iHeartMedia, Inc. Reports Results for First Quarter 2016
- Revenues Up 1.4%; OIBDAN Up 8.6%
- Revenues Up 4.1%; OIBDAN Up 11.8% Excluding FX and Non-Strategic Asset Sales
SAN ANTONIO, Texas - May 4, 2016 - iHeartMedia, Inc. (OTCBB:IHRT) today reported financial results for the first quarter.
“We’re pleased with the success of our growth initiatives in the quarter,” said Bob Pittman, Chairman and Chief Executive Officer. “We expect this momentum to continue to build, as we keep investing in our employees and transforming iHeartMedia, Inc. into a multiplatform, 21st century media and entertainment company with groundbreaking programmatic, data-learning and research capabilities. Our iHeartMedia results reflect our growing audiences across broadcast radio, digital, social, mobile and events, as well as our enhanced ability to monetize them, such as our ongoing success in attracting political campaign spending. At Americas outdoor, we have also seen continued evolution based on our introduction of a full range of innovative technologies that use aggregated, anonymous, statistical insights from third-party data providers to enable marketers for the first time to buy our inventory with the same sophisticated tools used in digital campaigns. At International outdoor, we are seeing our business plan gaining traction, including key contract wins and notable progress in the digital conversion of our inventory worldwide.”
“Building on our continuing investments, iHeartMedia and Americas outdoor were both up in revenues and OIBDAN, with International outdoor essentially flat, excluding the impact from foreign exchange rates and adjusted for the non-strategic asset sales,” said Rich Bressler, President, Chief Operating Officer and Chief Financial Officer. “This solid performance of our operating businesses provides us with the flexibility to manage our capital structure in a prudent manner, and allows us to keep evaluating opportunities to strengthen our balance sheet and our businesses.”