iHeartMedia, Inc. Revenue & Financials

$3.73 billion in FY2024 revenue, a net loss of $150 million. The negative net income reflects interest expense on the debt that survived the bankruptcy restructuring rather than operational underperformance. The operating business — particularly the Multiplatform Group that houses the terrestrial radio stations and the Digital Audio Group that includes the podcast network — generates real earnings before the debt service extracts them. Revenue grew from $3.67 billion in FY2023 to $3.73 billion in FY2024, a 1.6% increase that represents modest stabilization in terrestrial radio advertising offset by stronger growth in digital audio and podcast revenue. The digital segment's growth rate exceeds the traditional radio segment — a mix shift that, if it continues, gradually improves the overall margin profile. The $250 million market capitalization against $3.73 billion in revenue is a 0.067x price-to-sales ratio. That number reflects debt-adjusted valuation more than a judgment about the operating franchise. An enterprise value calculation that includes the debt load produces a more conventional media company multiple. The podcast network's revenue model — dynamic ad insertion across hundreds of original productions and distributed third-party content — scales without proportional overhead increases. Each new podcast show adds content that can be monetized through the same programmatic ad infrastructure that serves existing shows. The marginal cost of the 500th show is substantially lower than the marginal cost of the 50th. Whether digital growth is fast enough to offset secular terrestrial radio decline is the central financial question.