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Fly News Breaks for January 28, 2020
LMCA, SIRI, IHRT
Jan 28, 2020 | 08:43 EDT
B. Riley FBR analyst Zack Silver upgraded iHeartMedia (IHRT) to Buy from Neutral with a price target of $23, up from $17. The analyst sees a "compelling setup" for the shares over the next year. He increased his 2020 and long-term estimates to reflect iHeartMedia's "meaningful" restructuring activity that began on January 14. His analysis suggests the company will cut over $50M in costs this year, driving close to 1% of an incremental adjusted EBITDA margin in 2020. Further, in a best-case scenario, Liberty Media's (LMCA) and Sirius XM's (SIRI) recent interest in iHeartMedia could evolve into a formal offer this year, Silver tells investors in a research note. If nothing else, the interest "provides a sturdier floor" for iHeartMedia's equity value, relative to the rest of the group, adds the analyst.
News For IHRT;SIRI;LMCA From the Last 2 Days
IHRT
Mar 26, 2024 | 09:08 EDT
iHeartMedia announced a partnership with Mundo Hispano Digital, the parent company of MundoNow.com, one of the oldest Certified Minority Latino media platforms in the U.S. The new collaboration will include MundoNow's audio network Oyenos' slate of podcasts being distributed widely by iHeartPodcasts. 20 Oyenos shows will be available via iHeartPodcasts, with another 10 joining by June. Since its launch in February 2023, Oyenos has averaged 1.5 million downloads per month and growing.