iHeartMedia is the biggest terrestrial radio broadcaster in the US: Its 858 stations around the country attract some 245 million listeners each month. The company also has a big events business, and a growing digital presence.
Nonetheless, iHeartMedia finds itself in a predicament, and not just because broadcast radio is being challenged by online streaming music services like Pandora and Spotify. The company once known as Clear Channel has racked up billions of dollars in losses over the past seven fiscal years, and has a mountain of debt on its balance sheet, a legacy of a buyout by private equity investors in 2006.
The company’s latest proposition to advertisers? Original content, including video, but also, and more interestingly, podcasts.
This week, at an event in New York, the company announced a string of new podcast products, including ones with actors like Jared Leto and Jaime Pressley, and on topics that appeal to millennial…
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