radio stations across the country will air 30 second audio clips of artists and celebrities, including Kristen Bell, Wayne Brady, Weezer, Pete Wentz, Charlamagne Tha God, Imagine Dragons and others, sharing heartfelt words of encouragement and advice around mental health. Listeners can also expect to hear more from celebrities who will divulge their own vulnerabilities to bring awareness to mental health issues as part of the “Let’s Talk” campaign in the coming months.

 

“What I would say as a kid who hated himself and was scared of everything and hid under the bed when it was time to go to school and was different and weird is to find something you really enjoy and work hard at it and know that you are not alone and you are not always going to feel that way,” said Scott Shriner of the band Weezer. “If I had known then how I would turn out now then I could have relaxed a little bit. You are not alone.”

 

“We are thrilled to be partnering with iHeartMedia to spread the word that mental health disorders are real, common and treatable, and that asking for help is the bravest thing young people can do,” said Child Mind Institute president Harold S. Koplewicz, MD. “Years ago most people suffered in silence with mental health disorders, and people didn’t want to believe that children and adolescents could be anxious or depressed. That’s changing now, and it is a real sign of the times that an organization like iHeartMedia thinks it is important to educate its audience and build awareness.”

 

“One in 5 of us is affected by mental illness in a given year, and half of all lifetime cases of mental illness begin by age 14. Early intervention can make a big difference and can save lives. People affected by mental illness often encounter stigma, or invisible barriers to acceptance and understanding. This is something we need to change, together,” said Katrina Gay, National Director of Strategic Partnerships at NAMI. “NAMI is thrilled to partner with iHeartMedia in our fight to end the stigma of mental illness through encouraged conversation, through education, increased awareness and social action.”

 

About the Child Mind Institute

The Child Mind Institute is an independent, national nonprofit dedicated to transforming the lives of children and families struggling with mental health and learning disorders. Our teams work every day to deliver the highest standards of care, advance the science of the developing brain and empower parents, professionals and policymakers to support children when and where they need it most. Together with our supporters, we’re helping children reach their full potential in school and in life. We share all of our resources freely and do not accept any funding from the pharmaceutical industry. Visit childmind.org for more information.

 

About NAMI

The National Alliance on Mental Illness is the nation’s largest grassroots mental health organization dedicated to improving the lives of individuals and families affected by mental illness. Join the conversation at nami.org | facebook.com/nami | instagram.com/namicommunicate | twitter.com/namicommunicate #WhyCare and #NAMIcares

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Glamour and iHeartMedia Premiere 'She Makes Money Moves' Podcast

Glamour Editor-in-Chief Samantha Barry Hosts New Podcast About Women and Finances

New York, NY–– September 17, 2019 –– Samantha Barry today announced the debut of She Makes Money Moves, a new podcast from Glamour and iHeartRadio that explores the relationship women have with money. Hosted by Barry, She Makes Money Moves creates a dialogue for young women to understand and take control of their finances, an often-taboo topic, through first-person accounts from women across the country and advice from financial experts.

The 16-episode podcast features a different topic each week, from student loan debt to pyramid schemes as well as candid discussions from a variety of financially savvy guests including Farnoosh Torabi, an author, financial reporter and popular television personality; Tiffany Aliche, a self-proclaimed “Budgetnista” and powerhouse dedicated to making life-changing financial education accessible to women worldwide; and other financially-savvy women like Nicole Lapin, Shannon McLay and Stefanie O’Connell.

“There's power, especially for young women, in talking about money: how much we make, how much we spend — and how money impacts our identities and our relationships,” Barry says. “There's incredible discomfort around these topics, and here at Glamour we're committed to shedding the taboo and inviting women to join in."

“Episode one: Confessions of a Real-Life Shopaholic,” explores the life of a compulsive shopper (80% of shopaholics are women) with advice from personal finance journalist and author, Farnoosh Torabi. New episodes will drop every Tuesday and are distributed by the iHeartPodcast Network.

Follow and listen to “Episode One: Confessions of a Real-Life Shopaholic” now on iHeartRadio and everywhere podcasts are available.

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Hilton Introduces iHeartRadio to its High-Tech Connected Room Platform

New enhancement will allow Hilton guests to stream music, local radio stations and podcasts straight from their Connected Room
 

(MCLEAN, Va., September 17, 2019) — Hilton (NYSE: HLT) today announced a new integration with iHeartRadio to allow guests to stream live radio stations, thousands of music playlists and podcasts directly from their TVs through Hilton’s high-tech Connected Room guest technology platform. This marks yet another Connected Room feature that allows guests even more ways to personalize their travel experience. 

With iHeartRadio, guests who stay in Hilton Connected Rooms will be able to play exclusive audio content and have instant access to thousands of live radio stations from across the country, customized music stations based on their favorite artists, and top podcasts across all categories including travel, business, sports, entertainment, comedy and more. Travelers can use either their Hilton Honors app or the in-room remote to access the content on their guestroom TV.

“We heard our guests loud and clear when they said they wanted the ability to stream music in their guestrooms, so we’re excited to bring this to life in collaboration with iHeartRadio,” said Noelle Eder, executive vice president and chief information and digital officer for Hilton. “This addition to Connected Room is just another way we’re making travelers feel at home by giving them access to their favorite content and enjoying custom, curated playlists for any occasion or mood.”

As a special benefit to Hilton guests, iHeartRadio is free and no signup is required. Guests need only to open the app on their TV and press play.

“We are excited to join forces with Hilton, a leader in the hospitality industry, to provide a superior music experience for travelers,” said Michele Laven, president of strategic partnerships for iHeartMedia. “We look forward to helping enhance the guest’s stay by giving them the companionship of our live radio stations as well as quick and easy access to iHeartRadio’s massive catalog of music playlists, podcasts and more.”

iHeartRadio joins Netflix and SHOWTIME in Hilton’s Connected Room technology, which also allows guests to access on-demand content and also control the temperature, lights and TV from their mobile device or in-room remote.

Hilton currently has more than 3,500 Connected Rooms across 15 hotels and plans to roll out the technology to the majority of its portfolio of nearly 5,900 hotels over the coming years.

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Green Day Joins The Lineup For The 2019 iHeartRadio Music Festival

Event Will Also Feature Performances by Alicia Keys, Backstreet Boys, Cage The Elephant, Camila Cabello, Chance The Rapper, Def Leppard, French Montana, Halsey, Heart, H.E.R., Hootie & The Blowfish, Marshmello with Special Guest Kane Brown, Miley Cyrus, Mumford & Sons, Steve Aoki with special guests Darren Criss and Monsta X, Tim McGraw, Zac Brown Band and More

Hosted By Ryan Seacrest on September 20 and 21 at T-Mobile Arena in Las Vegas

New York, New York – September 12, 2019 – iHeartMedia announced today that Green Day will join the iconic lineup for the 2019 iHeartRadioMusic Festival, the annual legendary concert event on Friday, September 20 and Saturday, September 21 at Las Vegas’ hottest entertainment venue, T-Mobile Arena.

This year, the epic two-day event will be hosted by Ryan Seacrest and will feature performances by Alicia Keys, Backstreet Boys, Cage The Elephant, Camila Cabello, Chance The Rapper, Def Leppard, French Montana, Green Day, Halsey, Heart, H.E.R., Hootie & The Blowfish, Marshmello with Special Guest Kane Brown, Miley Cyrus, Mumford & Sons, Steve Aoki with special guests Darren Criss and Monsta X, Tim McGraw, Zac Brown Band and more.

Each night, the 2019 iHeartRadio Music Festival will broadcast live for fans via iHeartMedia radio stations throughout the country across more than 150 markets. The CW Network will broadcast a two-night television special on Wednesday, October 2 and Thursday, October 3 from 8 p.m. – 10 p.m. EST/PST. Leading up to the official television special, The CW will also air an hour-long iHeartRadio Music Festival Greatest Moments on Sunday, September 29 at 8 p.m. EST/PST. In addition, The CW will exclusively livestream both nights of the festival via The CW App and CWTV.com.

Tickets are on sale now to the general public via AXS.com. Tickets for the Daytime Stage are also on sale and can be purchased via Ticketmaster.com.

In addition, throughout a summer-long on-air and online promotion, iHeartMedia station listeners across the country will have the chance to win a one-of-a-kind dream trip to Las Vegas where they will join thousands of other dedicated music fans to experience the 2019 iHeartRadio Music Festival at T-Mobile Arena.

Proud partners of this year's event include: 100 Coconuts, Capital One®, The CW Network, JBL®, Macy's, Outback Steakhouse, Progressive® Insurance, REIGN Total Body Fuel, T-Mobile, Taco Bell® and Tic Tac with more to be announced.

The 2019 iHeartRadio Music Festival is co-produced by John Sykes, and Tom Poleman. For more details about the iHeartRadio Music Festival visit iHeartRadio.com/festival.

Artists and/or event are subject to change or cancellation without notice.

