Yesterday the company released their second quarter numbers and the San Antonio Express-News continued their record of having, far and away, the best coverage of this potential $20 billion BK:
Updated 8:37 pm, Thursday, August 3, 2017Previously:
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.
iHeartMedia has generated negative cash flow over the last two years, meaning that it’s spending more money on its debt and other expenses than it’s generating.
Cash flow decreased 5.5 percent to $454 million in the second quarter from $482.8 million in the same period last year.
“We will continue to incur net losses and generate negative cash flows from operating activities as a result of our indebtedness and significant related interest expense,” the company said in its earnings release....MUCH MORE
Bain Capital/Thomas H Lee-Controlled iHeartMedia Continues Stately Descent Into Bankruptcy (IHRT)
As was said back in May:May 4
"This wouldn't really be noteworthy except for the fact IHRT is the largest operator of radio stations in the U.S. and the debt involved is a bit over $20 Billion.".
Bain Capital/Thomas H Lee-Controlled iHeartMedia Probably Facing Bankruptcy (IHRT)