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iHeartMedia, Inc. (NASDAQ:IHRT) announced on Thursday that it has extended the employment agreements of its Chairman and Chief Executive Officer, Robert W. Pittman, and its President, Chief Operating Officer, and Chief Financial Officer, Richard J. Bressler. According to a statement based on a recent SEC filing, the new amendments extend both executives’ contracts until December 31, 2029. The previous agreements were set to expire in 2026.
The amended agreements also address equity awards and severance terms. Equity awards granted to Mr. Pittman and Mr. Bressler at least six months before a qualifying retirement termination will remain outstanding and eligible to vest according to their original schedules. For performance-based awards, vesting will be determined based on actual performance. The company faces significant operational challenges, with InvestingPro data showing a substantial debt burden of $5.9 billion and negative earnings in the last twelve months.
Additionally, Mr. Bressler’s cash severance multiplier has been increased from 1.5 times to 2 times his base amount in the event of a qualifying termination of employment. This change aligns his severance terms with those of Mr. Pittman.
The company stated that the amendments were entered into on August 28, 2025, and that the full text of the agreements is included as exhibits to the SEC filing.
iHeartMedia, headquartered in San Antonio, Texas, operates radio broadcasting stations and is listed on the Nasdaq Global Select Market under the ticker IHRT. All information is based on a press release statement and the company’s filing with the Securities and Exchange Commission.
In other recent news, iHeartMedia Inc. reported its second-quarter results for 2025, showing a revenue increase of 0.5% year-over-year. The company achieved actual revenues of $933.65 million, surpassing analysts’ expectations, which were set at $912.35 million. Despite the revenue growth, iHeartMedia did not meet its earnings per share (EPS) forecast, as the actual EPS fell short of expectations. These developments come amid a period of close scrutiny from investors and analysts alike. The revenue figures indicate a positive trend, although the EPS results suggest there are areas needing attention. No mergers or acquisitions were reported in the recent updates. Additionally, there have been no recent analyst upgrades or downgrades for iHeartMedia. Investors continue to monitor the company’s performance closely in light of these recent developments.
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