iHeartMedia, Inc. (NASDAQ: IHRT)

iHeartMedia is the number one audio media company in the United States based on consumer reach, operating in the companionship sector of audio where listeners treat radio and podcast personalities as trusted friends. The company owns and operates more than 860 broadcast radio stations across approximately 160 markets, provides the iHeartRadio digital service available on over 500 platforms and thousands of devices, publishes podcasts that rank first in the U. S., and produces live and virtual events that attract millions of participants. Its integrated multi‑platform approach enables advertisers to reach audiences through broadcast radio, digital streaming, podcasting, social media, and event sponsorships.

Revenue is generated primarily from the sale of advertising time and digital impressions across its broadcast radio stations, podcast network, and iHeartRadio platform, supplemented by income from live and virtual events, ticket sales, licensing, and subscription services. The company also earns fees from its media representation business, Katz Media Group, which sells advertising on behalf of third‑party radio and television stations, and from its broadcast software unit, RCS, which provides scheduling and automation tools to industry clients. These diverse streams allow iHeartMedia to monetize its large audience and technological assets across local, regional, and national markets.

The company operates through the following segments: Multiplatform Group, Digital Audio Group, and Audio & Media Services Group.

• Multiplatform Group: This segment encompasses the company’s 860+ broadcast radio stations, its events business that includes seven major nationally recognized tentpole events, the SmartAudio data targeting and attribution suite, the Premiere Networks syndication service, and the Total Traffic & Weather Network. In 2025 the segment generated $2,273.5 million in revenue, comprised of $1,633.4 million from broadcast radio advertising, $439.8 million from Premiere Networks and Total Traffic & Weather, and $182.0 million from sponsorship and events.

• Digital Audio Group: This segment includes the iHeartRadio digital service available on more than 500 platforms and 2,000 devices, the company’s podcasting business that is the number one podcast publisher in the U. S., its digital advertising technology platforms such as Unified, Voxnest, Triton Digital, and Omny Studios, and its industry‑leading social media footprint with over 345 million fans and followers. In 2025 the segment produced $1,329.4 million in revenue, with $563.7 million from podcasting and $765.7 million from other digital offerings.

• Audio & Media Services Group: This segment provides media representation services through Katz Media Group, representing over 3,400 non‑iHeartMedia radio stations and more than 400 television stations, and broadcast software and services via RCS, which is used by more than 10,000 radio and television stations worldwide. In 2025 the segment contributed $272.5 million in revenue from commissions on media sold and software licensing fees.

iHeartMedia holds a leading position in the U. S. audio industry, claiming the largest broadcast radio audience, more than twice that of its next largest commercial competitor, and the top‑ranked streaming broadcast radio platform with nearly five times the digital listening hours of the closest rival. According to Podtrac, it is the number one podcast publisher, offering shows in all 19 content categories and the most top‑10 programs of any publisher. The company also provides the only end‑to‑end ad‑tech solution covering broadcast radio, digital streaming, podcasting, and on‑demand audio, and its social media following exceeds that of the next largest broadcast audio company by a factor of eleven. These strengths are reinforced by its portfolio of seven major nationally recognized events that deliver additional advertising and sponsorship opportunities.

The company’s customer base consists primarily of advertisers spanning sectors such as financial services, automotive, health care, telecommunications, insurance, education, food and beverage, entertainment, and political campaigns, who purchase airtime and digital impressions to reach iHeartMedia’s large audience. In addition, iHeartMedia serves third‑party radio and television stations through its Katz Media representation business and provides broadcast software solutions to industry participants via its RCS unit. Its content and platforms are consumed by millions of listeners across the United States who engage with its radio stations, podcasts, and iHeartRadio service.