Company: IHETW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001628280-25-051036
Chunk: 43

Company: iHeartMedia, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 43
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 the nine months ended September 30, 2024. The improvement was primarily due to the non-cash impairment charges of $922.1 million recognized in 2024 compared to $213.9 million recognized in 2025, partially offset by 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 EndedSeptember 30,%Nine Months EndedSeptember 30,%20252024Change20252024ChangeRevenue$591,207$619,544(4.6)%$1,608,783$1,688,914(4.7)%Operating expenses(1)472,055489,672(3.6)%1,323,2601,377,597(3.9)%Segment Adjusted EBITDA$119,152$129,872(8.3)%$285,523$311,317(8.3)%Segment Adjusted EBITDA margin20.2 %21.0 %17.7 %18.4 %

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

Three months

Revenue from our Multiplatform Group decreased $28.3 million compared to the prior year primarily due to lower political revenues, as 2024 was a presidential election year, as well as a decrease in broadcast advertising in connection with continued uncertain market conditions, partially offset by an increase in non-cash trade revenue resulting from strategic marketing initiatives. Broadcast revenue decreased $21.8 million, or 4.9%, year-over-year, driven by lower spot revenue. Networks decreased $1.0 million, or 0.9%, year-over-year. Revenue from Sponsorship and Events decreased $4.8 million, or 9.6%, year-over-year. 

Operating expenses decreased $17.6 million, driven primarily by a decrease in employee compensation cost due to our modernization initiatives, as well as lower sales commissions related to the decline in broadcast revenue, partially offset by an increase in bad debt expense. 

Nine months

Revenue from our Multiplatform Group decreased $80.1 million compared to the prior year primarily due to a decrease in broadcast advertising in connection with continued uncertain market conditions, as well as lower political revenues as 2024 was a presidential election year. Broadcast revenue decreased $70.1 million, or 5.7%, year-over