IHeartMedia lays off less than 5% of its workforce

IHeartMedia will lay off workers this week.

The radio and podcast company is laying off less than 5% of its employees, which currently stands at around 10,000 employees. The cuts are aimed at eliminating redundancies and rationalizing the business, a source close to the matter confirmed The Hollywood journalist.

“Our radio audience has more listeners than it did ten years ago, and according to Nielsen Edison, we are seeing an increase in listenership among Gen Z audiences. We are the #1 podcast publisher, larger than the next two combined, and we are 5 times larger than the second largest digital radio service. We have been able to achieve this by modernizing the company and increasing the use of technology so we can build the best radio stations, with the greatest talent, in all of our markets across the United States,” Wendy Goldberg, spokesperson for iHeartMedia said in a statement.

“These changes are another step in that journey. While very few jobs were affected in a company of 10,000 people, there were some and we never take this step lightly, no matter how few jobs it entails; every team member is important to us and has our respect and appreciation,” the statement continues.

The company will report third-quarter earnings on Thursday. In its latest earnings report, iHeartMedia reported an operating loss of $910 million, higher than its loss of $897 million in the second quarter of 2023. Podcasting was a strong point, driving overall revenue in the digital audio group of the company. But iHeartMedia otherwise saw its consolidated second-quarter revenue rise just 1%, to $929 million, in the latest quarter.

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