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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iHeartMedia Debuts ‘Sunday Night Podcasts,’ Airing Top Podcasts On Broadcast Radio Stations Across The Country Every Sunday

The Series Will Feature Multiple Genres from Comedy and True Crime to History and Culture, And Kicks Off This Sunday with “The Ron Burgundy Podcast” Broadcasting on 270 iHeartMedia Stations Nationwide, Reaching Millions of New Listeners

NEW YORK –August 8, 2019 – iHeartMedia, the leading audio company in America and the No. 1 commercial podcast publisher globally according to Podtrac, announced today the premiere of its new “Sunday Night Podcasts” programming. Sunday Night Podcasts will air the most popular and highly-anticipated podcasts from the iHeartPodcast Network across multiple genres, including comedy, true crime, business, history, technology, culture and more, on hundreds of iHeartMedia broadcast stations – enabling these podcasts to reach millions of new listeners.

Sunday Night Podcasts will debut with season two, episode one of “The Ron Burgundy Podcast,” an iHeartRadio Original Podcast co-produced by iHeartMedia and Funny Or Die, this Sunday, August 11 across 270 of iHeartMedia’s broadcast stations, spanning a variety of music and spoken word radio formats including CHR, Hot AC, Country Rock, Urban, News/Talk and more.

Sunday Night Podcasts is part of iHeartMedia’s innovative “Podcast, Meet Broadcast” initiative that utilizes the company’s unparalleled consumer reach to introduce the rapidly growing podcast sector to iHeartMedia’s quarter of a billion monthly broadcast listeners. The upcoming Sunday Night Podcasts include but are not limited to:

(Broadcast times and podcasts vary by station format)

The Ron Burgundy Podcast"

Stuff You Should Know

Ridiculous History

Atlanta Monster

Stuff You Missed in History Class

TechStuff

Math & Magic: Stories from the Frontiers of Marketing

Whine Down with Jana Kramer

Hell and Gone

The Ben and Ashley I. Almost Famous Podcast

Happy Face

“We’re thrilled to bring some of the world’s best and most popular podcasts to our broadcast listeners every Sunday,” said Conal Byrne, President of the iHeartPodcast Network. “iHeartMedia reaches 91 percent of the U.S. population with just our broadcast radio stations alone, so we’re uniquely able to provide the scale critical to introducing podcasts to the millions of Americans who aren’t yet familiar with them. Research shows that more than two-thirds of the population still are not dedicated podcast listeners -- many have never even heard a podcast before -- and Sunday Night Podcasts will help introduce different audio series from a variety of genres to a whole new audience.”

iHeartMedia’s “Podcast, Meet Broadcast” strategy has shown proven results with shows like the hit true-crime podcast “Disgraceland,” which aired on more than 70 Classic Rock broadcast radio stations in March of this year and saw a massive increase in listening yielding more than double the amount of the podcast’s typical downloads in the week following the broadcast. In addition, iHeartMedia has premiered episodes of “Family Secrets” and “Monster: The Zodiac Killer” exclusively on iHeartMedia’s broadcast radio stations across the country before they were available anywhere else.

iHeartMedia first leveraged its “Podcast, Meet Broadcast” strategy in October 2017, when Mark Ramsey’s much lauded “Inside Psycho” aired as a 1-hour special on more than 70 iHeartMedia News/Talk stations across the country. In June 2018, iHeartMedia announced a first-of-its-kind agreement with actor Anna Faris and Unqualified Media to bring her hit podcast, “Anna Faris is Unqualified,” to Top 40 broadcast radio and the iHeartPodcast Network.

iHeartMedia has continued to invest heavily in podcasting, from acquiring HowStuffWorks in 2018 to producing an ongoing slate of new iHeartRadio Original shows like “The Ron Burgundy Podcast,” “Disgraceland,” “Chelsea Handler: Life will be the Death of Me,” “Noble Blood” and “Committed,” as well as fostering over a hundred shows from its on-air talent like the popular “Bobbycast” and “The Breakfast Club” radio show podcasts. These shows are distributed on all major podcast platforms, including the iHeartRadio app, which additionally distributes more than 250,000 shows.

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iHeartRadio to Launch Multiple Hit Podcasts in Native Languages Across International Markets, Further Expanding Its Global Reach

The Expansion Marks a Significant Next Step in the Rapid Growthof the Podcasting Medium

The First Wave of iHeartPodcast Content Will Include Hits Such As “Stuff You Should Know” and “Stuff You Missed In History Class” – With Thousands of New And Library Episodes Available in Spanish, Hindi, Portuguese, French, German and More – On All Major International Audio Distribution Platforms

New York, NY — Aug. 7, 2019 — iHeartMedia, the No. 1 commercial podcast publisher globally according to Podtrac, today announced it will translate and distribute a slate of its hit podcasts across the globe by first quarter 2020, marking a significant step in internationally available, regionally targeted content for the podcast industry. In the first wave, the iHeartPodcast Network will translate six hit podcasts series into the most spoken languages in the world, further extending the podcast medium across new international audiences and serving up incredible content from this exploding medium to listeners around the world, in their native language, at scale.

