iHeartMedia Posts Consolidated Q2 Revenue Up 4.7%
It’s second quarter earnings season and iHeartMedia reveals that its Q2 consolidated revenue was $977 million, an increase of 4.7% over the same period a year ago. The company posts a net loss of $82.4 million, down 1.3% from the $83.5 million is posted in Q2 of 2025. iHeartMedia reports financial data by segments and its Multiplatform Group (which includes broadcast radio and network radio) saw revenue fall 2% to $536 million. Broadcast radio revenue for the quarter was $397.6 million, up 0.5% from Q2 of 2025, and network revenue was $103.7 million, down 3.8%. The 
company’s Digital Audio Group revenue was $364 million, up 12% over Q2 of 2025, with the podcast segment rising 21% on revenue of $162 million. iHeartMedia chairman and CEO Bob Pittman comments, “We’re pleased with our second quarter results, generating Adjusted EBITDA of $152 million, slightly above the midpoint of our previously provided guidance range. Our consolidated revenue was $977 million, up 4.7% compared to the prior year quarter and above our guidance. Our podcast revenue momentum continues, up 20.7% compared to prior year, and in addition to helping propel our growth as the #1 podcast publisher, our broadcast radio assets have also allowed us to develop and drive the new video podcast marketplace – an incremental growth opportunity for us, including on streaming video services including Netflix and Disney+ and Hulu, which we announced today. And our work in building our digital assets continues to pay off; this is the sixth consecutive quarter in which the Digital Audio Group Adjusted EBITDA is larger than the Multiplatform Group Adjusted EBITDA.”
a is reporting a net loss of $2.4 million for the quarter compared to the net loss of $1.6 million it reported in Q1 of 2025. Saga paid a quarterly dividend of $0.25 per share on March 20, 2026. The aggregate amount of the quarterly dividend was approximately $1.6 million. With payment of this most recent declaration Saga will have paid over $145 million in dividends to shareholders since the first special dividend was paid in 2012.
of 2025, net revenue was $741.6 million, a decrease of 10.3% from 2024. For the full year 2025, the company posted a loss of $200.7 million. Cumulus reports by segments and for all of 2025, broadcast revenue was $116.2 million, a decline of 22.2% from 2024. Even digital revenue fell in 2025 to $151.3 million, down 1.9%. Cumulus Media president and CEO Mary G. Berner says, “The Company’s recently announced financial restructuring marks an important step toward meaningfully reducing the debt burden that has constrained the business. Looking ahead, we remain focused on building on the core strengths of the Company to maximize value.”
advertising market that was partially offset by the continued expansion of our high-margin, owned-and-operated direct digital revenues. Beasley recorded an operating loss of approximately $230.0 million in the fourth quarter of 2025, compared to operating income of $7.6 million in the fourth quarter of 2024, driven primarily by a non-cash FCC license impairment charge of $224.8 million, reflecting the company’s updated assessment of the fair value of its broadcast licenses in light of continued secular pressures on the radio industry, as well as $1.7 million in other operating expenses.”
we made tangible progress reshaping this company for long-term value creation. Our digital business delivered record performance, with digital revenue representing approximately 24% of net revenue, up from roughly 19% of net revenue in 2024, and digital segment operating margins reached record levels as our continued shift toward owned-and-operated and programmatic products gained traction across our markets… Building on this progress, we recently announced a debt exchange transaction with our second lien bondholders, pursuant to which we expect to reduce our second lien debt by approximately 50% and repay roughly $15 million of our first lien debt. Upon completion of the transaction, which is subject to bondholder participation and expected to close by the end of April, we anticipate total outstanding debt will be reduced to approximately $110 million from $220 million today. We believe this transaction will meaningfully strengthen our balance sheet, enhance financial flexibility, and better position the Company to execute on its strategic priorities. Following its completion, our focus will shift toward further deleveraging through EBITDA growth and continued portfolio optimization.”
company says Total Digital Segment Profit decreased 14.8%; Digital Advertising Segment Profit decreased 28.0%; Subscription Digital Marketing Solutions Segment Profit increased 12.0%; and Broadcast Advertising net revenue decreased 17.8%. Townsquare CEO Bill Wilson comments, “I am pleased to share that Townsquare’s fourth quarter and year end results met our previously issued net revenue and Adjusted EBITDA guidance, reflecting our team’s hard work in the current environment. We are proud that the execution of our Digital First Local Media strategy allowed us to deliver excellent results for our clients, while also outperforming competitors and gaining market share. In 2025, net revenue decreased -2.8% year-over-year excluding political, and -5.2% in total, and Adjusted EBITDA decreased -3.0% year-over-year excluding political, and -12.2% in total. Importantly, due to our strong expense management, Adjusted EBITDA margins excluding political were constant year-over-year, despite revenue declines. In addition, our full year net loss improved by $1.2 million year-over-year, to a net loss of $9.8 million.”