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iHeartMedia and MSNBC Launch New Podcast “Modern Ruhles”

Launching on the iHeartPodcast Network, MSNBC anchor Stephanie Ruhle discusses topics of masculinity, #MeToo, political correctness, privilege and more

New York, NY — September 10, 2019 — Today, iHeartMedia, the No. 1 commercial podcast publisher globally, and MSNBC will launch “Modern Ruhles,” an iHeartRadio Original podcast hosted by MSNBC anchor and NBC News correspondent Stephanie Ruhle, that addresses some of today’s most pressing issues. “Modern Ruhles,” a production of MSNBC and iHeartRadio, features conversations between Ruhle and influential guests, who help dissect the sensitive and often complex social topics that impact the state of the world today. The first of eight episodes is available now, distributed through the iHeartPodcast Network and available wherever you get your podcasts.

In every episode, special guests will join Ruhle in a candid, authentic conversation about historically divisive topics, including feminism, masculinity, #MeToo, political correctness, privilege, social media, moral leadership and forgiveness. Some of the first guests include actress and writer Amber Tamblyn, actor and comedian Terry Crews, musician Amir “Questlove” Thompson and more.

“Now, more than ever, dialogue without judgement is critical,” said Stephanie Ruhle, MSNBC anchor and NBC News correspondent. “My goal for ‘Modern Ruhles’ is to figure out how we can navigate this changing world, talk with those who disagree with us and learn something along the way.”

As an anchor for “MSNBC Live with Stephanie Ruhle” (M-F 9 a.m. ET) and “MSNBC Live with Velshi & Ruhle” (M-F 1 p.m. ET), Stephanie is acutely aware of today’s hot-button issues. She is a well-respected journalist who, since joining MSNBC, has interviewed numerous high-profile newsmakers and influential politicians and tackles important political, social and economic issues daily.

“The iHeartPodcast Network aims to connect people with content that means the most to them,” said President of the iHeartPodcast Network, Conal Byrne. “In today’s current cultural climate, having a podcast with commentary that focuses on these serious and nuanced topics is vital. With ‘Modern Ruhles,’ we’re hoping to add another unique and trusted voice to iHeartRadio’s vast podcast library.”

“MSNBC is committed to bringing its award-winning, trustworthy journalism to audiences across all platforms,” said Jonathan Wald, SVP of Programming and Development for MSNBC. “‘Modern Ruhles’ is a great opportunity to provide listeners with open and honest conversations about important topics they encounter daily.”

Visit iHeart.com/apps to download the iHeartRadio app and listen to “Modern Ruhles” on your favorite device now. “Modern Ruhles” is also available wherever you get your podcasts.

About MSNBC

MSNBC is the premier destination for breaking news and in-depth analysis through commentary and informed perspectives. Reaching more than 96 million households worldwide, MSNBC offers live news coverage, influential voices, and award-winning documentary programming – 24 hours a day, 7 days a week. MSNBC also delivers breaking news and information across a variety of platforms including www.msnbc.com, MSNBC on Sirius XM radio and TuneIn. The MSNBC App for iOS also provides access to live streaming and full episodes of select programs. Watch MSNBC anywhere: On Demand, online or across mobile and connected TVs. MSNBC is part of the NBCUniversal News Group, a division of NBCUniversal, one of the world’s leading media and entertainment companies, which is owned by Comcast Corporation. For more corporate information, visit www.nbcuniversal.com.

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The National Opioid Action Coalition (NOAC) Launches “#TalkToMe” Initiative, Uniting Public and Private Sectors With Pop Culture Influencers to Combat America’s Opioid Crisis

iHeartMedia, WPP, Fors Marsh Group, and Government leaders join music icons to tackle stigma around opioid use disorder

NEW YORK, NY, September 3, 2019 – In response to the nation’s opioid epidemic, the National Opioid Action Coalition (NOAC), formed by Fors Marsh Group (FMG), iHeartMedia and WPP, today announced the launch of #TalkToMe – a science-based public awareness initiative that unites the public and private sectors with pop culture influencers to reduce stigma as a barrier to opioid use disorder prevention, treatment and recovery.

#TalkToMe is an extension of NOAC, which works to help federal, state and private sector programs extend their reach and impact in communities affected by the opioid crisis.

While corporate initiatives, community efforts, federal and state spending and resources to combat the opioid epidemic have been on the rise, the stigma of opioid addiction remains one of the biggest obstacles to true progress in combating it.  Pervasive stereotypes – words like “addict,” “abuse,” and “drug abuser” – not only perpetuate the stigma around opioid use disorder, but can affect the type of care a person receives from their provider. Recent studies have found that stigma was among the most commonly cited barriers to substance abuse treatment.

Launched during National Recovery Month, #TalkToMe is an invitation for people to initiate a conversation with a friend or loved one about opioid misuse; for people in recovery to share their stories; and for everyone to learn how to talk about opioid use disorder. The goal is to make it easier for families, communities and workplaces to have the kind of honest, compassionate conversations that will help reduce the stigma that prevents effective treatment and lasting recovery.

The #TalkToMe platform, created by WPP agency VMLY&R, features experiential multi-media activations, including:

A #TalkToMe social media campaign encouraging people to share their stories to help eliminate the stigma around opioid use disorder.

  • iHeartMedia will air a series of #TalkToMe vignettes across its 850+ radio stations for the entire month of September, focused on the opportunity to change the narrative and tone around opioid use disorder, encouraging conversation, and inviting listeners to join the movement to break the stigma in America. The radio spots will feature on-air personalities and musicians across a variety of genres including Mötley Crüe bassist Nikki Sixx, Macklemore, Camila Cabello, Dan + Shay, Papa Roach, The Band Perry, Jason Wahler, and Wells Adams.   

 

  • Along with information and support resources, the initiative features a #TalkToMe activation toolkit that individuals, advocacy groups and corporations can use to help fight the stigma in their communities. Learn more at www.noac.org

 

  • Later this Fall, iHeartMedia will launch an original #TalkToMe podcast series that will feature insightful and inspiring discussions with diverse celebrity guests and subject matter experts.

 

  •  A #TalkToMe panel at Advertising Week NY (Tuesday, September 24 – 3:30pm) that will be moderated by Mötley Crüe bassist Nikki Sixx. The dialogue will center around the critical need for brands to support governmental efforts that combat the opioid epidemic. New data about Americans’ comfort in talking about opioid misuse will be shared.

 

  • “As the opioid epidemic continues to grow, reaching deep into many of the communities iHeartMedia serves, we are committed to using our diverse platforms and broad reach to elevate this issue – generating real action by outlining simple things our listeners and advertisers can do to begin to eliminate the stigma around this disorder,” said Alex Cameron, VP Strategic Partnerships & Government Initiatives, iHeartMedia.  “As a founding member of NOAC, we believe that information, discussion and ultimately education will reduce generalized stigma, which will lead to more effective prevention, treatment and recovery efforts for people within these communities.

Through the #TalkToMe initiative, NOAC invites leading companies across all industries to bring the weight of their brands and assets to bear in the fight against the opioid epidemic.

Sean Howard, Global Managing Director, WPP Government and Public Sector Practice, said: “The scale of the opioid epidemic is alarming, with 130 people dying from opioid overdose every day in the U.S., every company is connected to this crisis through their customers, employees, and communities they serve. We have the opportunity to make a difference in this fight, and every brand has a role to play. #TalkToMe is an invitation for companies to step up and join the fight.”

A recent study by Shatterproof found that 75 percent of all people who are impacted by substance misuse are in the workforce, and the estimated yearly economic impact of substance abuse in the workplace is over $442 billion dollars. 

Carolyn Cawley, President of the U.S. Chamber Foundation said: “Addressing a crisis of this magnitude requires everyone who has a stake to be part of the solution – especially the business community. The people who are impacted by America’s opioid epidemic are our employees, our colleagues, and our peers. Initiatives like #TalkToMe are critical to reducing stigma and fighting this unprecedented public health crisis."

#TalkToMe is a science-based initiative guided by behavioral research and social marketing best practices. Dr. Sean Marsh, CEO, FMG said: “It’s critical that we assess these kinds of efforts against what people tell us they might actually do. We find out through research what is efficacious and realistic. FMG’s work on #TalkToMe, as well as previous research we’ve conducted, indicates that on sensitive topics such as these, people will talk to friends and family members, but they need help knowing what to say, and how to say it.”

In addition to NOAC founders, iHeartMedia, WPP and FMG, current #TalkToMe advisors, partners, and supporters include:

The Global Recovery Initiatives Foundation (GRIF), a non-profit community foundation dedicated to addressing the unmet need of those in early recovery of all ages from substance use disorders. GRIF is responsible for helping craft #TalkToMe messaging and working to build the state-based infrastructure of support services for people in early recovery, in all 50 states.

Pam Cytron, GRIF’s Board Chair said: “We are thrilled to partner with NOAC on this initiative. Addiction thrives in darkness and #TalkToMe will help pull opioid use disorder out of the shadows and into the public discourse. This platform will give family and friends new ways to break the stigma, and illustrate that people can and do recover.”