The first slate of translated shows include “Stuff You Should Know,” “Stuff You Missed in History Class,” “Stuff Mom Never Told You,” “Stuff To Blow Your Mind,” “BrainStuff” and “TechStuff” with many more to come. The six initial podcasts, which have more than two billion downloads to date combined, will be translated into Spanish, Hindi, Portuguese, French, German and more, and will be available on all major international audio distribution platforms.

Over the last decade, podcasting has exploded into the mainstream. Listenership in the United States alone has grown exponentially with an estimated 17 million more monthly podcast listeners in 2019 than in 2018. Additionally, younger Millennials and Gen Z are embracing podcasts, with listening up 48 percent with people aged 12-24, according to an Edison Infinite Dial 2019 study. Through these new translations, iHeartPodcasts will now be available in the native language of more than a billion people across the globe.

“Our goal as the audio leader is to deliver exceptional content to listeners anywhere and everywhere they are, in the way they’d like to hear it,” said Conal Byrne, President of the iHeartPodcast Network. “By expanding some of our most popular podcast content into new languages, we see a major opportunity to introduce podcast listening at scale to whole new audiences abroad. What has always set podcasting apart is the engagement of the audiences – the superfans. So it makes sense to engage international audiences further and to super-serve them with content in their own languages to build their relationship with the content. I’m looking forward to seeing how international audiences respond to shows like ‘Stuff You Should Know’ in their own languages – shows which have amassed unbelievable fanbases in the U.S.”

iHeartMedia has invested heavily in podcasting, from acquiring HowStuffWorks in 2018 to producing a slate of new original shows like “The Ron Burgundy Podcast,” “Disgraceland,” “Noble Blood” and “Committed,” as well as over a hundred podcasts from its on-air talent like “Bobbycast” and “The Breakfast Club.” All shows are distributed on all major podcast platforms, including the iHeartRadio app, which additionally distributes more than 250,000 shows. Making some of these podcasts available to international audiences is the next big step in cementing podcasting within the mainstream marketplace and expanding its influence globally.

iHeartRadio is America’s No. 1 commercial podcaster and the No. 1 streaming digital radio service. Its app is available on over 250 platforms and over 2,000 different connected devices — including smart speakers, digital auto dashes, tablets, wearables, smartphones, virtual assistants, televisions and gaming consoles.

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iHeartRadio Launches Its First-Ever Kid-Hosted Podcast in Partnership With Are You Kidding Socks Benefiting Stand Up To Cancer During Pediatric Cancer Awareness Month

Produced by Hispanic Radio Legend Enrique Santos and Hosted by Kid Entrepreneurs Brandon Martinez and Sebastian Martinez, The “Are You Kidding Podcast” Will Feature On Air and TV Personalities John Leguizamo, Enrique Santos, Bobby Bones, Elvis Duran and Others

NEW YORK – August 05, 2019 – iHeartMedia, the No. 1 commercial podcast publisher globally according to Podtrac, has teamed up with South Florida based charity sock company, Are You Kidding Socks and kid entrepreneurs Brandon Martinez (13 years old) and Sebastian Martinez (11 years old) to launch a new kid-hosted podcast “Are You Kidding Podcast” aimed to inspire kids to help other kids by finding creative ways to give back and benefit Stand Up To Cancer. The eight-episode series will launch Monday, August 5 and run through September, which is Pediatric Cancer Awareness Month.

 

Produced by Hispanic Radio Legend and Chairman and Chief Creative Officer of iHeartLatino Enrique Santos, “Are You Kidding Podcast” will tell the story of how the two brothers founded Are You Kidding Socks, a for-profit company that designs and sells boutique socks while raising funds and awareness for local and national charities through its philanthropic arm Are You Kidding Cares.

 

The inaugural episode of the podcast will feature Poppy, a 13-year-old who was diagnosed just five days before her 11th birthday with acute lymphoblastic leukemia and helped design the unique Stand Up To Cancer charity socks. Since 2015, the brothers have sold over 100,000 pairs of socks for cancer research and other charities and have raised nearly $200,000 for organizations such as JDRF, Autism Speaks, Make-a-Wish, American Cancer Society, Live Like Bella Foundation and others.

 

The iHeartRadio Original “Are You Kidding” podcast will also feature celebrity guests and on-air personalities including John Leguizamo, Bobby Bones and Elvis Duran who will share their own passion for giving back. Additionally, the shows will highlight inspiring kids that have benefitted from the work of Stand Up To Cancer and other organizations and how they are using their stories to impact others. Listeners will be encouraged to go to areyoukiddingsocks.com to purchase a pair of Poppy’s specially-designed Stand Up To Cancer socks to raise funds for cancer research during pediatric cancer awareness month.

 

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. Visit iHeart.com/apps to download iHeartRadio and listen to the “Are You Kidding Podcast” on your favorite device beginning August 5.

