Company: IHETW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001400891-25-000009
Chunk: 89

Company: iHeartMedia, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 89
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3 was primarily impacted by the impairment charges to non-deductible goodwill recorded during the second quarter of 2023.

Net loss attributable to the Company

Net loss attributable to the Company of $1,009.9 million for the year ended December 31, 2024 decreased $92.7 million compared to Net loss attributable to the Company of $1,102.7 million during the year ended December 31, 2023, largely due to the increase in the income tax benefit as described in the section above, partially offset by $97.3 million of transaction fees incurred to facilitate the Debt Exchange Transaction.

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Multiplatform Group Results

(In thousands)Year EndedDecember 31,%20242023ChangeRevenue$2,372,909 $2,435,368 (2.6)%Operating expenses(1)1,911,643 1,881,934 1.6 %Segment Adjusted EBITDA$461,266 $553,434 (16.7)%Segment Adjusted EBITDA margin19.4 %22.7 %

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

Revenue from our Multiplatform Group decreased $62.5 million compared to 2023, primarily due to a decrease in broadcast advertising in connection with continued uncertain market conditions, partially offset by an increase in political revenues. Broadcast revenue decreased $25.2 million, or 1.4%, year-over-year  driven by lower spot revenue, partially offset by an increase in political advertising. Networks revenue decreased $29.2 million or 6.3% year-over-year due primarily to the impact of non-returning advertisers. Revenue from Sponsorship and Events decreased $4.1 million, or 2.1%, year-over-year.  

Operating expenses increased $29.7 million, driven primarily by higher non-cash trade expense related to the 2024 iHeartRadio Music Festival, the 2024 Summer Olympics, and the 2024 iHeartRadio Music Awards, as well as higher broadcast music license fees, and an increase in tower rent as a result of the tower sale leaseback transaction completed at the end of the third quarter of 2023. These increases were partially offset by lower employee compensation in connection with our cost savings initiatives, lower bad debt expense and lower bonus expense. 

Digital Audio Group Results

(In thousands)Year EndedDecember 31,%202420