Faces and Voices of Recovery, a national recovery advocacy organization, is partnering with NOAC to help mobilize the millions of Americans living in recovery to share their stories as a way to break the stigma surrounding opioid use disorder. 

Jan Brown, Board Chair, Faces and Voices of Recovery and founder and Executive Director of Spirit Works Foundation said: “Stigma and shame are major barriers in the fight to curb the opioid epidemic in America. #TalkToMe Me encourages conversations between family members, friends and co-workers. If we all join in and speak up, we can begin to break down stigma and save lives.”  

For more information, visit: https://www.noac.org  #TALKTOME

 

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iHeartMedia, Inc. Reports Results For 2019 Second Quarter

San Antonio, TX, August 15, 2019 –iHeartMedia, Inc. (NASDAQ: IHRT) today reported financial results for the quarter ended June 30, 2019.  IHRT successfully emerged from Chapter 11 on May 1, 2019 with a streamlined capital structure and completed the listing of its shares on the NASDAQ stock exchange (ticker: “IHRT”) on July 18, 2019.

Financial Highlights

Second Quarter

  • Revenue of $913.3 million, up 2.4% year-over-year
    • Excluding political revenue1, revenue increased 3.9%
    • Digital revenue increased 32.8% year-over-year 
  • Operating income of $181.6 million was up 0.2% year-over-year
  • Adjusted EBITDA1of $262.9 million, up 3.2% year-over-year
  • Adjusted EBITDA margins1improved to 28.8% from 28.6%, up 20 basis points year-over-year

 

Year-to-Date

  • Revenue of $1,709.1 million, up 2.7% year-over-year
    • Excluding political revenue1, revenue increased 3.7%
    • Digital revenue increased 30.6% year-over-year 
  • Operating income of $200.7 million was down from $243.3 million in the six months ended June 30, 2018 due to non-cash impairment charge of $91.4 million in first quarter of 2019
  • Adjusted EBITDA1of $419.9 million, up 6.4% year-over-year
  • Adjusted EBITDA margins1improved to 24.6% from 23.7%, up 90 basis points year-over-year

 

2019 Full Year Guidance

  • Reaffirming consolidated revenue growth of low single digits
  • Adjusted EBITDA margins expected to be 27-29% 
  • Expect to generate free cash flow of $250-$275 million in the second half of the year, resulting in expected cash at year-end of $375-$400 million
    • Available cash anticipated to be used primarily for debt reduction

 

1See Supplemental Disclosure Regarding Non-GAAP Financial Information.

“iHeartMedia is the number one audio company in America and the only true multi-platform audio company able to reach consumers at scale,” said Bob Pittman, Chairman and CEO of iHeartMedia, Inc. “There are two segments of the audio sector -- radio, which provides companionship and connection when people want to join the world; and the music collection segment, which people use when they want to tune out and escape the world.   As the leader in the radio, or companionship, segment of the audio sector, iHeartMedia uses its unparalleled reach and consumer connection to deliver a compelling experience for our audiences and revenue opportunities across our multiple platforms.  As we look ahead, iHeartMedia intends to increase our share of radio advertising spend, participate in TV and digital advertising revenue pools, extend our leadership in podcasting and drive sponsorship revenue.”

“We successfully emerged from Chapter 11 on May 1, 2019 and are pleased that the restructuring process resulted in a capital structure that matches our successful operating business. We now have an iHeart business that will focus exclusively on increasing our lead as the number one audio company in the U.S.  As demonstrated in our results, iHeartMedia’s increased revenue and overall positive financial performance reflects the resilience and growth of our businesses and the value of our recent investments, particularly in podcasting and data and analytics,” said Rich Bressler, President, Chief Operating Officer, and Chief Financial Officer. “We are focused on building long-term shareholder value through a combination of operational and capital structure initiatives and we are prioritizing de-leveraging in our capital allocation policies.”

Key Operational Highlights

 

Continued to outperform the broadcast radio industry

 

  • Outperformed the broadcast radio industry by over 350 basis points this year alone, according to Miller Kaplan.
  • iHeartMedia is ranked #1 in over 4 times more markets than the next largest broadcast group in its top 160 markets.  
  • iHeartMedia reaches 275 million Americans - more than the top two closest broadcast radio competitors combined.

 

Extended leadership in the fast-growing podcast segment

 

  • #1 commercial podcaster in America measured by monthly downloads and unique listeners as measured by Podtrac.
  • More than 300% growth in podcast listeners on the iHeartRadio app in the last year.
  • Expanded unique monthly podcast audience by 277% year over year - faster than any other major company. 
  • Launched new original podcasts on iHeartRadio, including “Insomniac,” hosted by Scott Benjamin, “Sleepwalkers,” hosted by Emmy and Peabody Award winner Oz Woloshyn and co-hosted by Karah Preiss, former host of The Huffington Post science show “Talk Nerdy To Me,” and “Life Will Be the Death of Me,” hosted by comedian Chelsea Handler. 

Produced events that enhance artist partnerships, provide crossover promotions for our stations and deliver unique brand building and activation opportunities to advertisers

  • Announced the lineup for the “2019 iHeartRadio Music Festival,” the annual two-day event hosted at Las Vegas’ T-Mobile Arena, which will be broadcast live via iHeartMedia radio stations across more than 150 markets and will air on a televised special on The CW Network and will be live-streamed on The CW App.
  • Hosted the “2019 iHeartRadio Wango Tango Presented by The JUVÉDERM® Collection of Dermal Fillers” at the Dignity Health Sports Park in Los Angeles, which was exclusively broadcast in a 90-minute television special on Freeform, livestreamed by LiveXLive, and aired on iHeartMedia radio stations across 100 markets.
  • Showcased Country music’s biggest superstars at the sixth annual “iHeartCountry Festival Presented by Capital One®” at the Frank Erwin Center in Austin, Texas, which was broadcasted live in over 100+ local markets and on iHeartRadio.com, as well as livestreamed exclusively on LiveXLive.

Expanded our reach through digital and social channels

  • Posted our 12thconsecutive month of year-over-year total listening hours growth, as of June 2019.
  • Finished the quarter with more than 130 million registered users on the iHeartRadio app.
  • Recorded 13 million monthly unique visitors on Snapchat and 23 million monthly unique visitors on YouTube. 

 

Consolidated Results of Operations

GAAP and Non-GAAP Measures

 

(In thousands)

Successor Company

 

 

Predecessor Company

 

Non-GAAP Combined2

 

Predecessor Company

 

 

 

Period from May 2, 2019 through June 30,

 

 

Period from April 1, 2019 through May 1,

 

Three Months Ended June 30,

 

Three Months Ended June 30,

 

%

 

2019

 

 

2019

 

2019

 

2018

 

Change

Revenue

$

635,646

 

 

 

$

277,674

 

 

$

913,320

 

 

$

891,764

 

 

2.4

%

Operating income

$

133,688

 

 

 

$

47,891

 

 

$

181,579

 

 

$

181,239

 

 

0.2

%

Net income (loss)

$

38,793

 

 

 

$

11,298,524

 

 

$

11,337,317

 

 

$

(69,899

)

 

nm

Adjusted EBITDA1

$

194,753

 

 

 

$

68,097

 

 

$

262,850

 

 

$

254,784

 

 

3.2

%

 

(In thousands)

Successor Company

 

 

Predecessor Company

 

Non-GAAP Combined2

 

Predecessor Company

 

 

 

Period from May 2, 2019 through June 30,

 

 

Period from January 1, 2019 through May 1,

 

Six Months Ended June 30,

 

Six Months Ended June 30,

 

%

 

2019

 

 

2019

 

2019

 

2018

 

Change

Revenue

$

635,646

 

 

 

$

1,073,471

 

 

$

1,709,117

 

 

$

1,664,536

 

 

2.7

%

Operating income

$

133,688

 

 

 

$

67,040

 

 

$

200,728

 

 

$

243,349

 

 

(17.5

)%

Net income (loss)

$

38,793

 

 

 

$

11,184,141

 

 

$

11,222,934

 

 

$

(486,893

)

 

nm

Adjusted EBITDA1

$

194,753

 

 

 

$

225,149

 

 

$

419,902

 

 

$

394,758

 

 

6.4

%

Certain prior period amounts have been reclassified to conform to the 2019 presentation of financial information throughout the press release.

  1. See the end of this press release for reconciliations of (i) Adjusted EBITDA to net income (loss) and (ii) revenue, excluding political advertising revenue, to revenue. See also the definition of Adjusted EBITDA and Adjusted EBITDA margin under the Supplemental Disclosure section in this release.
  2. See Supplemental Disclosure Regarding Non-GAAP Financial Information.

As of June 30, 2019, we had 145,274,997 common shares and warrants outstanding, including 56,873,782 shares of Class A Common Stock, 6,947,567 shares of Class B Common Stock and 81,453,648 special warrants. The Class B Common Stock and the special warrants are convertible on a 1:1 basis into shares of Class A Common Stock, upon satisfaction of certain conditions.

