iHeart Announces New Operating Structure

• iHeartMedia, Inc. announced a new operating structure under which its Digital Audio Group business, which includes its iHeartRadio digital service and its podcasting business, will publicly report its financials separately from its Multiplatform Group business, which includes its broadcast radio assets. Each group will now operate as a separate reportable segment with dedicated management.

The iHeartMedia Digital Audio Group includes the company’s podcasting business, the iHeartRadio digital service; the company’s digital sites, newsletters, digital services and programs; and its digital advertising technology companies, including Jelli, RadioJar, Unified and Voxnest, and will also include the recently-announced Triton Digital upon completion of the acquisition. The iHeartMedia Digital Audio Group will be led as a team by Conal Byrne as CEO and Darren Davis as COO, with Carter Brokaw serving as the President of Digital Revenue and Jessica Jerrick as EVP of Digital Distribution and Platform Partnerships.

The iHeartMedia Multiplatform Group represents almost 75% of iHeartMedia’s revenue and includes the iHeartMedia Markets Group, with its 860+ radio stations in 160 markets; the company’s live and virtual events business; and its National Sales organization. Premiere Networks, which includes the Total Traffic and Weather Network; and BIN: Black Information Network will also join this group. The iHeartMedia Multiplatform Group will be led by Greg Ashlock as Chief Executive Officer and Tim Castellias Chief Revenue Officer. In addition, Julie Talbott joins this group in her role as President, Premiere Networks; Hartley Adkins will become President of the Markets Group; Jeff Howard remains President of National Sales and Tony Coles as President of BIN: Black Information Network.

Both segments will continue to report to Bob Pittman (left), iHeartMedia Chairman & CEO, and Rich Bressler (right), iHeartMedia President, COO & CFO. Pittman remarked, “These new reportable segments will enable us to strengthen the mission and tighten the focus of both the iHeart Digital Audio Group and the iHeart Multiplatform Group, while accelerating our ability to deliver industry-leading products and services to our listeners and advertising partners across all of our platforms. Creating these two business reportable segments will allow us to provide the investment community with increased visibility into the financial results of each segment — enabling them to better appreciate the strong growth and success of our digital businesses, including our industry-leading podcast business, as well as the continued strength of our broadcast radio and marquee events businesses.”