2024. Urban One CEO and president Alfred C. Liggins, III, states, “As expected, we had a tough fourth quarter due to a combination of non-recurring political advertising, soft radio markets and declining audience delivery in our cable television business. Despite this, we were able to achieve full-year Adjusted EBITDA within our previous guidance range at $56.7 million. The biggest revenue drag in the fourth quarter resulted from weak cable TV prime delivery, down approximately 20.0% from the third quarter, although we have seen a significant recovery in the first quarter 2026 as the revised Nielsen methodology has given us an approximate 40.0% – 50.0% lift compared to the fourth quarter 2025. Radio pacings in the first quarter of 2026 are currently down 5%, but we remain positive on the outlook for mid-term political revenues later in the year. I was pleased that we were able to repurchase a significant amount of our 2028 Notes at a discount, extend out the maturity on all but a small stub of the notes, and increase the size and term of our ABL Credit Agreement. This transaction sets up the company with a stable capital structure and extended maturity runway to allow us to continue to de-lever the business. In January 2026 we also regained compliance with the Nasdaq listing requirements by effectuating a 1-for-10 reverse stock split.”
revenue increased $47.7 million, or 14.1%, driven primarily by continuing increases in demand for digital and podcast advertising, as well as increased non-cash trade revenue resulting from strategic marketing initiatives. Multiplatform Group revenue decreased $19.2 million, or 2.8%, primarily resulting from lower political revenues, as 2024 was a presidential election year, as well as a decrease in broadcast advertising in connection with continued uncertain market conditions.
iHeartRadio’s “Stuff You Should Know” was #1, followed by Audacy’s “48 Hours” at #2 and Salem Media Group’s “Charlie Kirk Show” at #3. Other talk radio-related shows include Cumulus Podcast Network’s “VINCE” at #10, iHeartRadio’s “The Clay Travis and Buck Sexton Show” at #11, and “Armstrong & Getty on Demand” at #14. 
chairman and CEO Bob Pittman comments, “We’re pleased with our third quarter performance, generating Adjusted EBITDA of $205 million, slightly above the midpoint of our guidance range, and our consolidated revenue was down 1.1% compared to prior year, at the high end of our guidance, and up 2.8% excluding political revenue. And we continue to take important steps in the evolution of our company – last week we announced our new relationship with Amazon Ads, which will provide advertisers using Amazon DSP access to our vast audio portfolio, and just this morning we announced our new TikTok partnership, which will bring TikTok creators into iHeart’s ecosystem. We are committed to exploring new ways to unlock the value of our unparalleled assets, maximizing the unique position we occupy in the evolving media landscape, and creating innovative cross-platform opportunities to bring new products and services to our consumers and our advertising partners.”
period last year. Saga says this was primarily the result of an industry wide settlement with two music licensing organizations (ASCAP and BMI) resulting in a retroactive rate adjustment of approximately $2.1 million covering the period from January 1, 2022, to the quarter ended September 30, 2025. Station operating expense would have decreased $120 thousand or 0.5% for the quarter without this settlement. For the quarter, Saga had an operating loss of $626 thousand compared to operating income of $1.6 million for the same quarter last year and station operating income decreased $2.5 million to $3.5 million. Without the settlement the operating loss would have been operating income of $1.5 million compared to $1.6 million and station operating income would have been $5.6 compared to $6.0 million for the same quarter last year. Saga reports a net loss of $532,000for the quarter compared to net income of $1.3 million for the third quarter last year. Saga says its balance sheet reflects $34.2 million in cash and short-term investments as of November 3, 2025.
the same period a year ago. Urban One CEO and president Alfred C. Liggins, III says, “Third quarter results came in slightly softer than expected across the board. Core radio, excluding political, finished down 8.1%, and our Radio segment is currently pacing down 30.2% all-in and 6.4% ex-political for the fourth quarter of 2025. Revenues at our Reach Media and Digital segments were down 40.0% and 30.0% respectively, which was on the lower end of expectations. Cable TV advertising was down 5.4% and affiliate revenue was down 9.1% driven by continuing subscriber churn. In light of the soft overall market conditions, we are reducing our full year guidance from $60 million of Adjusted EBITDA to $56 to $58 million. Our focus remains on controlling costs, managing debt, leverage and liquidity. During the third quarter of 2025, we repurchased $4.5 million of our 2028 Notes at an average price of approximately 52.0% of par, reducing our outstanding debt balance to $487.8 million.” 
enhancing the subscriber experience through new content, deeper personalization, and continued innovation across every stage of the customer journey, driving greater engagement and value for our listeners. At the same time, we’re scaling our digital advertising business and strengthening our leadership in podcasting. Across each of these areas, we’re leveraging our unique assets to deliver sustainable profitability and long-term value for our shareholders — a strategy that is already delivering as we raise our full year guidance.” During the quarter the satcaster expanded and developed its roster of high-profile voices. It extended its agreement with Andy Cohen and celebrated the 10th anniversary of his flagship channel, Radio Andy. Stephen A. Smith also debuted on the platform, launching new political and sports programs and renewed its agreement with Megyn Kelly, expanding the partnership to include the upcoming Megyn Kelly Channel. 