Second Quarter 2019 Results

Revenue increased $21.6 million, or 2.4%, during the second quarter of 2019 as compared to the second quarter of 2018. Revenue increased as a result of higher digital revenue which increased $22.5 million driven by growth in podcasting, primarily as a result of our acquisition of Stuff Media in October 2018, as well as other digital revenue, including live radio and other on-demand services.  Broadcast spot revenue decreased $7.8 million, primarily driven by an $8.1 million decrease in political revenue as a result of 2018 being a mid-term congressional election year, partially offset by increased programmatic buying by our national customers.  Revenue from our Network businesses, including both Premiere and Total Traffic & Weather, increased $8.9 million, and Audio and Media Services revenue decreased $2.9 million as a result of a $4.1 million decrease in political revenue.

Direct operating expenses increased $13.1 million, or 5.0%, during the second quarter of 2019 as compared to the second quarter of 2018.  Higher direct operating expenses were driven primarily by higher variable expenses, including digital royalties, content costs and production expenses from higher podcasting and digital subscription revenue.  We also incurred a $1.2 million increase as a result of the application of fresh start accounting, and a $1.2 million increase due to the impact of the adoption of the new leasing standard in the first quarter of 2019.  SG&A expenses increased $2.5 million, or 0.8%, during the second quarter of 2019 as compared to the second quarter of 2018. Higher employee costs, primarily driven by the acquisitions of Stuff Media and Jelli in the fourth quarter of 2018, were partially offset by lower commissions as a result of our revenue mix and by a $1.3 million impact as a result of the application of fresh start accounting.

Operating income increased $0.3 million, or 0.2%, during the second quarter of 2019 as compared to the second quarter of 2018.

Net income of $11.3 billion during the second quarter of 2019 was driven by a net gain of $9.5 billion recognized in relation to our emergence from bankruptcy and a $1.8 billion gain on disposal of our Outdoor business.

The Company's Adjusted EBITDA increased 3.2% to $262.9 million during the second quarter of 2019 as compared to the second quarter of 2018.

YTD 2019 Results

Revenue increased $44.6 million, or 2.7%, during the six months ended June 30, 2019 as compared to the six months ended June 30, 2018. The increase in revenue is primarily due to higher digital revenue of $39.1 million driven by growth in podcasting, primarily as a result of our acquisition of Stuff Media in October 2018, as well as other digital revenue, including live radio and other on-demand services and revenue from our Network businesses, including both Premiere and Total Traffic & Weather, which increased $15.0 million.  Broadcast spot revenue decreased $10.7 million, primarily due to a $10.9 million decrease in political revenue as a result of 2018 being a mid-term congressional election year.  Audio and Media Services revenue decreased $0.9 million due to a $5.1 million decrease in political revenue.

Direct operating expenses increased $39.2 million, or 7.8%, during the six months ended June 30, 2019 as compared to the six months ended June 30, 2018.  Higher direct operating expenses were driven primarily by higher digital royalties, content costs and compensation-related expenses from higher podcasting and digital subscription revenue, as well as higher production costs related to our events, including the iHeartRadio Music Awards. We also incurred a $2.4 million increase in lease expense due to the impact of the adoption of the new leasing standard in the first quarter of 2019.  SG&A expenses decreased $10.8 million, or 1.6%, during the six months ended June 30, 2019 as compared to the six months ended June 30, 2018.  The decrease in our SG&A expenses was due to lower trade and barter expenses, primarily resulting from timing, partially offset by higher employee costs, primarily driven by the acquisitions of Stuff Media and Jelli in the fourth quarter of 2018. 

Operating income decreased $42.6 million, or 17.5%, during the six months ended June 30, 2019 as compared to the six months ended June 30, 2018 as a result of a $91.4 million non-cash impairment charge recorded in the first quarter of 2019.

Net income of $11.2 billion in the six months ended June 30, 2019 was driven by a net gain of $9.5 billion recognized in relation to our emergence from bankruptcy and a $1.8 billion gain on disposal of our Outdoor business.

The Company's Adjusted EBITDA increased 6.4% to $419.9 million during the six months ended June 30, 2019 as compared to the six months ended June 30, 2018.

Liquidity and Financial Position

As of June 30, 2019, we had $127.2 million of cash on our balance sheet.  We made cash interest payments of $137.5 million in the six months ended June 30, 2019 compared to $206.9 million in the six months ended June 30, 2018.  For the six months ended June 30, 2019, cash provided by operating activities was $43.0 million, cash used for investing activities was $278.9 million and cash used for financing activities was $56.2 million.

Capital expenditures for the six months ended June 30, 2019 were $53.6 million compared to $27.3 million in the six months ended June 30, 2018. We estimate total capital expenditures for 2019 to be between $110 million and $120 million.

Our emergence from bankruptcy resulted in a new capital structure with significantly lower levels of long-term debt and a corresponding decrease in debt service requirements after emergence compared to historical debt levels.  Our consolidated long-term debt decreased from $20.5 billion to approximately $5.8 billion.

Our primary sources of liquidity are cash on hand, which consisted of $127.2 million as of June 30, 2019, cash flow from operations and borrowing capacity under our ABL Facility. As of June 30, 2019, we had no borrowings outstanding under the ABL Facility, a borrowing base of $450.0 million and $59.2 million of outstanding letters of credit, resulting in $390.8 million of excess availability.  We expect that our primary uses of liquidity will be to fund our working capital, make interest payments and voluntary prepayments of principal payments on our long-term debt, capital expenditures and other obligations.

Over the past ten years, we have transitioned our Audio business from a single platform radio broadcast operator to a company with multiple platforms including podcasting, networks and live events. We have also invested in numerous technologies and businesses to increase the competitiveness of our inventory with our advertisers and our audience. We believe that our ability to generate cash flow from operations from these business initiatives and borrowing capacity under our ABL Facility, taken together, will provide sufficient resources to operate our businesses, fund capital expenditures and other obligations and make principal and interest payments on our long-term debt that will ultimately de-lever our balance sheet over time.

On August 7, 2019, we completed the sale of $750.0 million in aggregate principal amount of 5.25% Senior Secured Notes due 2027 (the "Notes") in a private placement. We used the net proceeds from the Notes, together with cash on hand, to prepay at par $740.0 million of borrowings outstanding under our Term Loan Facility.  Our Term Loan Facility called for quarterly principal payments of approximately $8.75 million in addition to interest payments at LIBOR + 4.00%.  As a result of our $740 million pre-payment, no such principal payments are required for the remaining term of the Term Loan Facility - resulting in an approximately $35 million annual reduction in required debt service payments.  In addition, annual cash interest payments are expected to be approximately $7 million lower than would have been required before the refinancing transaction.

Comparison of operating performance:

(In thousands)

Successor Company

 

 

Predecessor Company

 

Non-GAAP Combined2

 

Predecessor Company

 

 

 

Period from May 2, 2019 through June 30,

 

 

Period from April 1, 2019 through May 1,

 

Three Months Ended June 30,

 

Three Months Ended June 30,

 

%

 

2019

 

 

2019

 

2019

 

2018

 

Change

Revenue

$

635,646

 

 

 

$

277,674

 

 

$

913,320

 

 

$

891,764

 

 

2.4

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Direct operating expenses (excludes depreciation and amortization)

184,291

 

 

 

92,581

 

 

276,872

 

 

263,752

 

 

5.0

%

Selling, general and administrative expenses (excludes depreciation and amortization)

227,140

 

 

 

103,552

 

 

330,692

 

 

328,200

 

 

0.8

%

Corporate expenses (excludes depreciation and amortization)

34,390

 

 

 

18,979

 

 

53,369

 

 

52,478

 

 

1.7

%

Depreciation and amortization

59,383

 

 

 

14,544

 

 

73,927

 

 

64,877

 

 

 

Impairment charges

 

 

 

 

 

 

 

 

 

 

Other operating income (expense), net

3,246

 

 

 

(127

)

 

3,119

 

 

(1,218

)

 

 

Operating income

$

133,688

 

 

 

$

47,891

 

 

$

181,579

 

 

$

181,239

 

 

 

Depreciation and amortization

59,383

 

 

 

14,544

 

 

73,927

 

 

64,877

 

 

 

Other operating expense (income), net

(3,246

)

 

 

127

 

 

(3,119

)

 

1,218

 

 

 

Non-cash compensation expense

1,889

 

 

 

5,430

 

 

7,319

 

 

6,856

 

 

 

Restructuring and reorganization expenses

3,039

 

 

 

105

 

 

3,144

 

 

594

 

 

 

Adjusted EBITDA1

194,753

 

 

 

68,097

 

 

262,850

 

 

254,784

 

 

 

 

 

(In thousands)

Successor Company

 

 

Predecessor Company

 

Non-GAAP Combined2

 

Predecessor Company

 

 

 

Period from May 2, 2019 through June 30,

 

 

Period from January 1, 2019 through May 1,

 

Six Months Ended June 30,

 

Six Months Ended June 30,

 

