iHeartMedia, Inc. Reports Results for 2020 Third Quarter

About this update from Iheartmedia, Inc.

[{"type":"text","content":" SAN ANTONIO--(BUSINESS WIRE)--\niHeartMedia, Inc. (Nasdaq: IHRT) today reported financial results for the quarter ended September 30, 2020.\n\nFinancial Highlights\n\nQuarterly and Monthly Revenue Comparisons Continue to Show Sequential Improvement\n\n\nQ3 Revenue up 53% sequentially, moving from down 47% YoY in Q2 to down 22% YoY in Q3\n\n\nJuly, August & September down 27%, 21% and 18% YoY, respectively\n\n\nOctober revenue increased 2% YoY, benefitting from significant political advertising\n\n\nDigital Revenue Increased 17% YoY, Validating our Multi-Platform Growth Strategy\n\n\nYoY increase includes 74% YoY growth in our Podcasting Business\n\n\nDigital Revenue excluding Podcasting grew 8% YoY\n\n\nReceived Declaratory Ruling from the FCC Granting our Request to Allow up to 100% of our Common Stock to be Owned by Non-US Persons, Subject to Certain Limitations\n\n\nRuling allows for the simplification of our capital structure and will enhance the liquidity of our Class A common stock by facilitating the conversion of the warrants, which on an as-converted basis to common stock, represents approximately 52% of the Company’s total equity as of September 30, 2020\n\n\nCompleted Strategic Acquisition of Voxnest in October, Further Strengthening our Market-Leading Podcasting Platform, While Continuing to Expand our Content with Industry Leading Creators\n\n\nEntered into an exclusive agreement with Pushkin Industries, Malcolm Gladwell's podcasting network, to distribute and monetize its best in class content, and co-produce a whole new slate of shows\n\n\nLaunched standalone podcast Joint Venture with Charlamagne tha God, the Black Effect, which is the largest podcast publisher dedicated to Black listeners, bringing together the most influential and trusted voices in Black culture\n\n\nLaunched the iHeartMedia Latino Podcast Network with Enrique Santos, targeting Latino audiences across the country\n\n\nExceptionally Well-Positioned for Growth and Margin Expansion as Advertising Activity Continues to Recover\n\n\nExecution on track to deliver $250M of cost savings in 2020 from modernization and COVID-19-related initiatives\n\n\nPatient capital structure, ample liquidity, strong free cash flow model provide high financial resilience even if macroeconomic environment remains soft\n\n\nThird Quarter\n\n\nRevenue of $744 million, de...

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