Here are 1-3 brief analogies to describe iHeartMedia:

• Imagine Spotify (SPOT) or Pandora (SIRI), but with the added power of owning and operating nearly a thousand local AM/FM radio stations across the country.
• The Fox Corporation (FOXA) of audio media, owning hundreds of traditional radio stations, a major streaming app (iHeartRadio), and a significant podcasting network.
• A scaled audio advertising platform similar to Google (GOOGL) or Meta (META), but delivering ads across its vast network of radio stations, its iHeartRadio app, and numerous podcasts.

• Terrestrial Radio Broadcasting: Operates hundreds of local AM/FM radio stations across the U.S. providing music, news, talk, and entertainment programming.
• Digital Audio Streaming: Provides the iHeartRadio app and website for streaming live radio stations, custom artist stations, and on-demand podcasts.
• Podcast Production and Distribution: Creates, acquires, and distributes a vast library of original and third-party podcasts across diverse genres.
• Live Entertainment Events: Organizes and promotes major music festivals, concerts, and other live experiences, such as the iHeartRadio Music Festival.

Major Customers of iHeartMedia (IHRT)

• National Advertisers: These are large corporations and brands that purchase advertising campaigns across iHeartMedia's nationwide network of radio stations, digital properties, and podcasts to reach broad, national audiences. Examples of industries that frequently engage in national advertising include automotive, consumer packaged goods (CPG), telecommunications, financial services, pharmaceutical companies, and major retailers.
• Local Advertisers: This category comprises small to medium-sized businesses and regional brands that advertise on specific local iHeartMedia radio stations or digital platforms within particular geographic markets. These can include local car dealerships, restaurants, real estate agencies, home service providers, and other regional businesses looking to reach local consumers.
• Advertising Agencies and Programmatic Buyers: Many national and local advertisers work through advertising agencies, which act as intermediaries to purchase media inventory on behalf of multiple clients. iHeartMedia also sells its digital and audio ad inventory through programmatic platforms, serving a wide array of brands and demand-side platforms without direct individual client relationships in every instance.

• ASCAP (American Society of Composers, Authors and Publishers)
• BMI (Broadcast Music, Inc.)
• SESAC (Society of European Stage Authors and Composers)
• Global Music Rights (GMR)
• SoundExchange

Bob Pittman, Chairman and Chief Executive Officer

Bob Pittman is the co-founder and programmer who led the team that created MTV. He has served as Chief Executive Officer of MTV Networks, AOL Networks, Six Flags Theme Parks, Quantum Media, Century 21 Real Estate, and Time Warner Enterprises. He was also Chief Operating Officer of America Online, Inc. and later AOL Time Warner. Pittman co-founded iHeartMedia and Casa Dragones Tequila, and is a founding member of Pilot Group, a New York-based private investment firm which has invested in companies such as Huffington Post, Zynga, and Facebook. He previously led a process that resulted in Time Warner selling a controlling interest in Six Flags in 1995.

Rich Bressler, President, Chief Operating Officer and Chief Financial Officer; CEO, Multiplatform Group

Prior to joining iHeartMedia, Rich Bressler was a Managing Director at Thomas H. Lee Partners (THL), a private equity firm. He served as Senior Executive Vice President and Chief Financial Officer of Viacom, Inc. from 2001 through 2005, and as Chairman and Chief Executive Officer of Time Warner Digital Media. He was also Executive Vice President and Chief Financial Officer of Time Warner Inc. Bressler began his career as a partner in the accounting firm of Ernst & Young LLP.

Conal Byrne, CEO, Digital Audio Group

Conal Byrne is the Chief Executive Officer of the iHeartMedia Digital Audio Group. Before joining iHeartMedia, Byrne was President and CEO of Stuff Media, Inc., which iHeartMedia acquired in October 2018. Prior to Stuff Media, he served as Senior Vice President of Digital Media for Discovery Communications, where he managed digital for all of Discovery's U.S. networks' sites and social platforms and led the launch of Discovery VR. Under Byrne's leadership, iHeartMedia has become the #1 podcast publisher globally.

Wendy Goldberg, Chief Communications Officer

Wendy Goldberg has over 20 years of experience in providing management and strategic counsel. Before her tenure at iHeartMedia, she was a Vice President of Business Development for Hearst Entertainment & Syndication, Senior Vice President of Communications for Six Flags, and Vice President of Communications at America Online and later AOL Time Warner. Goldberg also served as a Senior Advisor to Pilot Group, LLC, the New York-based private equity firm led by Bob Pittman.