%

 

2019

 

 

2019

 

2019

 

2018

 

Change

Revenue

$

635,646

 

 

 

$

1,073,471

 

 

$

1,709,117

 

 

$

1,664,536

 

 

2.7

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Direct operating expenses (excludes depreciation and amortization)

184,291

 

 

 

359,696

 

 

543,987

 

 

504,818

 

 

7.8

%

Selling, general and administrative expenses (excludes depreciation and amortization)

227,140

 

 

 

436,345

 

 

663,485

 

 

674,292

 

 

(1.6

)%

Corporate expenses (excludes depreciation and amortization)

34,390

 

 

 

66,020

 

 

100,410

 

 

105,376

 

 

(4.7

)%

Depreciation and amortization

59,383

 

 

 

52,834

 

 

112,217

 

 

132,251

 

 

 

Impairment charges

 

 

 

91,382

 

 

91,382

 

 

 

 

 

Other operating income (expense), net

3,246

 

 

 

(154

)

 

3,092

 

 

(4,450

)

 

 

Operating income

$

133,688

 

 

 

$

67,040

 

 

$

200,728

 

 

$

243,349

 

 

 

Depreciation and amortization

59,383

 

 

 

52,834

 

 

112,217

 

 

132,251

 

 

 

Impairment

 

 

 

91,382

 

 

91,382

 

 

 

 

 

Other operating expense (income), net

(3,246

)

 

 

154

 

 

(3,092

)

 

4,450

 

 

 

Non-cash compensation expense

1,889

 

 

 

13,241

 

 

15,130

 

 

13,536

 

 

 

Restructuring and reorganization expenses

 

3,039

 

 

 

498

 

 

3,537

 

 

1,172

 

 

 

Adjusted EBITDA1

$

194,753

 

 

 

$

225,149

 

 

$

419,902

 

 

$

394,758

 

 

 

Certain prior period amounts have been reclassified to conform to the 2019 presentation of financial information throughout the press release.

  1. See the end of this press release for reconciliations of (i) Adjusted EBITDA to net income (loss) and (ii) revenue, excluding political advertising revenue, to revenue. See also the definition of Adjusted EBITDA under the Supplemental Disclosure section in this release.
  2. See Supplemental Disclosure Regarding Non-GAAP Financial Information.

TABLE 1 - Statements of Operations

(In thousands)

Successor Company

 

 

Predecessor Company

 

Non-GAAP Combined

 

Predecessor Company

 

Period from May 2, 2019 through June 30,

 

 

Period from April 1, 2019 through May 1,

 

Three Months Ended June 30,

 

Three Months Ended June 30,

 

2019

 

 

2019

 

2019

 

2018

Revenue

$

635,646

 

 

 

$

277,674

 

 

$

913,320

 

 

$

891,764

 

Operating expenses:

 

 

 

 

 

 

 

 

Direct operating expenses (excludes depreciation and amortization)

184,291

 

 

 

92,581

 

 

276,872

 

 

263,752

 

Selling, general and administrative expenses (excludes depreciation and amortization)

227,140

 

 

 

103,552

 

 

330,692

 

 

328,200

 

Corporate expenses (excludes depreciation and amortization)

34,390

 

 

 

18,979

 

 

53,369

 

 

52,478

 

Depreciation and amortization

59,383

 

 

 

14,544

 

 

73,927

 

 

64,877

 

Other operating income (expense), net

3,246

 

 

 

(127

)

 

3,119

 

 

(1,218

)

Operating income

133,688

 

 

 

47,891

 

 

181,579

 

 

181,239

 

Interest expense

69,711

 

 

 

(400

)

 

69,311

 

 

10,613

 

Loss on investments, net

 

 

 

 

 

 

 

9,175

 

Equity in loss of nonconsolidated affiliates

(24

)

 

 

(59

)

 

(83

)

 

(32

)

Other income (expense), net

(9,157

)

 

 

150

 

 

(9,007

)

 

(2,058

)

Reorganization items, net

 

 

 

9,497,944

 

 

9,497,944

 

 

(68,740

)

Income from continuing operations before income taxes

54,796

 

 

 

9,546,326

 

 

9,601,122

 

 

108,971

 

Income tax benefit (expense)

(16,003

)

 

 

(100,289

)

 

(116,292

)

 

(142,032

)

Income (loss) from continuing operations

38,793

 

 

 

9,446,037

 

 

9,484,830

 

 

(33,061

)

Income (loss) from discontinued operations, net of tax

 

 

 

1,854,677

 

 

1,854,677

 

 

(33,229

)

Net income (loss)

38,793

 

 

 

11,300,714

 

 

11,339,507

 

 

(66,290

)

Less amount attributable to noncontrolling interest

 

 

 

2,190

 

 

2,190

 

 

3,609

 

Net income (loss) attributable to the Company

$

38,793

 

 

 

$

11,298,524

 

 

$

11,337,317

 

 

$

(69,899

)

 

 

(In thousands)

Successor Company

 

 

Predecessor Company

 

Non-GAAP Combined

 

Predecessor Company

 

Period from May 2, 2019 through June 30,

 

 

Period from January 1, 2019 through May 1,

 

Six Months Ended June 30,

 

Six Months Ended June 30,

 

2019

 

 

2019

 

2019

 

2018

Revenue

$

635,646

 

 

 

$

1,073,471

 

 

$

1,709,117

 

 

$

1,664,536

 

Operating expenses:

 

 

 

 

 

 

 

 

Direct operating expenses (excludes depreciation and amortization)

184,291

 

 

 

359,696

 

 

543,987

 

 

504,818

 

Selling, general and administrative expenses (excludes depreciation and amortization)

227,140

 

 

 

436,345

 

 

663,485

 

 

674,292

 

Corporate expenses (excludes depreciation and amortization)

34,390

 

 

 

66,020

 

 

100,410

 

 

105,376

 

Depreciation and amortization

59,383

 

 

 

52,834

 

 

112,217

 

 

132,251

 

Impairment charges

 

 

 

91,382

 

 

91,382

 

 

 

Other operating income (expense), net

3,246

 

 

 

(154

)

 

3,092

 

 

(4,450

)

Operating income

133,688

 

 

 

67,040

 

 

200,728

 

 

243,349

 

Interest expense

69,711

 

 

 

(499

)

 

69,212

 

 

331,746

 

Loss on investments, net

 

 

 

(10,237

)

 

(10,237

)

 

9,175

 

Equity in loss of nonconsolidated affiliates

(24

)

 

 

(66

)

 

(90

)

 

(63

)

Other expense, net

(9,157

)

 

 

23

 

 

(9,134

)

 

(22,474

)

Reorganization items, net

 

 

 

9,461,826

 

 

9,461,826

 

 

(260,795

)

Income (loss) from continuing operations before income taxes

54,796

 

 

 

9,519,085

 

 

9,573,881

 

 

(362,554

)

Income tax benefit (expense)

(16,003

)

 

 

(39,095

)

 

(55,098

)

 

20,701

 

Income (loss) from continuing operations

38,793

 

 

 

9,479,990

 

 

9,518,783

 

 

(341,853

)

Loss from discontinued operations, net of tax

 

 

 

1,685,123

 

 

1,685,123

 

 

(157,477

)

Net income (loss)

38,793

 

 

 

11,165,113

 

 

11,203,906

 

 

(499,330

)

Less amount attributable to noncontrolling interest

 

 

 

(19,028

)

 

(19,028

)

 

(12,437

)

Net income (loss) attributable to the Company

$

38,793

 

 

 

$

11,184,141

 

 

$

11,222,934

 

 

$

(486,893

)

 

 

TABLE 2 - Selected Balance Sheet Information

Selected balance sheet information for June 30, 2019 and December 31, 2018:

 

Successor Company

 

 

Predecessor Company

(In millions)

June 30, 2019

 

 

December 31, 2018

Cash

$

127.2

 

 

 

$

224.0

 

Total Current Assets

1,113.7

 

 

 

2,235.0

 

Net Property, Plant and Equipment

834.2

 

 

 

502.2

 

Total Assets

10,997.8

 

 

 

12,269.5

 

Current Liabilities (excluding current portion of long-term debt)

672.2

 

 

 

1,201.5

 

Long-term Debt (including current portion of long-term debt)

5,810.5

 

 

 

46.1

 

Shareholders’ Equity (Deficit)

2,820.0

 

 

 

(11,560.3

)

Included within the Predecessor Company's Consolidated Balance Sheet as of December 31, 2018 were current assets, long-term assets, current liabilities and long-term liabilities of $1,015.8 million, $3,351.5 million, $729.8 million and $5,872.3 million, respectively, of the Company's Outdoor business classified as discontinued operations.

