Reve-News: iHeartMedia has reported Q2 2022 revenues of $954 million, up 11% from last year's $861.6m. Broadcast radio revenue was $463.3m (+2.7%), digital revenue was $166.8m (+15.5%) and podcast revenue was $85.7m (+60.4%). "We’re pleased to report another quarter of solid results for iHeart in terms of consumer usage, revenue and earnings growth and, most importantly, strong Free Cash Flow generation," says Chairman/CEO Bob Pittman. Details here.
Audacy has reported Q2 2022 net revenue of $319.4 million, up 5% from Q2 2021's $304.5m. Spot revenue was flat at $200.5m, while digital revenue was up 19% from $58.4m last year to $69.3m. Total operating expenses increased from $282.8m to $296.2m. Adjusted EBITDA for the quarter was $38.5m, compared to $39.9m last year. "After a very strong first quarter in which we grew revenues by 14% and significantly increased margin, our second quarter results were adversely impacted by declining macroeconomic conditions and ad market headwinds which reduced our top line growth to 5%," says CEO David Field. Full report here.