SAN ANTONIO, TX — April 23, 2020 — iHeartMedia, Inc. (NASDAQ: IHRT) announced today that on Thursday, May 7th, 2020, it will issue financial results for the quarter ending March 31, 2020. The company will conduct a conference call at 4:30 p.m. (ET), following the release of its earnings announcement.

A live audio webcast of the call will be available on the Investors homepage of iHeartMedia’s website (https://investors.iheartmedia.com/) beginning at 4:30 p.m. (ET) on May 7th. The conference call can also be accessed by dialing (866) 324-3683 (domestic) or (509) 844-0959 (international) using PIN number 4998294. Please call five minutes in advance to ensure that you are connected prior to the call.

An audio replay of the call will be available beginning at 7:30 p.m. (ET) on May 7th in the Events & Presentations section of iHeartMedia’s Investors home page, and at (855) 859-2056 (domestic) or (404) 537-3406 (international) using PIN number 4998294.

The earnings release and any other information related to the call will be accessible on the Investors home page of iHeartMedia’s website. 

San Antonio - March 26, 2020 - iHeartMedia, Inc. (Nasdaq: IHRT) announced today that it is withdrawing its full-year 2020 financial guidance provided on its fourth quarter earnings call on February 27, 2020 due to heightened uncertainty related to the novel coronavirus pandemic (“COVID-19”), its impact on the operating and economic environment and related, near-term advertiser spending decisions.

“Given the ongoing uncertainty surrounding the duration and magnitude of the COVID-19 pandemic and its impact on the U.S. economy, we believe it is appropriate to withdraw our full-year 2020 guidance. While we cannot determine the full extent of COVID-19’s impact on our business at this time, we are monitoring this rapidly evolving situation closely and look forward to discussing our business in greater detail as part of our first quarter 2020 earnings results investor call,” said Bob Pittman, iHeart’s Chairman and Chief Executive Officer. “At iHeartMedia, our listeners rely on us as a trusted voice for companionship and calm and as a source for critically important information, especially during times of crisis and need, and we remain fully committed to fulfilling this mission.”

“iHeartMedia had a strong January and February before the effects of COVID-19 began to unfold into a global pandemic in early March. The challenges that COVID-19 has created for advertisers and consumers has impacted iHeart’s revenue in recent weeks, creating a less clear business outlook in the near term,” said Rich Bressler, iHeart’s President, Chief Operating Officer and Chief Financial Officer. “To maintain maximum financial flexibility during this period, we have drawn $350 million on our $450 million senior secured asset-based revolving credit facility (“ABL Facility”). We believe that the additional funds from drawing on our ABL Facility, in combination with our cash balance, provides us with a prudent level of liquidity at this time. We fully appreciate the unprecedented challenges posed by this crisis, however, we remain confident in our business, our employees and our strategy. With our experienced management team and our leadership position in the audio sector, we are committed to navigating this period while serving our audiences and other constituents.”

The company will provide an update on its first quarter earnings call.

Asset-based Revolving Credit Facility due 2023

On May 1, 2019, iHeartCommunications, Inc., a wholly-owned indirect subsidiary of iHeartMedia (“iHeartCommunications”), as borrower, entered into a Credit Agreement (the “ABL Credit Agreement”) with iHeartMedia Capital I, LLC, the direct parent of iHeartCommunications, as guarantor, certain subsidiaries of iHeartCommunications, as guarantors, Citibank, N.A., as administrative and collateral agent, and the lenders party thereto from time to time. The ABL Credit Agreement governs our ABL Facility, which has an aggregate principal amount of up to $450.0 million, with amounts available from time to time equal to the lesser of (a) the borrowing base and (B) the aggregate revolving credit commitments. As of December 31, 2019, iHeartCommunications had a facility size of $450.0 million, had no outstanding borrowings and had $48.1 million of outstanding letters of credit, resulting in $401.9 million of availability.

On March 13, 2020, iHeartCommunications drew $350.0 million principal amount under the ABL Facility as a precautionary measure to preserve iHeartCommunications’ financial flexibility in light of the current uncertainty in the global economy resulting from COVID-19. The proceeds will be available if needed to fund iHeartCommunications’ future working capital requirements or other general corporate purposes.