 

 

TABLE 3 - Total Debt

At June 30, 2019 and December 31, 2018, iHeartMedia, Inc. had total debt and cash and cash equivalents of:

(In millions)

Successor Company

 

 

Predecessor Company

 

June 30, 2019

 

 

December 31, 2018

Term Loan Facility due 2026(1)

$

3,498.2

 

 

 

$

 

Debtors-in-Possession Facility(2)

 

 

 

 

Asset-based Revolving Credit Facility due 2023(2)

 

 

 

 

6.375% Senior Secured Notes due 2026

800.0

 

 

 

 

Other Secured Subsidiary Debt

4.4

 

 

 

 

Total Secured Debt

4,302.6

 

 

 

 

 

 

 

 

 

8.375% Senior Unsecured Notes due 2027

1,450.0

 

 

 

 

Other Subsidiary Debt

57.9

 

 

 

46.1

 

Purchase accounting adjustments and original issue discount

 

 

 

 

Long-term debt fees

 

 

 

 

Liabilities subject to compromise(3)

 

 

 

15,149.5

 

Total Debt

5,810.5

 

 

 

15,195.6

 

Less:  Cash and cash equivalents

127.2

 

 

 

224.0

 

 

$

5,683.3

 

 

 

$

14,971.6

 

1On August 7, 2019, we completed the sale of $750.0 million in aggregate principal amount of 5.25% Senior Secured Notes due 2027 (the "Notes") in a private placement. We used the net proceeds from the Notes, together with cash on hand, to prepay at par $740.0 million of borrowings outstanding under our term loan facility.

2The Debtors-in-Possession Facility (the "DIP Facility"), which terminated with our emergence from the Chapter 11 Cases, provided for borrowings of up to $450.0 million. Upon the effectiveness of the Plan of Reorganization on May 1, 2019, the DIP Facility was repaid and canceled and we entered into the Asset-based Revolving Credit Facility (the "ABL Facility"). As of June 30, 2019, we had a facility size of $450.0 million under iHeartCommunications' ABL Facility, had no outstanding borrowings and had $59.2 million of outstanding letters of credit, resulting in $390.8 million of excess availability.

3In connection with our Chapter 11 Cases, the $6.3 billion outstanding under the Senior Secured Credit Facilities, the $1,999.8 million outstanding under the 9.0% Priority Guarantee Notes due 2019, the $1,750.0 million outstanding under the 9.0% Priority Guarantee Notes due 2021, the $870.5 million of 11.25% Priority Guarantee Notes due 2021, the $1,000.0 million outstanding under the 9.0% Priority Guarantee Notes due 2022, the $950.0 million outstanding under the 10.625% Priority Guarantee Notes due 2023, $6.0 million outstanding Other Secured Subsidiary Debt, the $1,781.6 million outstanding under the 14.0% Senior Notes due 2021, the $475.0 million outstanding under the Legacy Notes and $10.8 million outstanding Other Subsidiary Debt were reclassified to Liabilities subject to compromise in our Consolidated Balance Sheet during the Predecessor period.

The current portion of long-term debt was $53.4 million and $46.1 million as of June 30, 2019 and December 31, 2018, respectively.

On May 1, 2019, in accordance with the Plan of Reorganization iHeart Operations, Inc., a wholly-owned subsidiary, issued and sold 60,000 shares of Series A Perpetual Preferred Stock for net proceeds of $58.4 million.  The Series A Preferred Stock is mandatorily redeemable in ten years and is therefore classified as debt on our balance sheet, with dividends treated as interest expense.

Supplemental Disclosure Regarding Non-GAAP Financial Information

The following tables set forth the Company’s Adjusted EBITDA for the three months and six months ended June 30, 2019 and 2018. Adjusted EBITDA is defined as consolidated Operating income adjusted to exclude restructuring and reorganization expenses included within Direct operating expenses, Selling, General and Administrative expenses, (“SG&A”) and Corporate expenses and non-cash compensation expenses included within Corporate expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization; Impairment charges; and Other operating income (expense), net. Alternatively, Adjusted EBITDA is calculated as Consolidated net income (loss), adjusted to exclude Income tax (benefit) expense, Interest expense, Depreciation and amortization, Reorganization items, net, Other (income) expense, net, Loss on investments, net, Equity in earnings (loss) of nonconsolidated affiliates, Impairment charges, Other operating (income) expense, net, share-based compensation, and restructuring and reorganization expenses. Restructuring expenses primarily include severance expenses incurred in connection with cost savings initiatives and other expenses for matters management does not believe to be indicative of on-going operations. Reorganization expenses primarily include the amortization of retention bonus amounts paid or payable to certain members of management directly as a result of the Reorganization.

Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue.

The Company uses Adjusted EBITDA and Adjusted EBITDA margin, among other measures, to evaluate the Company’s operating performance.  Adjusted EBITDA is among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management.  We believe this measure is an important indicator of the Company’s operational strength and performance of its business because it provides a link between operational performance and operating income.  It is also a primary measure used by management in evaluating companies as potential acquisition targets.

The Company believes the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by the Company’s management.  The Company believes it helps improve investors’ ability to understand the Company’s operating performance and makes it easier to compare the Company’s results with other companies that have different capital structures or tax rates.  In addition, the Company believes this measure is also among the primary measures used externally by the Company’s investors, analysts and peers in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in its industry.

Since Adjusted EBITDA is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, operating income as an indicator of operating performance and may not be comparable to similarly titled measures employed by other companies. Adjusted EBITDA is not necessarily a measure of the Company’s ability to fund its cash needs.  As it excludes certain financial information compared with operating income, the most directly comparable GAAP financial measure, users of this financial information should consider the types of events and transactions which are excluded.

The Company presents revenue, excluding the effects of political revenue. Due to the cyclical nature of the electoral system and the seasonality of the related political revenue, management believes presenting revenue, excluding the effects of political revenue, provides additional information to investors about the Company’s revenue growth from period to period.

Since these non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the most directly comparable GAAP financial measures as an indicator of operating performance.

As required by the SEC rules, the Company provides reconciliations below to the most directly comparable amounts reported under GAAP, including (i) Adjusted EBITDA to net income (loss) and (ii) revenue, excluding political advertising revenue, to revenue.

Predecessor - Successor Presentation

Our financial results for the periods from April 1, 2019 through May 1, 2019, from January 1, 2019 through May 1, 2019 and for the three and six months ended June 30, 2018 are referred to as those of the “Predecessor” period. Our financial results for the period from May 2, 2019 through June 30, 2019 are referred to as those of the “Successor” period. Our results of operations as reported in our Consolidated Financial Statements for these periods are prepared in accordance with GAAP. Although GAAP requires that we report on our results for the period from April 1, 2019 through May 1, 2019, from January 1, 2019 through May 1, 2019 and the period from May 2, 2019 through June 30, 2019 separately, management views the Company’s operating results for the three and six months ended June 30, 2019 by combining the results of the applicable Predecessor and Successor periods because such presentation provides the most meaningful comparison of our results to prior periods.

The Company cannot adequately benchmark the operating results of the period from May 2, 2019 through June  30, 2019 against any of the previous periods reported in its Consolidated Financial Statements without combining it with the period from April 1, 2019 through May 1, 2019 and the period from January 1, 2019 through May 1, 2019 and does not believe that reviewing the results of this period in isolation would be useful in identifying trends in or reaching conclusions regarding the Company’s overall operating performance. Management believes that the key performance metrics such as revenue, operating income and Adjusted EBITDA for the Successor period when combined with the Predecessor period provides more meaningful comparisons to other periods and are useful in identifying current business trends. Accordingly, in addition to presenting our results of operations as reported in our Consolidated Financial Statements in accordance with GAAP, the tables and discussion included within this release also present the combined results for the three and six months ended June 30, 2019.

The combined results for the three months ended June 30, 2019, which we refer to herein as the results for the "three months ended June 30, 2019" represent the sum of the reported amounts for the Predecessor period from April 1, 2019 through May 1, 2019 and the Successor period from May 2, 2019 through June 30, 2019.  The combined results for the six months ended June 30, 2019, which we refer to herein as the results for the "six months ended June 30, 2019" represent the sum of the reported amounts for the Predecessor period from January 1, 2019 through May 1, 2019 and the Successor period from May 2, 2019 through June 30, 2019. These combined results are not considered to be prepared in accordance with GAAP and have not been prepared as pro forma results per applicable regulations. The combined operating results do not reflect the actual results we would have achieved absent our emergence from bankruptcy and may not be indicative of future results.

