iHeartMedia, Inc.

iHeartMedia, Inc. is a U.S.-based audio media company built around broadcast radio, digital audio, podcasting, and live events. Its business spans owned-and-operated radio stations, the iHeartRadio digital platform, podcast publishing and ad technology, plus media representation and broadcast software through Katz Media and RCS.

8,8 %

−12,2 %

+0,3 %

1.51

1.51

— iHeartMedia, Inc.
%
Multiplatform Audio55% Broadcast radio, networks, sponsorships, and events delivered across terrestrial and digital channels.
Digital Audio30% Podcasting, iHeartRadio streaming, digital advertising, and subscription audio services.
Audio & Media Services15% Katz Media representation services and RCS broadcast software and research tools.

iHeartMedia sells primarily to advertisers that want reach across broadcast, streaming, podcasts, and events...

  • National advertisersprimary

    Brands buying audio inventory across broadcast, streaming, podcasts, and events for broad reach and targeting.

  • Local advertisersprimary

    Businesses buying local radio and digital inventory to reach audiences in specific markets.

  • Podcast advertiserssecondary

    Advertisers buying host-read, programmatic, and targeted podcast inventory with measurement tools.

  • Broadcast and media operatorssecondary

    Radio, TV, and media companies using Katz Media representation and RCS software/services.

  • Event sponsorssecondary

    Sponsors buying access to tentpole events and associated promotional inventory.

iHeartMedia is primarily a U.S. business, with its broadcast footprint, sales force, and consumer audience concentrated...

  • •Core operations and revenue are concentrated in the United States
  • •Broadcast radio reaches approximately 160 local U.S. markets
  • •iHeartRadio distributes content across 500+ platforms and devices
  • •Katz Media represents U.S. radio and TV stations plus digital platforms
  • •RCS software and services are used by customers worldwide

The company’s strategy is to connect broadcast radio, podcasts, streaming, social, and events under the iHeartRadio...

01
Cross-platform audio monetizationmedium-term

Combining broadcast, digital, and podcast inventory increases advertiser reach and pricing power.

02
Podcast scale and monetizationmedium-term

Podcasting adds targetable inventory and extends consumer relationships beyond live radio.

03
Ad tech and measurementshort-term

Better targeting and attribution help attract larger advertisers and improve yield across audio.

04
Audience extension through social and eventsmedium-term

Social reach and live events deepen engagement and create incremental sponsorship inventory.

The business is highly exposed to advertising cycles, so weaker macro conditions, recession, or political uncertainty...

high

Advertising cyclicality

Most revenue depends on advertiser spending, which falls in weak economic conditions.

Scope
Broadcast, digital audio, events, and media services
Materiality
high
high

Cybersecurity and IT disruption

Operations rely on connected systems, cloud services, and customer data.

Scope
Streaming, ad tech, internal systems, and listener-facing platforms
Materiality
high
high

Impairment of goodwill and indefinite-lived intangibles

Valuations depend on future cash flows, discount rates, and market conditions.

Scope
Reporting units and FCC licenses
Materiality
high
medium

Audience and platform competition

Listeners and advertisers can shift toward other digital audio and media platforms.

Scope
Broadcast radio and podcasting
Materiality
high
medium

Third-party platform dependence

Distribution and monetization increasingly rely on external devices and platforms.

Scope
Streaming apps, connected devices, social media, and exchanges
Materiality
medium
Revenue recognition timing
Affects quarterly comparability and revenue mix between broadcast and digital
Goodwill and indefinite-lived intangible impairment
Can create material non-cash charges if assumptions deteriorate
Variable content costs and royalties
Affects gross margin and operating leverage
Commission-based revenue in Katz Media
Sensitive to ad market volume and station inventory sold

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: 29.4.2026