Company: IHETW
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001400891-25-000046
Chunk: 36

Company: iHeartMedia, Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Item 1
Chunk 36
---
 in sublease assumptions for certain operating leases intended to be subleased. 

During the three and six months ended June 30, 2024, we recorded non-cash impairment charges of $920.2 million and $921.7 million, respectively, primarily to reduce the carrying values of our indefinite-lived FCC licenses and our goodwill to their estimated fair values. No impairment related to our indefinite-lived FCC licenses or goodwill was recorded during the three and six months ended June 30, 2025.

Interest Expense, net

Interest expense increased $5.3 million and $10.2 million during the three and six months ended June 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.

24

Gain (Loss) On Investments, Net 

During the three and six months ended June 30, 2025, we recognized losses on investments, net of $0.9 million and $19.5 million, respectively, related to declines in the value of our investments. 

During the three months ended June 30, 2024, we recognized a loss on investments, net of $0.4 million related to declines in the value of our investments. During the six months ended June 30, 2024, we recognized a gain on investments, net of  $91.6 million, related primarily due 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. 

Income Tax Benefit (Expense)

The effective tax rates for the Company for the three months ended June 30, 2025 and 2024 were (27.8)% and 2.4%, respectively. The effective tax rates for the Company for the six months ended June 30, 2025 and 2024 were (72.7)% and 4.3%, respectively. The effective tax rates 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. The 2024 effective tax rates were also impacted by impairment charges to non-deductible goodwill recorded during the second quarter of 2024. 

Net Loss Attributable to