 

 

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

(In thousands)

Successor Company

 

 

Predecessor Company

 

Non-GAAP Combined

 

Predecessor Company

 

Period from May 2, 2019 through June 30,

 

 

Period from April 1, 2019 through May 1,

 

Three Months Ended June 30,

 

Three Months Ended June 30,

 

2019

 

 

2019

 

2019

 

2018

Net income (loss)

$

38,793

 

 

 

$

11,300,714

 

 

$

11,339,507

 

 

$

(66,290

)

(Income) loss from discontinued operations, net of tax

 

 

 

(1,854,677

)

 

(1,854,677

)

 

33,229

 

Income tax (benefit) expense

16,003

 

 

 

100,289

 

 

116,292

 

 

142,032

 

Interest expense

69,711

 

 

 

(400

)

 

69,311

 

 

10,613

 

Depreciation and amortization

59,383

 

 

 

14,544

 

 

73,927

 

 

64,877

 

EBITDA from continuing operations

$

183,890

 

 

 

$

9,560,470

 

 

$

9,744,360

 

 

$

184,461

 

Reorganization items, net

 

 

 

(9,497,944

)

 

(9,497,944

)

 

68,740

 

(Gain) loss on investments, net

 

 

 

 

 

 

 

(9,175

)

Other (income) expense, net

9,157

 

 

 

(150

)

 

9,007

 

 

2,058

 

Equity in (earnings) loss of nonconsolidated affiliates

24

 

 

 

59

 

 

83

 

 

32

 

Impairment charges

 

 

 

 

 

 

 

 

Other operating (income) expense, net

(3,246

)

 

 

127

 

 

(3,119

)

 

1,218

 

Share-based compensation

3,039

 

 

 

105

 

 

3,144

 

 

594

 

Restructuring and reorganization expenses

1,889

 

 

 

5,430

 

 

7,319

 

 

6,856

 

Adjusted EBITDA from continuing operations

$

194,753

 

 

 

$

68,097

 

 

$

262,850

 

 

$

254,784

 

 

 

(In thousands)

Successor Company

 

 

Predecessor Company

 

Non-GAAP Combined

 

Predecessor Company

 

Period from May 2, 2019 through June 30,

 

 

Period from January 1, 2019 through May 1,

 

Six Months Ended June 30,

 

Six Months Ended June 30,

 

2019

 

 

2019

 

2019

 

2018

Net income (loss)

$

38,793

 

 

 

$

11,165,113

 

 

$

11,203,906

 

 

$

(499,330

)

(Income) loss from discontinued operations, net of tax

 

 

 

(1,685,123

)

 

(1,685,123

)

 

157,477

 

Income tax (benefit) expense

16,003

 

 

 

39,095

 

 

55,098

 

 

(20,701

)

Interest expense

69,711

 

 

 

(499

)

 

69,212

 

 

331,746

 

Depreciation and amortization

59,383

 

 

 

52,834

 

 

112,217

 

 

132,251

 

EBITDA from continuing operations

$

183,890

 

 

 

$

9,571,420

 

 

$

9,755,310

 

 

$

101,443

 

Reorganization items, net

 

 

 

(9,461,826

)

 

(9,461,826

)

 

260,795

 

(Gain) loss on investments, net

 

 

 

10,237

 

 

10,237

 

 

(9,175

)

Other (income) expense, net

9,157

 

 

 

(23

)

 

9,134

 

 

22,474

 

Equity in (earnings) loss of nonconsolidated affiliates

24

 

 

 

66

 

 

90

 

 

63

 

Impairment charges

 

 

 

91,382

 

 

91,382

 

 

 

Other operating (income) expense, net

(3,246

)

 

 

154

 

 

(3,092

)

 

4,450

 

Share-based compensation

3,039

 

 

 

498

 

 

3,537

 

 

1,172

 

Restructuring and reorganization expenses

1,889

 

 

 

13,241

 

 

15,130

 

 

13,536

 

Adjusted EBITDA from continuing operations

$

194,753

 

 

 

$

225,149

 

 

$

419,902

 

 

$

394,758

 

 

 

Reconciliation of Revenue, excluding Political Advertising Revenue, to Revenue

(In thousands)

Successor Company

 

 

Predecessor Company

 

Non-GAAP Combined

 

Predecessor Company

 

 

 

Period from May 2, 2019 through June 30,

 

 

Period from April 1, 2019 through May 1,

 

Three Months Ended June 30,

 

Three Months Ended June 30,

 

%
Change

 

2019

 

 

2019

 

2019

 

2018

 

Consolidated revenue

$

635,646

 

 

 

$

277,674

 

 

$

913,320

 

 

$

891,764

 

 

2.4

%

Excluding: Political revenue

(3,196

)

 

 

(1,696

)

 

(4,892

)

 

(17,088

)

 

 

Consolidated revenue, excluding effects of political revenue

$

632,450

 

 

 

$

275,978

 

 

$

908,428

 

 

$

874,676

 

 

3.9

%

 

 

 

 

 

 

 

 

 

 

 

Audio revenue

$

596,230

 

 

 

$

260,461

 

 

$

856,691

 

 

$

831,948

 

 

3.0

%

Excluding: Political revenue

(2,669

)

 

 

(1,360

)

 

(4,029

)

 

(12,112

)

 

 

Audio revenue excluding, effects of political revenue

$

593,561

 

 

 

$

259,101

 

 

$

852,662

 

 

$

819,836

 

 

4.0

%

 

 

 

 

 

 

 

 

 

 

 

Audio & media services revenue

$

40,537

 

 

 

$

17,970

 

 

$

58,507

 

 

$

61,417

 

 

(4.7

)%

Excluding: Political revenue

(527

)

 

 

(336

)

 

(863

)

 

(4,976

)

 

 

Audio & media services revenue, excluding effects of political revenue

$

40,010

 

 

 

$

17,634

 

 

$

57,644

 

 

$

56,441

 

 

2.1

%

 

 

(In thousands)

Successor Company

 

 

Predecessor Company

 

Non-GAAP Combined

 

Predecessor Company

 

 

 

Period from May 2, 2019 through June 30,

 

 

Period from January 1, 2019 through May 1,

 

Six Months Ended June 30,

 

Six Months Ended June 30,

 

%

Change

 

2019

 

 

2019

 

2019

 

2018

 

Consolidated revenue

$

635,646

 

 

 

$

1,073,471

 

 

$

1,709,117

 

 

$

1,664,536

 

 

2.7

%

Excluding: Political revenue

(3,196

)

 

 

(4,777

)

 

(7,973

)

 

(24,084

)

 

 

Consolidated revenue, excluding effects of political revenue

$

632,450

 

 

 

$

1,068,694

 

 

$

1,701,144

 

 

$

1,640,452

 

 

3.7

%

 

 

 

 

 

 

 

 

 

 

 

Audio revenue

$

596,230

 

 

 

$

1,006,677

 

 

$

1,602,907

 

 

$

1,557,050

 

 

2.9

%

Excluding: Political revenue

(2,669

)

 

 

(3,980

)

 

(6,649

)

 

(17,558

)

 

 

Audio revenue excluding, effects of political revenue

$

593,561

 

 

 

$

1,002,697

 

 

$

1,596,258

 

 

$

1,539,492

 

 

3.7

%

 

 

 

 

 

 

 

 

 

 

 

Audio & media services revenue

$

40,537

 

 

 

$

69,362

 

 

$

109,899

 

 

$

110,759

 

 

(0.8

)%

Excluding: Political revenue

(527

)

 

 

(797

)

 

(1,324

)

 

(6,526

)

 

 

Audio & media services revenue, excluding effects of political revenue

$

40,010

 

 

 

$

68,565

 

 

$

108,575

 

 

$

104,233

 

 

4.2

%

 

 

Revenue Streams

The tables below present the comparison of our historical revenue streams for the periods presented:

(In thousands)

Successor Company

 

 

Predecessor Company

 

Non-GAAP Combined

 

Predecessor Company

 

 

 

Period from May 2, 2019 through June 30,

 

 

Period from April 1, 2019 through May 1,

 

Three Months Ended June 30,

 

Three Months Ended June 30,

 

%

 

2019

 

 

2019

 

2019

 

2018

 

Change

Broadcast Radio

$

390,540

 

 

 

$

170,632

 

 

$

561,172

 

 

$

568,968

 

 

(1.4

)%

Digital

64,238

 

 

 

26,840

 

 

91,078

 

 

68,574

 

 

32.8

%

Networks

105,426

 

 

 

50,889

 

 

156,315

 

 

146,981

 

 

6.4

%

Sponsorship and Events

31,790

 

 

 

10,617

 

 

42,407

 

 

41,256

 

 

2.8

%

Audio and Media Services

40,537

 

 

 

17,970

 

 

58,507

 

 

61,417

 

 

(4.7

)%

Other

4,236

 

 

 

1,483

 

 

5,719

 

 

6,169

 

 

(7.3

)%

Eliminations

(1,121

)

 

 

(757

)

 

(1,878

)

 

(1,601

)

 

 

  Revenue, total

$

635,646

 

 

 

$

277,674

 

 

$

913,320

 

 

$

891,764

 

 

2.4

%

 

 

(In thousands)

Successor Company

 

 

Predecessor Company

 

Non-GAAP Combined

 

Predecessor Company

 

 

 

Period from May 2, 2019 through June 30,

 

 

Period from January 1, 2019 through May 1,

 

Six Months Ended June 30,

 

Six Months Ended June 30,

 

%

 

2019

 

 

2019

 

2019

 

2018

 

Change

Broadcast Radio

$

390,540

 

 

 

$

657,864

 

 

$

1,048,404

 

 

$

1,059,111

 

 

(1.0

)%

Digital

64,238

 

 

 

102,789

 