Forward-Looking Statements

Certain statements in this press release 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 (the “Company”), to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements about the impact of COVID-19 on our business, the economic environment and our expected financial results. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other important factors, some of which are beyond our control and are difficult to predict. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this release include, but are not limited to: impacts from COVID-19; uncertain global economic conditions; increased competition; dependence upon the performance of on-air talent, program hosts and management; fluctuations in operating costs; shifts in population and other demographics; impact of our substantial indebtedness; legislative or regulatory requirements; regulations and concerns regarding privacy and data protection; and the other risks described in “Item 1A. Risk Factors” of iHeartMedia, Inc.’s Annual Reports on Form 10-K for the year ended December 31, 2019. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. 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 of this press release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

San Antonio - April 14, 2020 - iHeartMedia, Inc. (“iHeartMedia”) (Nasdaq: IHRT) today announced certain proactive initiatives in response to the currently weak economic environment resulting from the unfolding novel coronavirus pandemic and also provided an update on the status of its business. iHeartMedia believes that the major actions announced today - in combination with the Company’s highly resilient capital structure -- will substantially expand the Company’s financial flexibility, provide sufficient liquidity to operate effectively even in an extended period of economic weakness, and position the Company for a solid growth trajectory when advertising demand returns to normal levels.

The Company’s proactive initiatives and capital structure supports include:

• Cash Balance of $647 million as of March 31, 2020
• Over 90% of iHeartMedia Debt Matures in 2026 or Later¹
• Patient Debt Terms: No Maintenance Covenants for Term Loan or Notes
• Fundamental Strengths of the Company’s Margin and Free Cash Flow Profile
• Prior Modernization Initiatives Continue: Targeting $100 million in Run-Rate Savings by 2021; expect approximately $50 million in 2020
• New Cost Actions: Targeting Further $200 million Savings in 2020
• New Capex Actions: Reducing Capex by Expected $80 million in 2020
• CARES Act Free Cash Flow Benefit: Estimating $100 million Cash Taxes Savings in 2020
• Podcasting and Digital: Strong Audience and Revenue Growth Continuing
• Political Advertising: Significant Profit and Free Cash Flow Contribution Expected in 2020

Operating Expense Savings

– In addition to the in-year expected savings of approximately $50 million related to the modernization initiatives announced in February, the Company has also initiated an additional $200 million in operating expense savings for 2020 driven by:

• Reductions in compensation for senior management and other employees
• Furloughing of certain employees that are non-essential at this time
• Suspension of new employee hiring, travel and entertainment expenses and 401(k) matching program
• Major reduction of consultant fees and other discretionary expenses

– Total direct operating expense savings in 2020 are expected to be approximately $250 million

– The Company also expects to see decreased variable sales expense and commissions associated with lower revenue

¹ The Company’s notes and term loan carry maturity dates of 2026 or later, with minimal required amortization prior to maturity, and the Company’s $450 million ABL Facility matures in 2023. Required principal payments under the ABL Facility are governed by a borrowing-base formula; the Company estimates that potential required principal payments under the ABL prior to its 2023 maturity could range from zero to modest levels, even under current conservative economic-recovery scenarios.

Capital Expenditures and Cash Taxes

– Expect capital expenditures of approximately $75 million to $95 million in 2020 - a decrease of approximately $80 million from our previously announced guidance of $155 million to $175 million, which we believe will enable the Company to make key investments in our strategic initiatives related to Smart Audio and Digital, including podcasting

– Expect an estimated $100 million reduction in cash taxes in 2020 from CARES Act

Revenue Update

– While National, Local and Network revenues have declined year-to-date, Podcasting and Digital revenue continue to show strong growth trends year-over-year

– Political advertising revenue in 2020 expected to remain consistent with prior election years; contribution weighted to the second half of 2020

“We moved quickly to respond to the economic downturn resulting from the COVID-19 pandemic in order to mitigate some of the business impact and to better position ourselves to take advantage of an eventual recovery when normalized demand returns,” said Bob Pittman, iHeart’s Chairman and Chief Executive Officer. “To provide visible and aligned leadership through this downturn, our senior management team and other employees voluntarily agreed to take meaningful reductions in compensation. We want our shareholders to know that we have taken immediate and proactive steps to weather this crisis, and we expect to emerge even stronger given our sufficient liquidity, the continued strength of consumer listening, and our diversified multiple platforms, including digital and especially podcasting. In March, our podcast listening reached an all-time high as measured by number of downloads and monthly unique visitors according to Podtrac, maintaining our position as the #1 commercial podcaster in America. Additionally, listening increased across our other digital platforms including web, Smart TV, Smart Speakers and other connected devices. As we navigate the unprecedented challenges posed by this crisis, we remain confident in our business and focused on the health and safety of our employees.”

