iHeartMedia Q3 revenue up 5.8% to $1.008B; announces $4.1B debt exchange and $200M cost savings

iHeartMedia, Inc.

2024-Q3 EPS reported -$6.90 revenue$2,736,263,000

Q3 revenue $1,008M (+5.8% YoY); Adj EBITDA $205M, within guidance of $200M-$220M.
Digital Audio Group revenue $301M (+13% YoY); Podcast revenue $114M (+11%).
Announced debt exchange of $4.1B with ~80% of debt holders; maturities extended 3 years, cash interest flat.
Cost programs expected to generate $200M annual savings in 2025; net benefit $150M to 2025 Adj EBITDA.
FY2025 Adj EBITDA guidance ~$770M (+3% in non-political year); FY2024 ~$750M (+8%).

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