John Sykes, President, Entertainment Enterprises

John Sykes is a co-founder of MTV and was a core member of the team that launched the channel in 1981. During his more than 20-year career at Viacom, he held various senior roles, including President of New Network Development for MTV, Chairman and CEO of Infinity Broadcasting Corporation (now CBS Radio) from 2002 to 2005, and President of the VH1 Cable Television Network from 1994 to 2002. In 2008, Sykes joined his MTV co-founder Bob Pittman at Pilot Group, a private equity and venture firm, where he worked on the restructuring of MGM Studios and digital properties such as Shazam Mobile.

The intensifying competition from major tech platforms, such as Spotify and Apple, which are significantly investing in exclusive audio content, advanced personalization features, and ecosystem dominance within the digital audio and podcasting space, presents a clear emerging threat to iHeartMedia. These platforms leverage their massive user bases, technological capabilities, and financial resources to attract listeners and advertisers, potentially marginalizing iHeartMedia's own digital properties and limiting its ability to retain and grow its audience and market share amidst the ongoing decline in traditional linear radio consumption.

iHeartMedia operates across several key audio and media services, with its primary revenue streams generated from broadcast radio advertising, digital audio advertising, podcast advertising, and live events. The addressable market sizes for these main products and services in the U.S. are detailed below:

• Broadcast Radio Advertising: The traditional radio advertising market in the U.S. was valued at approximately $10.5 billion in 2024.
• Digital Audio Advertising: The digital audio advertising market in the U.S. is projected to reach over $12.16 billion in 2025.
• Podcast Advertising: U.S. podcast advertising revenue reached $1.9 billion in 2023. This market is projected to exceed $2.6 billion by 2026.
• Live Events: The U.S. live events market is estimated to be valued at $466.13 billion in 2025. This market is expected to grow to $651.53 billion by 2032.

Expected Drivers of Future Revenue Growth for iHeartMedia (IHRT)

Over the next 2-3 years, iHeartMedia (IHRT) is expected to drive revenue growth through several key initiatives and market trends:

1. Continued Expansion of the Digital Audio Group and Podcasting: The Digital Audio Group, particularly podcasting, has been a consistent high-growth area for iHeartMedia. The company has reported significant year-over-year revenue increases in this segment, with podcast revenue growing by 28.5% in Q2 2025. Management anticipates podcast revenues will continue their double-digit year-over-year growth trajectory.
2. Advancements in Ad Tech Platform and Programmatic Advertising: iHeartMedia is focusing on developing its ad tech platform and modernizing its initiatives. These efforts are aimed at enhancing operational efficiencies and are expected to further propel programmatic advertising, opening new revenue streams and optimizing existing ones.
3. Leveraging Growth in Key Advertising Categories: The company has observed significant revenue growth from specific advertising categories, such as financial services and healthcare, even amidst a challenging broader advertising environment. Continued focus on and penetration into these high-performing sectors are expected to contribute to future revenue expansion.
4. Strength of Local Sales Organization: iHeartMedia highlights its "unparalleled local sales organization" as a distinct competitive advantage for both current and future revenue generation. This established network provides a strong foundation for capturing local advertising spend across its diverse audio platforms.

Share Repurchases

• iHeartMedia's primary focus in recent years has been repurchasing its Senior Unsecured Notes rather than common stock.
• During the full year 2023, the company repurchased $204.0 million in aggregate principal amount of iHeartCommunications, Inc.'s 8.375% Senior Unsecured Notes due 2027 for $147.3 million in cash.
• As of December 31, 2023, combined Notes repurchases since Q2 2022 totaled $534 million in principal amount for $447 million in cash, which is expected to generate approximately $45 million of annualized interest savings.

Share Issuance

• On March 4, 2025, CEO Robert W. Pittman acquired 200,000 shares of the company's Class A Common Stock for approximately $320,040.

Outbound Investments

• In February 2021, iHeartMedia acquired Triton Digital, an audio advertising solution platform, for $230 million.
• The company sold 122 broadcast tower sites for net proceeds of $45.3 million in September 2023, and subsequently entered into long-term operating leases for their use.
• iHeartMedia received cash proceeds of $101 million from the sale of an equity interest in BMI in February 2024.

Capital Expenditures

• Capital expenditures for the twelve months ended December 31, 2024, were $97.6 million, a decrease from $102.7 million in 2023, primarily due to lower spending on real estate optimization initiatives.
• The company expects to generate $150 million in net cost savings in 2025 through a modernization program driven by technology and AI, with 65% of these savings anticipated from the Multiplatform Group.
• For the first six months of 2025, capital expenditures were $39.7 million, compared to $42.8 million for the same period in 2024.