“In addition to the previously announced $350 million draw on our $450 million senior secured asset-based revolving credit facility, which provided us with a cash balance of $647 million as of March 31, 2020, we have also identified additional operating expense savings totaling approximately $200 million over the remainder of 2020,” said Rich Bressler, iHeart’s President, Chief Operating Officer and Chief Financial Officer. “These cost savings are in addition to the approximately $50 million of operating expense savings related to the modernization initiatives that we announced in February and will bring our total operating expense savings for 2020 to approximately $250 million, partially offsetting the revenue declines resulting from the COVID-19 pandemic. We believe that iHeart's fundamentally strong cash-generation model, substantial current cash balances, incremental cash savings from the major proactive initiatives announced today, and a patient capital structure position our Company with substantial liquidity reserves and will enable us to build effectively on our audio-market leadership even in highly conservative macro-economic scenarios such as an extended, multi-year period of sustained US economic weakness. We believe this substantial financial flexibility will prove a further competitive strength for our Company should the current economic slowdown continue for a prolonged period. With our experienced management team and leadership position as the #1 audio media company in America, we are confident in our business and continue our focus on driving shareholder value.”

Operational and Financial Overview

– Year-to-date, our revenue has declined compared to last year primarily driven by a downturn in traditional broadcast radio revenues in local, national and network advertising. However, Digital revenue continues to show healthy growth, driven by our leading podcasting business.

– A sharp decline in our Sponsorships business is being driven by the postponement or cancellation of a number of our live events; however, this portion of our business is the smallest contributor to our revenue and earnings and has the lowest margin of any of our segments.

– As the business environment recovers, the Company expects the traditional promotional use of radio to be a strong benefit to us. As businesses reopen both nationally and locally, iHeart believes that it is advantaged by its unparalleled reach and the live and local trusted voices that advertisers need to get their messages out quickly.

– The Company expects the contribution of political advertising revenue in the second half of 2020 to be consistent with prior election years

– iHeart believes that it is more favorably positioned to withstand the current economic environment than its predecessor company’s audio segment was in prior recessions because:

• The Company now has diversified products and revenue streams and no longer relies almost exclusively on broadcast radio revenue and it benefits from favorable growth trends in its emerging businesses, such as podcasting, and from a move of ad dollars to audio, including podcasting.
• iHeart’s ability to provide digital-like advertising solutions for its broadcast assets using its Smart Audio data and analytics platform, as well as offering its unique programmatic trading platform for broadcast radio.
• iHeart has also built out its enhanced marketing solutions capabilities, which provide advertisers with comprehensive campaigns leveraging its multiple platforms and other opportunities beyond the more commoditized and traditional media buying, through the Company’s direct relationships with CEOs, CMOs and senior advertising agency executives.

The Company will provide a further update on its first quarter earnings call.

Forward-Looking Statements

Certain statements in this press release 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 (the “Company”), to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements about the impact of COVID-19 on our business, cost-savings opportunities, capital expenditures, the Company’s future capital resources, impacts from the CARES Act, the economic environment and our expected financial results. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other important factors, some of which are beyond our control and are difficult to predict. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this release include, but are not limited to: impacts from COVID-19; uncertain global economic conditions; increased competition; dependence upon the performance of on-air talent, program hosts and management; fluctuations in operating costs; shifts in population and other demographics; impact of our substantial indebtedness; legislative or regulatory requirements; regulations and concerns regarding privacy and data protection; and the other risks described in “Item 1A. Risk Factors” of iHeartMedia, Inc.’s Annual Reports on Form 10-K for the year ended December 31, 2019. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. 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 of this press release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

View the complete release here.

