It’s not so long since US radio firm iHeartMedia was in deep financial troubles, and while it pulled itself out of those last year, it’s understandably one of the companies being hit hard by the coronavirus pandemic. Now the company has followed Twitter in withdrawing its guidance for analysts (financial predictions) for 2020.
“Given the ongoing uncertainty surrounding the duration and magnitude of the COVID-19 pandemic and its impact on the US economy, we believe it is appropriate to withdraw our full-year 2020 guidance,” said chairman and CEO Bob Pittman.
The company stressed that it had a “strong” January and February, before the pandemic’s financial impact escalated in March. It’s also drawn $350m from its $450m ‘senior secured asset-based revolving credit facility’ (a credit agreement negotiated last year) to tide it through the crisis. iHeartMedia is the parent company of the iHeartRadio streaming service, as well as its traditional radio business.