Company: IHETW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001400891-25-000035
Chunk: 87

Company: iHeartMedia, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 2
Chunk 87
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 ended March 31, 2024. The increase was primarily due to the increase in income tax expense as described above and the $101.4 million gain recognized on the sale of our investment in BMI in the first quarter of 2024. 

Multiplatform Group Results

(In thousands)Three Months EndedMarch 31,%20252024ChangeRevenue$472,978 $493,463 (4.2)%Operating expenses(1)402,971 416,281 (3.2)%Segment Adjusted EBITDA$70,007 $77,182 (9.3)%Segment Adjusted EBITDA margin14.8 %15.6 %

(1) Operating expenses consist of Direct operating expenses and Selling, general and administrative expenses, excluding Restructuring expenses. 

Revenue from our Multiplatform Group decreased $20.5 million compared to the prior year primarily due to a decrease in broadcast advertising in connection with continued uncertain market conditions. Broadcast revenue decreased $18.6 million, or 5.2%, year-over-year, driven by lower spot revenue. Networks declined $2.6 million, or 2.5%, year-over-year. Revenue from Sponsorship and Events increased $0.8 million, or 2.8%, year-over-year. 

Operating expenses decreased $13.3 million, driven primarily by a decrease in employee compensation cost due to our modernization initiatives, partially offset by an increase in employee benefit expense related to the reestablishment of the 401(k) matching program during the first quarter of 2025. 

Digital Audio Group Results

(In thousands)Three Months EndedMarch 31,%20252024ChangeRevenue$277,287 $238,968 16.0 %Operating expenses(1)190,204 170,841 11.3 %Segment Adjusted EBITDA$87,083 $68,127 27.8 %Segment Adjusted EBITDA margin31.4 %28.5 %

(1) Operating expenses consist of Direct operating expenses and Selling, general and administrative expenses, excluding Restructuring expenses. 

Revenue from our Digital Audio Group increased $38.3 million compared to the prior year, driven by Podcast revenue which increased by $25.4 million, or 28.0% year-over-year, primarily due to a continued increase in demand for podcasting from advertisers, and Digital, excluding Podcast revenue, which increased $12.9 million,