COVID-19 Pandemic Erases iHeart’s 2020 Outlook, Draws Millions


What a difference a month makes for iHeartMedia. On February 26, with the release of its Q4 and full-year 2019 financial results, the nation’s biggest owner of radio stations projected its 2020 free cash flow and leverage goal.

Noting the company’s “transformative” 2019, which included emerging from bankruptcy, Chairman/CEO Bob Pittman declared, “We’re looking forward to an even more successful 2020.”

Now, Pittman and iHeart have effectively retracted that statement, thanks to the coronavirus pandemic.

The company has also drawn millions of dollars from its credit line.

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