8.4% excluding the $6.9 million impact from discontinuing the DailyWire and Dan Bongino relationships. The company posted a net loss of $20.4 million compared to net loss of $10.3 million in Q3 2024. Cumulus breaks down its revenue by segment and reports that its broadcast radio spot revenue declined 13.1% to $83.7 million, while network revenue fell 26.5% to $31.2 million. Total broadcast revenue was 
$114.9 million, a decrease of 17.2% from the same period in 2024. Cumulus president and CEO Mary G. Berner says, “In an advertising environment that remained challenging for legacy media, we continued to outperform. We once again gained market share in total broadcast spot as well as in digital, where our market share gains reflected the strong growth of our digital marketing services business, which was up 34% in the quarter. Additionally, we remained highly focused on re-engineering the business, reducing annualized fixed costs by $7 million and accelerating our efforts to implement a wide array of AI initiatives to drive efficiencies and enhance growth. These results underscore our disciplined focus on optimizing performance in areas that we can control. While we do not expect the current headwinds to abate in the near-term, we remain confident in our ability to position the company for long-term success through strong execution and by maximizing value from the company’s underlying assets.”
Ballroom on the eve of NAB Show New York. Some of the winners in spoken-word radio formats include: Premiere Networks’ Colin Cowherd for Network/Syndicated Personality of the Year; WJR, Detroit’s Mitch Albom for Large Market Personality of the Year; WHIO-AM/FM, Dayton’s Larry Hansgen for Medium Market Personality of the Year; WWNC, Asheville’s Mark Starling for Small Market Personality of the Year; WBAL-AM, Baltimore for News/Talk Station of the Year; and WXYT-FM, Detroit for Sports Station of the Year.
Murrow Awards for Television, Radio and Digital news operations at the network, large market and small market levels. Radio Network winners include ABC News, NPR and Canada’s CBC. Radio station winners include: KMOX, St. Louis; WSB, Atlanta; WTOP, Washington; and WWNC, Asheville. The presentation of the awards will take place on October 13 at Gotham Hall in New York City. 
for the quarter to $22.2 million compared to the same period last year. For the quarter, operating income was $1.4 million compared to $2.1 million for the same quarter last year and station operating income decreased 6.4% to $6.0 million. Saga reports net income of $1.1 million for the quarter compared to the net income of $2.5 million it reported in the second quarter of 2024.
2025. The inductees will be honored at the in-person 2025 Radio Hall of Fame Induction ceremony on October 30 at the Swissotel Hotel in Chicago. Among this year’s inductees are: Colin Cowherd, host of “The Herd with Colin Cowherd”; Mike McVay of McVay Media; and Julie Talbott, president of Premiere Networks. 
same period in 2024. The company reports that net broadcast revenue was $39.8 million, down 13.6% from Q1 in 2024, and digital media revenue also fell to $10.2 million, a decline of about 4.5%. Salem’s net loss for the quarter was $7.1 million compared to the net loss of $5.1 million it reported in Q1 of 2024.
expectations: core radio advertising finished at -12.4% excluding digital, and Cable TV advertising was -6.3%. Our cable TV ratings stabilized significantly in the first quarter of 2025 and are performing in line with our 2025 budget. Second quarter core radio advertising pacings have weakened over the past several weeks and are now -8.7%. Our first quarter 2025 digital revenues were down 16.1% driven by expected weakness in streaming and podcasting revenues. Based on our year-to-date performance, we reaffirm our full year guidance of $75 million in Adjusted EBITDA. Our cumulative debt repurchases so far in 2025 are $88.6 million at an average price of 53.9%, resulting in reduced gross debt of $495.9 million, and we currently have approximately $79.8 million of cash on hand. In a challenging marketplace, our focus remains on controlling costs, managing leverage and retaining a strong liquidity position.”
Podcast Metrics. The top six podcasts are unchanged in rank from the previous chart from Edison with “The Joe Rogan Experience” at #1, followed by “Crime Junkie” at #2, and “The Daily” at #3. Other radio-related podcasts of note include “The Ramsey Show” at #20, “The Dan Bongino Show” at #21, “The Ben Shapiro Show” at #22, and “The Shawn Ryan Show” at #29.