iHeartMedia has announced today a new operating structure under which its Digital Audio Group business, which includes the iHeartRadio digital service as well as its podcasting business, will publicly report its financials separately from its Multiplatform Group business, which includes its broadcast radio assets. Each group will now operate as a separate reportable segment with dedicated management.
As of Q4, the iHeartMedia Digital Audio Group encompassed almost 20 percent of the company’s consolidated revenue and 23 percent of its earnings, and in Q4 2020 grew revenue by 53 percent year-over-year and Adjusted EBITDA by 74 percent year-over-year. The company expects the Digital Audio Group will continue to grow as an increasing proportion of its business in the future.
The company has created a management structure for each business reportable segment. Both segments will continue to report to Bob Pittman, iHeartMedia Chairman/CEO, and Rich Bressler, iHeartMedia President/COO/CFO.
The iHeartMedia Digital Audio Group includes the company’s podcasting business as well as the iHeartRadio digital service; the company’s digital sites, newsletters, digital services and programs; and its digital advertising technology companies, including Jelli, RadioJar, Unified and Voxnest, and will also include the recently-announced Triton Digital upon completion of the acquisition. The iHeartMedia Digital Audio Group will be led as a team by Conal Byrne as CEO and Darren Davis as COOO, with Carter Brokaw serving as the President of Digital Revenue and Jessica Jerrick as EVP of Digital Distribution and Platform Partnerships.
The iHeartMedia Multiplatform Group represents almost 75 percent of iHeartMedia’s revenue and remains the foundation business that has been at the heart of the company, playing an important role in building its digital and podcasting businesses.
The iHeartMedia Multiplatform Group includes the iHeartMedia Markets Group, with its 860+ radio stations in 160 markets; the company’s live and virtual events business; and its National Sales organization, which will continue meeting the needs of advertising partners using iHeartMedia’s full array of products, from broadcast radio and events to its SmartAudio suite of data targeting and attribution products, which allows informed digital-like planning against targeted audiences with the benefit of broadcast scale and impact; as well as using all of the products from the iHeartMedia Digital Audio Group. The industry’s largest Networks business, Premiere Networks, which includes the Total Traffic and Weather Network; and BIN: Black Information Network, the first and only 24/7 national and local all news audio service for the Black community, will also join this group.
The iHeartMedia Multiplatform Group will be led by Greg Ashlock as CEO and Tim Castelli as Chief Revenue Officer. In addition, Julie Talbott joins this group in her role as President, Premiere Networks; Hartley Adkins will become President of the Markets Group; Jeff Howard remains President of National Sales and Tony Coles as President of BIN: Black Information Network.
“These new reportable segments will enable us to strengthen the mission and tighten the focus of both the iHeart Digital Audio Group and the iHeart Multiplatform Group, while accelerating our ability to deliver industry-leading products and services to our listeners and advertising partners across all of our platforms,” said Bob Pittman. “Creating these two business reportable segments will allow us to provide the investment community with increased visibility into the financial results of each segment – enabling them to better appreciate the strong growth and success of our digital businesses, including our industry-leading podcast business, as well as the continued strength of our broadcast radio and marquee events businesses.”
