iHeartMedia, the largest U.S. radio and podcast distribution company, said on Monday (Aug. 10) that revenue for its second quarter came in ahead of guidance, growing by 4.7% to $977 million, as political primary ads and those for the November midterm elections continue to ramp up.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) fell 2.9% to $152 million, down from $156 million in the same period last year.
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iHeart’s executives said they expect robust spending in the second half of the year from political and other advertisers who are not able to secure TV spots as political placements fill the airwaves. Those ad dollars are anticipated to deliver adjusted EBITDA growth for the multiplatform division.
“The early indications are it is performing at the level [of a presidential election year],” Pittman said on a call discussing iHeart’s quarterly results.
