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Radio Earnings: iHeartMedia Revenue Ticks Up, Cumulus Media Revenue Down Slightly in 2024
iHeartMedia revenue ticked up and Cumulus revenue was down slightly in 2024, according to the radio companies' earnings reports on Thursday (Feb. 27).
After revenue was up 5.5% in January, February is on track for a 7% decline as consumer sentiment dropped to a level not seen since 2021, CFO Rich Bressler said during Thursday’s earnings call. The company ended 2024 with fourth-quarter revenue up 4.8% to $1.11 billion, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) spiked 18.2% to $246.2 million. The fires in Los Angeles created a disruption to iHeartMedia’s business in the first quarter, although CEO Bob Pittman called it “a little bit of a blip” and said a larger impact comes from people returning to work.
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