iHeartMedia, Inc. has released its fiscal results for the second quarter of 2017, with overall consolidated revenue down 1.5 percent to $1.59 billion. However, consolidated revenue increased 1.7 percent after adjusting for a $15.5 million impact from movements in foreign exchange rates and the $36.1 million impact of the outdoor businesses sold.
iHeartMedia’s revenue sans the company’s Outdoor business was up 1.9 percent or $16.5 million, and excluding political revenue, was up by $17.8 million or 2.1 percent. This totaled just over $884 million in the quarter, down from $867.9 in Q2 of 2016. However, American Outdoor revenue fell by $1.6 million and international outdoor revenue dropped by $34.2 million.
Operating income was up by 22.9 percent, a $58 million increase, primarily due to 2016 net losses on the sale of operating assets including the sale of the Turkey outdoor market.
“We continue to build out our unique digital capabilities as a true multi-platform, 21st-century media company fueled by our unique data, with iHeartMedia’s unparalleled U.S. reach and the extensive global footprint of our Outdoor businesses,” said Chairman/CEO Bob Pittman. “At our iHeartMedia segment, for example, we are expanding our SmartAudio suite of advertising products to create Smart A/V Audiences, which combines data from both iHeartMedia and Fox Networks Group to transform how our advertising partners reach their target audiences. And Americas outdoor and International outdoor are maximizing the value of our expanding digital inventory with innovative data analytics and automated ad-buying offerings.”
President/COO/CFO Rich Bressler said, “In the second quarter, our consolidated revenues declined, while operating income increased. However, adjusting for the impact of certain businesses we sold in 2016 and foreign exchange, consolidated revenues grew, with increases at our iHeartMedia and International outdoor segments. To date, the iHeartMedia segment has delivered seventeen consecutive quarters of year-over-year revenue growth. We remain committed to balancing financial discipline with investments to grow our businesses while continuing to work on our capital structure.”
