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NEW YORK - iHeartMedia Inc. (NASDAQ:IHRT) reported fourth quarter revenue that fell short of analyst expectations, sending shares down 1.9% in after-hours trading on Thursday.
The radio and digital audio company posted Q4 revenue of $1.12 billion, missing the consensus estimate of $1.17 billion. Revenue increased 4.8% year-over-year, driven by higher political advertising as 2024 was a presidential election year.
Adjusted EBITDA for the quarter rose 18.2% to $246.2 million compared to the prior year period.
"Our fourth quarter Adjusted EBITDA of $246 million was up 18.2% vs. prior year, our highest percentage increase in almost three years," said Bob Pittman, Chairman and CEO of iHeartMedia.
For the first quarter of 2025, iHeartMedia expects consolidated revenue to decline in the low-single digits. The company forecasts Q1 adjusted EBITDA between $100 million to $110 million.
Looking ahead to full year 2025, iHeartMedia projects consolidated revenue to be approximately flat in a non-political year. Full year adjusted EBITDA is expected to be around $770 million.
The company completed a debt exchange transaction in Q4, extending maturities on approximately $4.8 billion of existing debt by three years.
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