 

About Are You Kidding Socks

The AYKS brothers support like-minded charitable organizations by offering fun and colorful socks and hands-on support while inspiring others to do the same. Brandon and Sebastian have been living their passion of designing and selling their own line of kids and adult socks while educating our youth about different causes and inspiring them to want to give back.

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iHeartMedia, Inc. Announces Proposed Private Offering Of Senior Secured Notes

San Antonio, TX, August 1, 2019– iHeartMedia, Inc. (NASDAQ: IHRT) announced today that its indirect, wholly-owned subsidiary, iHeartCommunications, Inc. (“iHeartCommunications”), will offer, subject to market and customary conditions, $500,000,000 aggregate principal amount of Senior Secured Notes due 2027 (the “Notes”) in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).

The Notes will be guaranteed on a senior secured basis by iHeartCommunications’ direct parent, iHeartMedia Capital I, LLC, and the subsidiaries of iHeartCommunications that guarantee iHeartCommunications’ term loan facility. The Notes and the related guarantees will be secured, subject to permitted liens and certain other exceptions, by a first priority lien on substantially all of the assets of iHeartCommunications and the guarantors (other than accounts receivable and related assets), and by a second priority lien on accounts receivable and related assets.

iHeartCommunications intends to use the proceeds from the Notes, together with cash on hand, to prepay at par a portion of the outstanding borrowings under its term loan facility, to pay accrued and unpaid interest thereon to, but excluding, the date of prepayment, and to pay fees and expenses related to the offering of the Notes and the use of proceeds therefrom.

The Notes and related guarantees will be offered only to persons reasonably believed to be “qualified institutional buyers” in reliance on the exemption from registration pursuant to Rule 144A under the Securities Act and to persons outside of the United States in compliance with Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities and foreign securities laws.

This press release is for informational purposes only and shall not constitute an offer to sell nor the solicitation of an offer to buy the Notes or any other securities. The offering is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful. 

 

Forward-Looking Statements

This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “intend,” “expect,” “believe,” “would,” “estimate,” “continue,” or “future,” or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements.

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iHeartMedia Announces The Return Of The 2019 iHeartRadio Fiesta Latina, Celebrating The Best In Latin Music On November 2 in Miami

Event Will Feature Performances by Jennifer Lopez, Daddy Yankee, Ozuna and More, Hosted by Enrique Santos

New York, N.Y. – July 30, 2019 – iHeartMedia announced today the lineup for the 2019 iHeartRadio Fiesta Latina at AmericanAirlines Arena in Miami on Saturday, November 2, 2019. The sixth annual mega-concert will celebrate the best of artists and performers in Latin music today starring, Jennifer Lopez, Daddy Yankee and Ozuna, with more artists to follow. For the fourth straight year, the concert event will be hosted by Enrique Santos, Chairman and Chief Creative Officer of iHeartLatino and on-air personality for iHeartRadio.

The 2019 iHeartRadio Fiesta Latina will once again bring the power and unforgettable performances of the iHeartRadio Music Festival to Latin music. The star-studded event will video stream live exclusively on LiveXLive.com and broadcast live on iHeartMedia Spanish-Pop, Tropical, regional Mexican and Spanish Adult Hit radio stations nationwide on Saturday, November 2. 

"Every year we proudly host some of the most influential artists in Latin Music and this year will be no different,” said Enrique Santos, Chairman and Chief Creative Officer for iHeartLatino. “We are thrilled to welcome one of the most important young artists in Spanish Language Pop, Ozuna, as well as the acclaimed “Big Boss” of Reggaetón Daddy Yankee and the world’s hottest entertainer and icon Jennifer Lopez."

The iHeartRadio Fiesta Latina is part of iHeartMedia’s roster of incredibly successful, nationally-recognized concert events including the iHeartRadio Music Festival, iHeartRadio Music Awards, the nationwide iHeartRadio Jingle Ball Concert Tour, the iHeartCountry Festival, iHeartRadio Wango Tango, iHeartRadio ALTer Ego and iHeartRadio Podcast Awards.

Beginning Monday, September 30, iHeartMedia will launch a three-week nationwide promotion to give thousands of Latin music fans across the country the opportunity to win trips to Miami to experience the 2019 iHeartRadio Fiesta Latina. The promotion will run on all iHeartMedia Spanish-language stations as well as on iHeartRadio and on additional radio stations in key markets across the country.

Tickets go on sale to the general public on Friday, August 2 at 12:00 p.m EST via Ticketmaster.com. 

For more information, visit iHeartRadio.com/fiesta.

Artists and/or events subject to change or cancellation without notice.

 

 

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iHeartMedia to Ring the NASDAQ Stock Market Opening Bell

New York, NY – July 18, 2019 – iHeartMedia, Inc. announced that Chairman and Chief Executive Officer Bob Pittman and President, COO and CFO Rich Bressler will ring the opening bell today, July 18, to commemorate the listing of the Company’s Class A common stock on the NASDAQ Global Select Market. The stock will begin trading today under the ticker “IHRT.”

The opening bell will ring at 9:30 a.m. ET and the ceremony can be viewed live at https://new.livestream.com/nasdaq/live.

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