Up until the novel coronavirus began its mid-March rampage across the U.S., iHeartMedia‘s first quarter looked strong. Then, shelter-in-place rules were enacted across the U.S. Ad revenue was impacted. Events were scrubbed.
The result: A “sharp decline” in March, leading to a 10.6% year-over-year adjusted EBITDA decline in Q1 2020 for the nation’s No. 1 audio media brand, by radio station count.