Company: IHETW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001400891-25-000035
Chunk: 29

Company: iHeartMedia, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 1
Chunk 29
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 offset by declines in the value of certain investments. 

Income Tax Benefit (Expense)

The effective tax rates for the Company for the three months ended March 31, 2025 and 2024 were (93.0)% and 53.3%, respectively. The effective tax rates for these three-month periods were primarily impacted by the forecasted increase in valuation allowance against certain deferred tax assets, related primarily to disallowed interest expense carryforwards due to uncertainty regarding the Company’s ability to utilize those assets in future periods.

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Net Loss Attributable to the Company

Net loss attributable to the Company increased $262.7 million to $281.2 million during the three months ended March 31, 2025 compared to Net loss attributable to the Company of $18.5 million during the three months 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,%20252024Change