iHeartMedia Inc (NASDAQ: IHRT) is a broadcast and digital audio media company that operates radio stations, digital streaming platforms, and podcast networks across the United States. It makes money by selling advertising time and space to national, regional, and local advertisers across broadcast radio, digital audio, podcasting, and live events. The company operates through three segments: Multiplatform Group (broadcast radio, networks, sponsorships, and events), Digital Audio Group (digital streaming and podcasting), and Audio and Media Services Group (Katz Media representation and RCS software). Multiplatform Group generated $2.27B in FY2025 revenue, Digital Audio Group generated $1.33B, and Audio and Media Services generated $272.5M. No single advertising category exceeds approximately 5% of total advertising revenue, per the FY2025 10-K. The company carries significant debt and reported an operating loss of $20.6M in FY2025. Bob Pittman has served as CEO. iHeartMedia emerged from bankruptcy reorganization completed prior to its current public structure.

Revenue model

Advertising-supported model across broadcast radio, digital streaming, and podcasting. Broadcast radio sells spot advertising priced by audience size and spot length. Digital audio monetizes through national and local advertising on free streaming services, plus two paid subscription tiers (iHeartRadio Plus and iHeartRadio All Access). Podcast revenue is driven by advertiser demand for podcast inventory. Katz Media earns representation fees from third-party radio and television stations. RCS earns software and services fees from broadcast industry participants.

Products and services

Broadcast radio stations operating in 48 of the top 50 U.S. markets and 87 of the top 100 markets (FY2025 10-K). iHeartRadio, a free ad-supported streaming app and web service offering live radio, digital-only stations, custom artist stations, and podcasts, available across more than 500 platforms and thousands of connected devices. iHeartRadio Plus and iHeartRadio All Access, paid subscription streaming tiers. Podcast network generating revenue as part of the Digital Audio Group. SmartAudio, a data targeting and attribution suite for broadcast radio advertisers enabling impression-based planning and dynamic ad delivery. Katz Media, a media representation firm serving more than 3,400 non-iHeartMedia radio stations and over 400 television stations. RCS Sound Software, a provider of scheduling and broadcast software.

Customers and end markets

National, regional, and local advertisers across categories including financial services, automotive, health care, telecommunications, insurance, education, food and beverage, entertainment, and political. Local sales force covers approximately 160 U.S. markets. No single advertiser category exceeds approximately 5% of total advertising revenue (FY2025 10-K). Third-party radio and television stations served through Katz Media representation.

Value-chain role

Content aggregator, broadcaster, and advertising sales platform in the U.S. audio media supply chain. Licenses music streaming rights through SoundExchange under Federal statutory licenses, paying royalties to the Copyright Royalty Board-designated rates. Pays podcast profit-share to content creators as a variable cost. Katz Media acts as a sales representative intermediary between third-party broadcast stations and advertisers.

Geographic exposure

Primarily United States. Local sales force operates in approximately 160 U.S. markets, including 48 of the top 50 markets and 87 of the top 100 markets (FY2025 10-K). FCC licensing subjects the company to U.S. broadcast ownership rules, including a 2020 Declaratory Ruling permitting up to 100% foreign ownership under certain conditions.

Source: SEC 10-K, filed 2026-03-02

Industry: Radio Broadcasting Stations Peers: AMC Global Media Inc E W Scripps Co Entravision Communications Corp Fox Corp TEGNA INC Gray Media Inc HEMISPHERE MEDIA GROUP, INC. Nexstar Media Group Inc Sinclair Broadcast Group, LLC