iHeartMedia edges closer to bankruptcy with $174 million 2Q loss
iHeartMedia Inc. lost $174 million in the second quarter as the radio, billboard and digital giant edged closer to bankruptcy, struggling under more than $20 billion in debt, the company said Thursday.
The San Antonio-based company’s second-quarter loss narrowed from $278.9 million during the same three months last year, the company said in releasing its earnings results Thursday. It was the company’s 28th loss over the last 29 quarters.
Revenue dropped to $1.59 billion in the second quarter, from $1.62 billion a year ago, a 1.5 percent decline.
Analysts right now aren’t concerned about profits as its been more than seven years since the company has been solidly profitable. They are, instead, keeping a close watch on iHeartMedia’s cash flow, which is key to its ability to stay afloat.
iHeartMedia, which owns more than 850 radio stations and sponsors popular music festivals across the U.S., reiterated its April 20 warning to investors that it may not survive another year.
Read more: http://www.mysanantonio.com/business/local/article/iHeartMedia-narrows-second-quarter-loss-to-174-11730883.php
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