Company: IHETW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001628280-25-051036
Chunk: 125

Company: iHeartMedia, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 125
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establishment of the 401(k) match program during the first quarter of 2025. 

Depreciation and Amortization

Depreciation and amortization decreased $11.3 million and $38.5 million during the three and nine months ended September 30, 2025, respectively, compared to the same periods of 2024 primarily as a result of a lower fixed asset base due to lower levels of capital expenditures.

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Impairment Charges

During the three and nine months ended September 30, 2025, we recorded non-cash impairment charges of $208.5 million and $213.9 million, respectively, primarily to reduce the carrying values of our indefinite-lived FCC licenses to their estimated fair values during the third quarter of 2025 as discussed above. No impairment related to our goodwill was recorded during the three and nine months ended September 30, 2025 as discussed in Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill. 

During the nine months ended September 30, 2024, we recorded non-cash impairment charges of $922.1 million primarily to reduce the carrying values of our indefinite-lived FCC licenses and our goodwill to their estimated fair values. The 2024 impairment charges resulted from the economic uncertainty due to inflation and higher interest rates that has had an adverse impact on our results, and has resulted in a significant decrease in the trading values of our debt and equity securities for a sustained period. 

Interest Expense, net

Interest expense increased $6.1 million and $16.3 million during the three and nine months ended September 30, 2025, respectively, compared to the same periods of 2024 primarily as a result of an increase in contractual interest rates in connection with the debt exchange transaction that closed in the fourth quarter of 2024.

Gain (Loss) On Investments, Net 

During the three and nine months ended September 30, 2025, we recognized losses on investments, net of $13.2 million and $32.7 million, respectively, related to declines in the value of our investments. 

During the nine months ended September 30, 2024, we recognized a gain on investments, net of  $91.5 million, related primarily to the $101.4 million gain recognized on the sale of our investment in Broadcast Music, Inc. ("BMI") in the first quarter of 2024, partially offset by declines in the value of certain investments.