San Antonio, TX, February 27, 2020 - iHeartMedia, Inc. (Nasdaq: IHRT) today reported financial results for the quarter and year ended December 31, 2019.

“We are extremely proud of all that iHeart and its employees accomplished in 2019. After emerging from Chapter 11 in May with a healthier capital structure and listing on the Nasdaq in July, we continued to execute on our strategic plans to build our strong operating business and drive shareholder value,” said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc. “As the number one audio company in the U.S. based on reach, we look forward to expanding our unequaled multi-platform leadership position and leveraging the investments that we have made to modernize our infrastructure and become more efficient, effective and competitive. The audio environment has never been more exciting, and we look forward to leading - and capitalizing on it in 2020 and beyond.”

“Our financial performance in 2019 was underpinned by the reach and resilience of our traditional business, profitable growth in our other platforms including our Digital businesses and proactive improvement of our capital structure,” said Rich Bressler, President, Chief Operating Officer and Chief Financial Officer. “Through our innovation and thought leadership in areas like podcasting and our SmartAudio suite of targeting, analysis and attribution services for advertisers, we are at the forefront of driving the audio revolution. We will continue to work to build long-term shareholder value by maximizing our Free Cash Flow and de-leveraging our balance sheet.”

New Structure Will Enhance Company’s Leadership Position as the Number One Audio Company in America and Continue Its Successful Transformation as a Technology-Powered 21st Century Media Company

New York, NY – January 14, 2020 – As it enters the new decade, iHeartMedia today announced a new organizational structure for its Markets Group as it modernizes the company to take advantage of the significant investments it has made in technology and artificial intelligence (AI) and its unique scale and leadership position in the audio marketplace.  The new structure will enable the company to maximize the performance of each of its markets – and the company overall -- with its unique scale and multiple platforms; leadership in audio; and its expertise in consumers, monetization and data, and enhance iHeartMedia’s position as the number one audio company in America, continue its successful transformation as a technology- and data-powered 21st century media company, and accelerate the development of new platforms and services.

The company has made significant technology investments to change everything from how it sells advertising to how it utilizes data and builds new businesses like its digital platform, podcast platform and robust data platform – all of which have given it an undisputed leadership position in the audio world.  Additionally, the company’s technological advancements increase its ability to support its employees and its customers through world class systems and innovation.

iHeartMedia is the #1 audio company in America by reach, and is:

• #1 in broadcast radio;
• #1 in digital radio;
• #1 in commercial podcasting;
• #1 in social among audio players;
• #1 in radio networks;
• #1 in video among audio players, including on YouTube and Snap;
• #1 in targeting, analytics and attribution in the audio sector with its SmartAudio suite of services;
• And iHeart has built the leading brand in radio – iHeartRadio – that functions as its master brand for all of its consumer assets. 

“iHeart is the rare example of a major traditional media company that has made the successful transformation into a 21st century media company – one with unparalleled scale, reaching 91% of Americans each month with our broadcast assets alone, more than any other media company,” said Bob Pittman, Chairman and CEO of iHeartMedia.  “We are now using our considerable investments in technology to modernize our operations and infrastructure, further setting us apart from traditional media companies; improving our services to our consumers and advertising partners; and enhancing the work environment for our employees.”

 iHeartMedia Markets Group

The company will now group its markets by common needs and characteristics into three distinctly different divisions to make sharing of resources and experiences easier and more targeted.

Here is the new structure of the iHeartMedia Markets Group, which will continue to be led by Greg Ashlock, President of the iHeartMedia Markets Group:

• The Region Division:  The Region Division comprises the company’s largest markets, like New York and Los Angeles, that each reach hundreds of cities, communities and trading areas for local businesses.  The Region Division will be led by Division Presidents Kevin LeGrett and Scott Hopeck.
• The Metro Division:  The Metro Division houses markets that are large areas that still encompass multiple communities – but are not regional hubs like the company’s largest markets.  The Metro Division will be led by Division Presidents Tom McConnell, Tony Coles and Linda Byrd.
• The Community Division:  The Community Division includes markets that focus on the shared needs of one community and one trading area for most businesses and advertisers and will also group markets into areas which are geographically close and culturally similar.  The Community Division will be led by Division Presidents Shosh Abromovich, Nick Gnau and Dan Lankford. 
• Additionally, the company is creating a new Division that cuts across all Markets -- the very successful Multi-Market Partnerships (MMP) Division headed by Julie Donohue, who is elevated to President of MMP with responsibility for this business.

