24/7 Market News Snapshot 07 November, 2024 – iHeartMedia, Inc. Class A Common Stock (NASDAQ:IHRT)

November 7, 2024

DENVER, Colo., 07 November, 2024 (247marketnews.com) – (NASDAQ:IHRT) are discussed in this article.
iHeartMedia, Inc. has recently showcased significant progress, reflecting both a remarkable stock performance and strong financial results for the third quarter ending September 30, 2024. Class A Common Stock (IHRT) experienced a notable increase, surging from an opening price of $1.743 to an impressive $2.558, representing a 47.01% jump. This surge is indicative of heightened investor interest and reflects the company’s robust strategic positioning within the market, underlined by a trading volume of 1.91 million shares.

Financially, iHeartMedia reported consolidated revenue of $1.008 billion for the third quarter, marking a 5.8% rise compared to the same period last year. This growth is primarily attributed to a strong rebound in advertising revenues and a significant increase in digital offerings. The revenue from the Digital Audio Group reached $301 million, an increase of 13%, underpinned by an 11% rise in podcast revenue. Furthermore, the company achieved an adjusted EBITDA of $204.6 million, maintaining stability amid fluctuating market conditions.

In line with its proactive strategy, iHeartMedia has secured a transaction support agreement with creditors, encompassing around 80% of its outstanding debt. This agreement facilitates the exchange of $4.1 billion in existing debt, extending maturities by three years and promising greater financial flexibility through reduced annual cash interest expenses. Chief Executive Officer Bob Pittman expressed optimism about the’s trajectory, emphasizing the company’s modernization initiatives, which are expected to realize $200 million in annual cost savings by 2025, complemented by additional efficiency measures forecasted to yield $150 million.

With total available liquidity standing at $858 million, iHeartMedia is strategically poised for a strong finish to the year, anticipating high-single-digit revenue growth in the fourth quarter alongside continued digital expansion. The company remains committed to leveraging innovative technology and analytics, reinforcing its stature as a leader within the evolving audio landscape.

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