 

167,027

 

 

127,941

 

 

30.6

%

Networks

105,426

 

 

 

189,088

 

 

294,514

 

 

279,032

 

 

5.5

%

Sponsorship and Events

31,790

 

 

 

50,330

 

 

82,120

 

 

79,148

 

 

3.8

%

Audio and Media Services

40,537

 

 

 

69,362

 

 

109,899

 

 

110,759

 

 

(0.8

)%

Other

4,236

 

 

 

6,606

 

 

10,842

 

 

11,818

 

 

(8.3

)%

Eliminations

(1,121

)

 

 

(2,568

)

 

(3,689

)

 

(3,273

)

 

 

  Revenue, total

$

635,646

 

 

 

$

1,073,471

 

 

$

1,709,117

 

 

$

1,664,536

 

 

2.7

%

 

Conference Call

iHeartMedia, Inc. will host a conference call to discuss results on August 15, 2019, at 8:30 a.m. Eastern Time. The conference call number is (800) 230-1059 (U.S. callers) and (612) 234-9959 (International callers) and the passcode for both is 470499. A live audio webcast of the conference call will also be available on the Investors homepage of iHeartMedia's website investor.iheartmedia.com. After the live conference call, a replay will be available for a period of thirty days. The replay numbers are (800) 475-6701 (U.S. callers) and (320) 365-3844 (International callers) and the passcode for both is 470799. An archive of the webcast will be available beginning 24 hours after the call for a period of thirty days.

Certain statements herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries, including iHeartMedia Capital I, LLC and iHeartCommunications, Inc., to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances, such as statements about our business plans, strategies and initiatives, our expectations about certain markets and our liquidity, are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date hereof. Various risks that could cause future results to differ from those expressed by any forward-looking statement are described in the Company’s reports filed with the U.S. Securities and Exchange Commission, including in the section entitled “Item 1A. Risk Factors” of iHeartMedia, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

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Group Nine Media Partners With iHeartMedia To Bring An Exclusive Portfolio-Wide Podcast Slate To The iHeartPodcast Network

New, Original Podcasts Created by NowThis, The Dodo, Seeker, Thrillist and JASH to be Co-Produced and Distributed Across iHeartRadio Properties

Partnership Marks Group Nine’s Company-Wide Expansion into Audio-First Storytelling

NowThis’ “Who Is?” and Thrillist’s “Re-Rank (WT)” Podcasts to Launch in Fall 2019

NEW YORK (August 13, 2019) - Group Nine Media, the no. 1 publisher on mobile, and iHeartMedia, the no. 1 commercial podcast publisher globally, today announced an exclusive slate of portfolio-wide, co-produced podcasts to join the iHeartPodcast Network. The new slate will include at least one podcast from each of Group Nine’s four brands: NowThis, The Dodo, Seeker and Thrillist, as well as one from JASH, which is part of the media company’s LA-based Studios team. The partnership will kick off with two new original podcasts from NowThis and Thrillist set to launch this fall. All podcasts will be overseen by Mickey Meyer, President of Network, and Brett Kushner, VP of New Initiatives at Group Nine and executive produced by Mangesh Hattikudur, Head of Development at the iHeartPodcast Network.

"Storytelling is at the core of any forward-looking media brand in today's industry,” said Mickey Meyer, President of Group Nine's Network. “As a distributed media company and the leader on mobile, we've always met audiences where they are and podcasting is certainly the place to be. iHeartRadio knows this better than anyone and we're excited to partner with them to extend Group Nine’s brands and creative prowess into the audio space."

“Group Nine’s brands create content that resonates extremely well with their dedicated and loyal fans,” said Conal Byrne, President of the iHeartPodcast Network. “They are pioneers in social-first publishing and have built meaningful online communities that connect with audiences. We are excited to work together with them to co-produce an amazing slate of shows and extend their brands into the burgeoning podcast space.” 

Group Nine’s brand NowThis will introduce the “Who is?” podcast, which will explore backstories of America’s most powerful people, while Thrillist will premiere the “Re-Rank (WT)” podcast, which will re-examine some of Thrillists most iconic lists. Full descriptions for the new podcasts below:

“Who is?” from NowThis

16 episodes, 30 minutes long

‘‘Who Is?’’explores the backstories of America's most powerful people from top leaders in Washington and President Trump's inner circle to the field of presidential hopefuls and major political donors. Each week, our host, NowThis correspondent, Sean Morrow, dives deep into a different political character with a complicated history and examines the power player's story and their connections to one another. “Who Is?” is already a successful multi-platform series across YouTube, Snapchat, Facebook, Twitter and IGTV, with short biography videos voiced by celebrities. As a podcast extension, “Who Is?” will dive deep into conversations with the people and experts closest to our subject of the week.

“Re-Rank (WT)” from Thrillist

20 episodes, 35-45 minutes long

Thrillist is famous for finding the best of the best in food, drink, travel, and entertainment. Hosted by Thrillist writer and producer, Wil Fulton, “Re-Rank (WT)”  takes one iconic Thrillist list and sets it up for discussion, bringing in the Thrillist writers and editors behind the pieces to detail their process, reveal how internal decisions were made, and -- in some cases -- defend their choices. In each episode, we'll explore and try to define what is the "best" in the topic at hand, debate the findings, and touch on relevant topics in the Thrillist zeitgeist.

iHeartRadio is available on more than 250 platforms and over 2,000 different connected devices — including smart speakers, digital auto dashes, tablets, wearables, smartphones, virtual assistants, televisions and gaming consoles — allowing listeners to hear their favorite music and podcasts anywhere they are. Visit iHeart.com/apps to download and follow “Who is?” and “Re-Rank (WT)” for podcast updates.

About Group Nine

Group Nine reaches more people on mobile than any publisher in the U.S. Our mission is to tell great stories that spark action and make a real difference. With nearly 45M Americans engaging with our content every day [source: Nielsen Digital Content Ratings, January 2019], Group Nine's brands are built for the platforms where young people spend the majority of their time. We reach over 70% of Americans ages 18-34 every month [source: Nielsen, December 2018]. Audiences spend nearly 3 billion minutes a month engaging with our category-defining brands - NowThis, the no. 1 most watched mobile news brand in the world; The Dodo, the no. 1 animal brand on digital; Thrillist, the most trusted digital brand in food, drink, travel & entertainment; and Seeker, the no. 1 science brand in the U.S. In 2017, Group Nine acquired Emmy nominated, Cannes Lion and Sundance Film Festival award-winning production studio, JASH.

 

 

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Ron Burgundy, the Greatest Podcast Host of All Time, Debuts Season Two of His Wildly Successful Show to the World

As Announced During His Historic Late-Night Show Appearances Thursday Evening

“The Ron Burgundy Podcast,” Co-Produced by iHeartRadio and Funny Or Die, Kicks off Season 2 Today with Guest Sen. Kamala Harris

NEW YORK– August 9, 2019 – Legendary news/podcaster Ron Burgundy and iHeartRadio, the No. 1 commercial podcast publisher globally, today launched season two of arguably the best podcast ever, “The Ron Burgundy Podcast,” as announced during his historic late-night show appearances Thursday evening. The premiere episode of season two will debut today with democratic presidential candidate Sen. Kamala Harris. “The Ron Burgundy Podcast” is an iHeartRadio Original Podcast co-produced with Funny Or Die.  

Season one of “The Ron Burgundy Podcast” has attracted a wide fan-base of Ron-obsessed followers since its initial launch in December 2018. Due to Ron’s worldly experience and immense knowledge of pop culture, his show has tackled every podcast genre imaginable in its 12 episodes and has hosted big-name pop culture personalities such as Peter DinklageRuPauland Deepak Chopra

“My podcast, quite simply, can only be described as a raging success,” said Burgundy. “I’ll admit – when I first started in this rodeo, it was my first rodeo, and I had no idea what a podcast even was. But through diligent research and persistence, I quickly climbed my way up to the top. And now, it is not my first rodeo. It is now, literally, my second rodeo. And word on the street is that I am already the best rodeo rider that has ever lived… and podcaster, too. This is a fact, folks.”

Season two of the podcast will be even more brilliant than season one. In addition to Kamala Harris, Burgundy will sit down with other cultural forces of nature including actress Brooke Shields, historian and political commentator Doris Kearns Goodwin, feminist activist Gloria Steinem and more. 

“When Ron first started trying to force us to make this podcast with him, we resisted, as it’s clear he’s an unhinged man,” said Conal Byrne, President of the iHeartPodcast Network. “However, people are actually listening. I have no idea why. Doubly baffling, and for reasons beyond my grasp, they actually want more. Seriously? We have to go through this whole thing again? Fine. Here. Season two. Whatever.”

The Ron Burgundy Podcast” is available now on iHeartRadio and everywhere else podcasts are heard. Excerpts of the podcast will also be distributed across iHeartRadio broadcast radio stations and via social media channels. Presenting sponsors of the second season of “The Ron Burgundy Podcast” include Fair, NBC and Coors Light.

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