IHeartMedia : First Quarter 2021(opens in new window)

First Quarter 2021

Investor Presentation

May 6, 2021

Safe Harbor Statement

Forward Looking Language

Certain statements in this presentation constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries (the "Company"), to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases "guidance," "believe," "expect," "anticipate," "estimates," "forecast" and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances, such as statements about the anticipated impact of the COVID-19 pandemic on our business, financial position and results of operations, expectations regarding economic recovery and the recovery of advertising revenue, financial performance of our new segments, the benefits of our acquisition of Triton, our expected costs, savings and timing of our modernization initiatives and other capital and operating expense reduction initiatives, our business plans, strategies and initiatives, our expectations about certain markets and our anticipated financial performance and liquidity, are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other important factors, some of which are beyond our control and are difficult to predict. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this presentation include, but are not limited to: weak or uncertain global economic conditions; the impact of the COVID-19 pandemic; increased competition; dependence upon the performance of on-air talent, program hosts and management; fluctuations in operating costs; technological changes and innovations; shifts in population and other demographics; impact of our substantial indebtedness; impact of acquisitions, dispositions and other strategic transactions; legislative or regulatory requirements; impact of legislation, ongoing litigation, or royalty audits on music licensing and royalties; regulations and concerns regarding privacy and data protection; risk associated with our emergence from the Chapter 11 Cases; risks related to our Class A common stock; and regulations impacting our business and the ownership of our securities. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this presentation may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this presentation. Additional risks that could cause future results to differ from those expressed by any forward-looking statement are described in the Company's reports filed with the U.S. Securities and Exchange Commission, including in the section entitled "Item 1A. Risk Factors" of iHeartMedia, Inc.'s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Except as otherwise stated in this presentation, the Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

Non-GAAP Financial Measures

This presentation includes information that does not conform to U.S. generally accepted accounting principles (GAAP), such as (i) Adjusted EBITDA, (ii) Free cash flow and (iii) revenue excluding the effects of political revenue. Since these non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the most directly comparable GAAP financial measures as an indicator of operating performance. Furthermore, these measures may not be consistent with similar measures provided by other companies. This data should be read in conjunction with previously published company reports on Forms 10-K,10-Q and 8-K. These reports are available on the Investor Relations page of www.iheartmedia.com. Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included at the end of this presentation.

This presentation should be read in conjunction with the Q1 2021 earnings release of iHeartMedia, Inc. and Form 10-Q filing of iHeartMedia, Inc. available at www.iheartmedia.com

Numbers may not sum due to rounding. In this presentation, Adjusted EBITDA is defined as consolidated Operating income adjusted to exclude restructuring expenses included within Direct operating expenses and Selling, General and Administrative expense, ("SG&A") and share-based compensation expenses included within SG&A expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization; Impairment charges; and Other operating income (expense), net. Free cash flow from (used for) continuing operations is defined as Cash provided by (used for) operating activities from continuing operations less capital expenditures, which is disclosed as Purchases of property, plant and equipment by continuing operations in the Company's Consolidated Statements of Cash Flows. See reconciliations in the Appendix.

