iHeartMedia reported stronger first-quarter performance, with total revenue reaching $884 million, up 9.6% year over year. The company also reduced its net loss to $95.6 million, compared to $280.9 million in the same period last year.
Within its Multiplatform Group, which includes its AM/FM broadcast assets, revenue increased 4.3% to $493 million. Broadcast radio revenue rose 6.1% to $361.4 million, although spot advertising declined amid ongoing market uncertainty. This decline was partially offset by non-cash trade activity.
The Digital Audio Group delivered the strongest growth. Podcast revenue totaled $147.2 million, up 26.9% year over year and exceeding company guidance. Programmatic revenue from broadcast also continued to expand, with iHeartMedia projecting approximately $200 million in 2026, up from $135 million in 2025.
The company announced an additional $50 million in annualized cost reductions, bringing its total modernization savings target to $150 million. These cuts, expected to take effect in the second half of 2026, are driven by AI implementation, workforce reductions, vendor consolidation, and real estate adjustments. The Multiplatform Group is expected to bear the largest share of these reductions. Management stated the goal is to restore broadcast segment profitability growth before the end of the year.
iHeartMedia also noted that recent changes in U.S. tax law will allow it to avoid cash tax payments in 2026 and potentially for the following two to three years. This is expected to preserve between $150 million and $200 million in cash through 2028.
The company did not address speculation regarding a potential merger with SiriusXM during its earnings call.
