Home Music Industry News Did the Name Change Impact iHeartMedia’s Revenue?

Did the Name Change Impact iHeartMedia’s Revenue?

City Of Hope Honors iHeartmedia (formerly Clear Channel) CEO Bob Pittman With Spirit Of Life Award - InsideWith the recent name change many were wondering how it would affect Clear Channel’s bottom line. Long story short, it didn’t. Now known as iHeartMedia, Inc., the company is still experiencing growth.

“This quarter we became ‘iHeartMedia’ to better reflect who we are today – the leading media and entertainment company in the digital age,” Chairman and Chief Executive Officer Bob Pittman said. “We are a one-of-a-kind multi-platform media company that delivers unparalleled reach, scale and impact while continuing to provide the most live entertainment – with more content and more events in more places on more devices – to the industry’s most engaged audiences, wherever they are. And last month, our fourth annual iHeartRadio Music Festival generated more buzz than ever with five billion social media impressions, more than double last year’s total, and on par with the Academy Awards. Our constantly expanding platform of assets enables advertisers and partners to engage seamlessly across all of our diverse media platforms – broadcast, digital, outdoor, mobile, social and events.”

“We were pleased to continue to grow overall revenues while tightly managing our expenses through operating efficiencies to generate a 9% growth in OIBDAN this quarter,” said Rich Bressler, President and Chief Financial Officer. “We delivered year-overyear increases in revenues and OIBDAN at iHeartMedia and our International Outdoor business. Our Americas Outdoor segment continues to improve after coming off of a challenging first half of the year. We also continued to build our financial flexibility with three successful debt refinancing activities during the third quarter, as well as $57.1 million in discounted repurchases of our 2016 and 2018 debt that we have completed in October, further extending our runway and enabling us to keep focusing on our operations and growth.”

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