{"id":28403,"date":"2016-10-16T18:25:04","date_gmt":"2016-10-16T22:25:04","guid":{"rendered":"https:\/\/bejone03.expressions.syr.edu\/trf235\/?p=28403"},"modified":"2016-11-30T12:30:30","modified_gmt":"2016-11-30T17:30:30","slug":"iheart-media-entertainment-2","status":"publish","type":"post","link":"https:\/\/bejone03.expressions.syr.edu\/trf235\/2016\/10\/16\/iheart-media-entertainment-2\/","title":{"rendered":"iHeart Media & Entertainment"},"content":{"rendered":"
by TALIA LEVY and VALERIE POWELL<\/pre>\n
\"iheartmedia-04\"<\/a>
[16]<\/a>\u00a0iHeartMedia Company Logo<\/p><\/div>\n
iHeartMedia, Inc<\/h5>\n
200 East Base Road<\/h5>\n
San Antonio, Texas<\/h5>\n
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HISTORY<\/b><\/h5>\n
\u00a0 \u00a0 iHeart Media<\/a> was originally founded in San Antonio, Texas under the name Clear Channel Communications. The company was founded by Lowry Mays and B.J. McCombs in 1972. In 2008, the company became private by a leveraged buyout through Bain Capital, LLC<\/a> and Thomas H. Lee Partners<\/a>.<\/span><\/h5>\n
\u00a0 \u00a0 iHeartMedia has the widest reach in America for any radio or television outlet with an audience of over a quarter of a billion listeners each month. The company currently covers 150 of the U.S. markets with 858 broadcast radio stations. iHeartMedia delivers a variety of content including music, talk shows, news, and sports through broadcast stations, satellite, online, via smartphones and via live shows.\u00a0<\/span>iHeartRadio currently has 92 million registered users with a year-over-year growth of 22% with an increase of 8% in total listening hours. As of September 30th, cumulative upgrades and downloads have reached a new record of 1.1 billion [4]<\/a>.<\/span><\/h5>\n
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KEY EXECUTIVES<\/strong><\/p>\n
\"Bob<\/a>
Bob Pittman<\/strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0[12]<\/a> Chairman and Chief Executive Officer<\/p><\/div>
\"ourteam_goldberg\"<\/a>
Wendy Goldberg<\/strong>\u00a0 \u00a0 \u00a0 \u00a0[13]<\/a> Executive Vice President and Chief Communications Officer<\/p><\/div> <\/p>\n
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\"16aabe89605896347ecf40b25200cc7d_400x400\"<\/a>
William Eccleshare <\/strong>[15]<\/a> Chairman and CEO, Clear Channel International<\/p><\/div>
\"bressler_headshot\"<\/a>
Richard J.\u00a0Dressler\u00a0<\/strong>[14]<\/a>\u00a0President, Chief Operating Officer and Chief Financial Officer<\/p><\/div> <\/p>\n
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FINIANCIAL\u00a0<\/b><\/h5>\n
\u00a0 \u00a0 For the second quarter of 2016, iHeartMedia\u2019s loss widened to $278.89 million due to billboard sales in Turkey that expanded the ongoing debt $56.6 million. The loss was more than five times the amount of 2015\u2019s second quarter loss of $54.66 million [3]<\/a>. Even though there was a large loss in the second quarter, the company is still generating revenue in the third quarter of 2016 for a total of $857.1 million. Due to a growth in network business and the Presidential Election, digital advertising and broadcast radio primarily drove the growth in revenue of $10.2 million (1.2%) from the previous year\u2019s third quarter revenue [4]<\/a>.<\/span><\/h5>\n
\u00a0 \u00a0 The increase in revenue allows iHeart to stay on top of their current debt of $20.78 billion as of June 30th, 2016. The large debt is mainly due to a buyout in 2008 by two Boston private-equity firms, allowing them to gain 70% of the iHeartMedia Company. Debtwire senior credit analyst, Seth Crystall, explains that iHeart is a \u201cpowerful brand\u201d and will continue to increase revenue to make up from their current losses by the transformation of their listeners to their mobile app [3]<\/a>.<\/span><\/h5>\n
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\"[17]\"<\/a>
[17]<\/a>\u00a0Singer Taylor Swift singing at the iHeartRadio Music Awards.<\/p><\/div>\n
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iHEART MUSIC FESTIVALS<\/b><\/h5>\n
\u00a0 \u00a0 The iHeart Music Festival Tour is iHeartRadio\u2019s biggest live musical event, generating a large income for the company, with a portion of the ticket profits going towards the Ryan Seacrest Foundation<\/a>. iHeartMedia\u2019s President of National Programming Group, Tom Poleman,<\/a> says, \u201cFans wait all year to hear who will be playing this tour and we\u2019re thrilled to announce an impressive lineup\u201d [11]<\/a>. The concerts are held in major cities throughout the country by the iHeartRadio stations in those areas. The Jingle Ball Tour is iHeartRadio\u2019s biggest musical event, generating a large income for the company. The tour is sponsored by Capital One<\/a>, which allows card holders to gain early access to tickets before going to the general public [7]<\/a>.<\/span><\/h5>\n
\"bf2_84182\"<\/a>
[18]<\/a>\u00a0Bon Jovi Photographed performing at an iHeartRadio live concert.<\/p><\/div>\n
\u00a0 \u00a0 The live iHeart Radio concerts are a mutually beneficially event for both the artists involved and iHeartMedia. For example, most recently the artist <\/span>The Weekend <\/span><\/i><\/a>celebrated the release of his new album <\/span>Starboy <\/span><\/i><\/a>in Toronto by headlining the iHeartRadio Canada Jingle Ball. Thirty minutes of his live set was broadcasted on the iHeartRadio App, along with 112 of iHeart Media\u2019s radio stations including KISS in Los Angeles<\/a> and Z100 in New York<\/a> [1]. <\/a>The iHeartRadio Jingle Ball in Toronto also included performances by major artists such as <\/span>Niall Horan<\/a>, The Chainsmokers<\/a>, <\/span><\/i>and <\/span>Alessia Cara.<\/span><\/i><\/a><\/p>\n