iHeartRadio Expands Reach to LG Smart TVs and Audio Devices Through New Partnership
IHRT has more than doubled off its 52-week low of $1.26.
Summary
iHeartMedia has partnered with LG Electronics to integrate iHeartRadio's extensive content library, including over 850 live and digital stations and its podcast catalog, into LG Radio+. This collaboration expands iHeartMedia's distribution to LG Smart TVs and compatible audio devices, enhancing its reach in the connected home segment. The move is positive as it broadens the audience for iHeartMedia's ad-supported content, which is important given the company's recent Q1 report showing declining Adjusted EBITDA and increased cash burn. This follows other recent content distribution partnerships, such as the one with Netflix announced last month.
At the time of this announcement, IHRT was trading at $4.36 on NASDAQ in the Technology sector, with a market capitalization of approximately $565.1M. The 52-week trading range was $1.26 to $6.56. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: PR Newswire.