As part of this important step in the transformation of the company, the company’s Integrated Revenue Strategies group, led by President Hartley Adkins, will be merged into the iHeartMedia Markets Group and Adkins will become Chief Operating Officer (COO) of the Markets Group working closely with Greg Ashlock. 

Centers of Excellence

The company will also be using its new technology- and AI-enabled Centers of Excellence – which consolidate functional areas of expertise in specific locations to deliver the highest quality products and services – for every Market, enabling each to take advantage of the company’s scale and shared resources across programming, marketing, digital, podcasts, sales and sales support to provide a better experience for listeners and business partners and a more efficient process for all of its employees.  These Centers of Excellence are the result of the great strides the company has made in improving its technology backbone and the hundreds of millions of dollars in investment it has made in building out the company’s core infrastructure, in addition to strategic technology and platform acquisitions like Jelli, RadioJar and Stuff Media.

Forward-Looking Statements

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 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 goals, and changes to our organizational structure and the expected impacts of such changes, 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 most recent Annual Report 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.

San Antonio, TX, November 18, 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 January 2028 (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.

Download the complete release here.

San Antonio, TX, November 7, 2019 – iHeartMedia, Inc. (NASDAQ: IHRT) today reported financial results for the quarter ended September 30, 2019. IHRT completed the listing of its shares on the NASDAQ stock exchange (ticker: “IHRT”) on July 18, 2019.

“During the third quarter, our integrated multi-platform approach to meeting listeners wherever they are continues to drive our strong performance, and we’re seeing momentum across all of our businesses - from broadcast radio to digital, social, podcasts and live events,” said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc. This quarter, we advanced our offerings of goal-oriented marketing solutions to advertisers, expanding our addressable pool beyond radio. And we continued to strengthen our leadership position in our podcasting business, announcing multiple new partnerships and a slate of exciting new content. Looking ahead, iHeartMedia is well-positioned to continue to grow our leadership position in the audio space.”

“When iHeartMedia returned to the public equity markets, we set clear goals to increase our share of radio advertising spend, tap into TV and digital advertising revenue pools, and extend our leadership in podcasting and drive sponsorship revenue,” said Rich Bressler, President, Chief Operating Officer and Chief Financial Officer. “Our results demonstrate significant progress against these goals and we are pleased with the revenue growth we’ve seen across the board. We continue to work to build long-term shareholder value, and de-leveraging remains a key priority.”

Download the complete release here.

SAN ANTONIO - Aug. 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.

“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.”

New York, NY -- August 2, 2019—iHeartMedia, Inc. (NASDAQ: IHRT) announced today that on Thursday, August 15, 2019, it will issue financial results for the quarter ending June 30, 2019. The company will conduct a conference call at 8:30 a.m. (ET), following the release of its earnings announcement.

A live audio webcast of the call will be available on the Investors homepage of iHeartMedia’s website (https://investor.iheartmedia.com/) beginning at 8:30 a.m. (ET) on August 15th. The conference call can also be accessed by dialing (800) 230-1059 (domestic) or (612) 234-9959 (international) using PIN number 470499. Please call five minutes in advance to ensure that you are connected prior to the call.

An audio replay of the call will be available beginning at 10:30 a.m. (ET) on August 15th in the Events & Presentations section of iHeartMedia’s Investors home page, and at (800) 475-6701 (domestic) or (320) 365-3844 (international) using PIN number 470499.

The earnings release and any other information related to the call will be accessible on the Investors home page of iHeartMedia’s website.

San Antonio, TX, August 1, 2019 – iHeartMedia, Inc. (NASDAQ: IHRT) (the “Company”) announced today that its indirect, wholly-owned subsidiary, iHeartCommunications, Inc. (“iHeartCommunications”), upsized and priced an offering of $750,000,000 aggregate principal amount of 5.25% Senior Secured Notes due 2027 (the “Notes”), an upsize of $250,000,000 over the amount previously announced. The issuance and sale of the Notes is expected to be completed on August 7, 2019, subject to customary closing conditions.

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 of 1933, as amended (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.