America’s No. 1 Radio Company Slices Its Net Loss


Thanks to its debtor-in-possession status, iHeartMedia won’t be holding a conference call with Wall Street analysts to discuss its first quarter results.

Instead, it made an SEC filing late Wednesday that paints a solid picture for a company inching closer to exiting Chapter 11.

How did iHeart do? Revenue climbed to $1.382 billion from $1.37 billion, but its overall operating income shrank to $28.26 million, from $60.85 million.

Even so, iHeart’s all-important comprehensive net loss attributable to the company improved to $115.64 million ($1.34 per diluted share), compared to $415.88 million ($4.89).

The financial statements are unaudited and also show that iHeart’s total cash as of March 31 stands at $469.59 million, compared to $430.33 at the end of 2018.

How did iHeartRadio do in particular? When looking at the “IHM” arm of iHeartMedia, one can see revenue moving to $765.8 million from $744.6 million during the quarter.

The owner of AM and FM radio stations and such entities as Media Monitors and industry blog¬†Inside Radio¬†is expected to emerge from bankruptcy within days, following the FCC’s approval of its debtor-in-possession emergence plan.