New Structure Will Enhance Company’s Leadership Position as the Number One Audio Company in America and Continue Its Successful Transformation as a Technology-Powered 21st Century Media Company
New York, NY – January 14, 2020 – As it enters the new decade, iHeartMedia today announced a new organizational structure for its Markets Group as it modernizes the company to take advantage of the significant investments it has made in technology and artificial intelligence (AI) and its unique scale and leadership position in the audio marketplace. The new structure will enable the company to maximize the performance of each of its markets – and the company overall -- with its unique scale and multiple platforms; leadership in audio; and its expertise in consumers, monetization and data, and enhance iHeartMedia’s position as the number one audio company in America, continue its successful transformation as a technology- and data-powered 21st century media company, and accelerate the development of new platforms and services.
The company has made significant technology investments to change everything from how it sells advertising to how it utilizes data and builds new businesses like its digital platform, podcast platform and robust data platform – all of which have given it an undisputed leadership position in the audio world. Additionally, the company’s technological advancements increase its ability to support its employees and its customers through world class systems and innovation.
iHeartMedia is the #1 audio company in America by reach, and is:
- #1 in broadcast radio;
- #1 in digital radio;
- #1 in commercial podcasting;
- #1 in social among audio players;
- #1 in radio networks;
- #1 in video among audio players, including on YouTube and Snap;
- #1 in targeting, analytics and attribution in the audio sector with its SmartAudio suite of services;
- And iHeart has built the leading brand in radio – iHeartRadio – that functions as its master brand for all of its consumer assets.
“iHeart is the rare example of a major traditional media company that has made the successful transformation into a 21st century media company – one with unparalleled scale, reaching 91% of Americans each month with our broadcast assets alone, more than any other media company,” said Bob Pittman, Chairman and CEO of iHeartMedia. “We are now using our considerable investments in technology to modernize our operations and infrastructure, further setting us apart from traditional media companies; improving our services to our consumers and advertising partners; and enhancing the work environment for our employees.”
iHeartMedia Markets Group
The company will now group its markets by common needs and characteristics into three distinctly different divisions to make sharing of resources and experiences easier and more targeted.
Here is the new structure of the iHeartMedia Markets Group, which will continue to be led by Greg Ashlock, President of the iHeartMedia Markets Group:
- The Region Division: The Region Division comprises the company’s largest markets, like New York and Los Angeles, that each reach hundreds of cities, communities and trading areas for local businesses. The Region Division will be led by Division Presidents Kevin LeGrett and Scott Hopeck.
- The Metro Division: The Metro Division houses markets that are large areas that still encompass multiple communities – but are not regional hubs like the company’s largest markets. The Metro Division will be led by Division Presidents Tom McConnell, Tony Coles and Linda Byrd.
- The Community Division: The Community Division includes markets that focus on the shared needs of one community and one trading area for most businesses and advertisers and will also group markets into areas which are geographically close and culturally similar. The Community Division will be led by Division Presidents Shosh Abromovich, Nick Gnau and Dan Lankford.
- Additionally, the company is creating a new Division that cuts across all Markets -- the very successful Multi-Market Partnerships (MMP) Division headed by Julie Donohue, who is elevated to President of MMP with responsibility for this business.
As part of this important step in the transformation of the company, the company’s Integrated Revenue Strategies group, led by President Hartley Adkins, will be merged into the iHeartMedia Markets Group and Adkins will become Chief Operating Officer (COO) of the Markets Group working closely with Greg Ashlock.
Centers of Excellence
The company will also be using its new technology- and AI-enabled Centers of Excellence – which consolidate functional areas of expertise in specific locations to deliver the highest quality products and services – for every Market, enabling each to take advantage of the company’s scale and shared resources across programming, marketing, digital, podcasts, sales and sales support to provide a better experience for listeners and business partners and a more efficient process for all of its employees. These Centers of Excellence are the result of the great strides the company has made in improving its technology backbone and the hundreds of millions of dollars in investment it has made in building out the company’s core infrastructure, in addition to strategic technology and platform acquisitions like Jelli, RadioJar and Stuff Media.
Certain statements herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances, such as statements about our goals, and changes to our organizational structure and the expected impacts of such changes, are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date hereof. Various risks that could cause future results to differ from those expressed by any forward-looking statement are described in the Company’s reports filed with the U.S. Securities and Exchange Commission, including in the section entitled “Item 1A. Risk Factors” of iHeartMedia, Inc.’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.