iHeartMedia Announces Realignment of Markets Management And Increased Focus For Leaders on New High-Growth Opportunities

Rhea-AI Summary

iHeartMedia (IHRT) announces leadership realignment to enhance focus on high-growth opportunities with new Division Presidents named and strategic leadership changes.

NEW YORK--(BUSINESS WIRE)-- iHeartMedia, the #1 audio company in America, announced today a leadership realignment in its Markets Group, heightening the performance of its more than 160 Markets and 860+ radio stations while enhancing the company’s ability to increase its focus on new high-growth opportunities. The Markets Group, part of iHeart’s Multi Platform Group, is designed to enable each Market, regardless of size, to take advantage of iHeart’s unique scale and multiple platforms; leadership in audio; and its expertise in consumers, monetization and data. The company also announced today heightened areas of focus for additional senior leaders who will be overseeing new high-growth opportunities for iHeart.

In 2020, iHeart announced that it would group its Markets by common needs and characteristics into three different divisions – Region, Metro and Community -- to make sharing of resources and experiences easier and more targeted. The company has now named five new Division Presidents: Bernie Weiss and Paul Corvino for the Region Division, and Kristin Foley, Chris Soechtig and DJ Hodge for the Metro Division, all of whom have successfully led Markets across the country. Tom McConnell, formerly a Metro Division President, will also become a Region Division President.

In addition, Nick Gnau, formerly a Community Division President, will become a Metro Division President, and Shosh Abromovich and Dan Lankford will add Nick’s former Markets to their responsibilities as the Community Division Presidents. Amy Leimbach, who served as Senior Vice President of Sales for Austin, Dallas and San Antonio, TX, will become President of those Markets.

The company also announced changes that will enable it to increase its focus on a number of high-growth opportunities.

• Kevin LeGrett, President of the iHeart Sports Network, will be making the transition from his role as Division President of Los Angeles to now focus exclusively on leading and growing the company’s leading Political and Sports platforms, both of which have significant growth potential. 2024 is projected to be the biggest political year on record, and the iHeartSports Network reaches more people than any other sports network -- over 1.5 times the audience of ESPN, including more than 75 million people monthly across 500+ stations; the Fox Sports Network, featuring the biggest names in the industry like Dan Patrick and Colin Cowherd; 80 dedicated sports stations nationwide with 100+ NFL, NBA, MLB, NHL and NCAA teams; and the iHeartPodcast Network, the number one sports podcast network in America.

• Additionally, to underscore iHeart’s deep commitment to serving all of its communities, Tony Coles will continue to build on his groundbreaking leadership as President of BIN: Black Information Network and, in addition, will now lead all multicultural efforts as the President of Multi-Cultural Business and Development. Multicultural advertising projected to reach $16.5 billion in the next three years, and iHeartMedia has an unparalleled roster of legendary stations and influential personalities and brands ranging from Steve Harvey and The Breakfast Club to Enrique Santos.

The new Division Presidents will report directly to Hartley Adkins, President of the iHeartMedia Markets Group, and Coles and LeGrett, as well as Adkins, will report to Rich Bressler, iHeart’s President, COO and CFO and CEO of the iHeartMedia Multi Platform Group.

The company will be making this transition over the next few weeks.

About iHeartMedia

iHeartMedia, Inc. [Nasdaq: IHRT] is the leading audio media company in America, reaching over 90% of Americans every month. iHeart’s broadcast radio assets alone have more consumer reach in the U.S. than any other media outlet; twice the reach of the next largest broadcast radio company; and over four times the ad-enabled reach of the largest digital only audio service. iHeart is the largest podcast publisher according to Podtrac, with more downloads than the next two podcast publishers combined and has the number one social footprint among audio players, with seven times more followers than the next audio media brand, and the only fully integrated audio ad tech solution across broadcast, streaming and podcasts. The company continues to leverage its strong audience connection and unparalleled consumer reach to build new platforms, products and services. Visit iHeartMedia.com for more company information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231204546746/en/

Wendy Goldberg

wendygoldberg@iheartmedia.com

Source: iHeartMedia, Inc.

FAQ

What did iHeartMedia announce today?

iHeartMedia announced a leadership realignment in its Markets Group to enhance its focus on new high-growth opportunities.

How many Markets and radio stations does iHeartMedia have?

iHeartMedia has more than 160 Markets and 860+ radio stations.

What were the changes made to the Markets Group in 2020?

In 2020, iHeartMedia grouped its Markets into three different divisions - Region, Metro, and Community - to make sharing of resources and experiences easier and more targeted.

Who are the new Division Presidents named by iHeartMedia?

Bernie Weiss, Paul Corvino, Kristin Foley, Chris Soechtig, DJ Hodge, and Tom McConnell have been named as new Division Presidents by iHeartMedia.

What is Kevin LeGrett's new role at iHeartMedia?

Kevin LeGrett will now focus exclusively on leading and growing iHeartMedia's leading Political and Sports platforms, both of which have significant growth potential.

Who will continue to lead BIN: Black Information Network and all multicultural efforts at iHeartMedia?

Tony Coles will continue to build on his groundbreaking leadership as President of BIN: Black Information Network and, in addition, will now lead all multicultural efforts as the President of Multi-Cultural Business and Development.

To whom will the new Division Presidents report?

The new Division Presidents will report directly to Hartley Adkins, President of the iHeartMedia Markets Group.

Who will Tony Coles, Kevin LeGrett, and Hartley Adkins report to?

Tony Coles, Kevin LeGrett, and Hartley Adkins will report to Rich Bressler, iHeart's President, COO and CFO, and CEO of the iHeartMedia Multi Platform Group.