iHeartMedia has announced strong Q3 2024 financial results while implementing significant restructuring measures. The company reported $1.008 billion in revenue, marking a 5.8% increase from Q3 2023.

Key financial highlights:

• Digital Audio Group revenue: Up 13% to $301 million
• Podcast revenue: 11% increase, reaching $114 million
• Multiplatform Group: Slight decline of 1% to $620 million
• Audio & Media Services: 45% growth to $90 million

The company is undertaking a major debt restructuring initiative, involving a $4.1 billion debt exchange supported by approximately 80% of debt holders. This restructuring will:

• Extend debt maturities by three years
• Maintain current consolidated annual cash interest
• Provide debt reduction opportunities
• Enhance financial flexibility

As part of cost-cutting measures, iHeartMedia is reducing its workforce by approximately 5% (500 employees), aiming to trim $150 million in costs by 2025.

Chairman/CEO Bob Pittman notes that 2024 is proving to be a recovery year for advertising revenues, with strong performance in podcast and digital segments demonstrating the company's market reach and diverse asset portfolio.

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