2

Executive Summary

• Q1 Results
• • Q1 Revenue of $707 million down 9.5% YoY; excluding the impact of Political, Q1 Revenue was down 7% YoY
  • • Surpassing the Company's guidance of down 11-13% YoY, with Digital driving the out performance
  • Adjusted EBITDA of $102 million compared to $140M in the prior year period
  • Generated Cash Flows from operating activities of $72M and Free Cash Flow of $53 million
  • Cash balance and total available liquidity1 of $529 million and $707 million, respectively, as of 3/31/21
• Sequential Revenue Improvement Continues
• • Q1 revenue declined 9.5% YoY, compared to Q4 2020 which was down 8.8% YoY
  • When excluding political revenue, Q1 declined 7% YoY compared to Q4 2020, which was down 17% YoY
• The Company Provides The Following Guidance
• • We remain confident that we will be back to 2019 Adjusted EBITDA levels by the end of 2021
  • April Revenues were up approximately 85% YoY, with Podcasting revenue up approximately 170%
  • We expect Q2 Revenues to be up approximately 65% YoY
• Digital Audio Group Maintains Strong Growth and Profit Trajectory
• • Digital Audio Group revenues were up 70% YoY
  • Podcast Revenues were up 142% YoY, and Digital ex. Podcast was up 55% YoY
  • Segment Adjusted EBITDA of $40 million, increased 141% YoY, and Segment Adjusted EBITDA margins expanded 750 bps YoY
  • The Digital Audio Group contributed 22% of the Company's Revenues and 39% of the Company's Consolidated Adjusted EBITDA
• Podcast Continues its Strong Performance for Listeners, Creators, and Advertisers
• • iHeart remains the number one podcast publisher leading the industry in downloads, unique listeners, further increasing our lead over the 2nd and 3rd largest publishers according to Podtrac. We are also #1 in revenue and earnings
  • Formed exclusive multi-year podcasting partnership with the NFL and launched a first-of-its-kind Private Podcast Marketplace for brands
• Multiplatform Group Continues its Positive Momentum
• • The Multiplatform Group's sequential improvement continued, with Q1 revenue down 21% YoY, compared to Q4 2020 revenue down 22% YoY
  • Excluding Political, Q1 improved approximately 800 bps, from down 27% in Q4 2020 to down 19% in Q1 2021
• Remain Focused on Bringing Our Industry-Leading Audio Technology Platform to Market
• • On March 31, 2021, iHeart completed the acquisition of Triton Digital with the integration efforts proceeding as planned

1. Total available liquidity defined as cash and cash equivalents plus available borrowings under our ABL Facility. We use total available liquidity to evaluate our capacity to access cash to meet obligations and fund operations.

3

Digital Audio Business Reports Separate Segment Financial

Results Starting in Q1 2021

• Our Digital Audio business now operates as iHeartMedia Digital Audio Group
• Our industry leading broadcast radio business is now part of iHeartMedia Multiplatform Group
• New structure highlights unique financial strengths of both Digital Audio and Multiplatform Groups
• These segments will continue to report into Bob Pittman, Chairman and CEO, and Rich Bressler, President, COO and CFO

The iHeartMedia Digital Audio Group

• Includes our fast-growing and high-profile podcasting business - iHeart is the number one podcast publisher in downloads, unique listeners, revenue, and earnings
• • Podcasting revenue grew 142% in Q1 2021
• Also includes our industry leading iHeartRadio digital service, our digital sites, digital services and programs, and our digital advertising companies, including Jelli, RadioJar, Unified, Voxnest, and the recently completed Triton Digital acquisition
• In Q1 2021, the Digital Audio Group's revenue grew 70% YoY and generated $40 million of Segment Adjusted EBITDA
• • Digital ex. Podcast grew 55%

The iHeartMedia Multiplatform Group

• Includes our iHeartMedia Markets Group, with its 860+ radio stations in over 160 markets
• Also includes our Live and Virtual Events business, our National Sales organization, our Networks business, which is comprised of Premiere Networks and Total Traffic and Weather Network (TTWN), and BIN: Black Information Network
• With our broadcast radio stations alone, the Multiplatform Group reaches more people every month than any other audio or media company in America
• In addition to its industry-leading franchises and robust cash-flow model, the Multiplatform Group provides a synergistic platform which enables us to accelerate growth and innovation across all businesses, including Digital Audio, that digital- only companies cannot match

4

Segment Reporting: 2021 Q1 Results

				Revenue				Adjusted EBITDA			Margin %
$US Dollars in millions		Three Months Ended March 31, 2021			Three Months Ended March 31, 2021
		2021		2020	% Chg			2021		2020	% Chg		2021	2020
Multiplatform Group	$	497.9	$	629.6	(20.9)%	$	104.8	$	151.6	(30.9)%	21.0 %	24.1 %
Digital Audio Group		157.6		92.8	69.8 %			40.0		16.6	141.1 %	25.4 %	17.9 %
Audio & Media Services Group		55.1		60.2	(8.5)%			15.3		17.7	(13.3)%	27.8 %	29.4 %
Corporate and Other Items								(57.9)		(45.6)	27.1 %
Eliminations		(3.9)		(2.0)	NM			-		-	NM
Consolidated	$	706.7	$	780.6	(9.5)%		$	102.2	$	140.3	(27.1)%		14.5 %	18.0 %
Memo: Podcast	$	38.4	$	15.9	141.9 %
Memo: Digital ex. Podcast	$	119.2	$	76.9	55.0 %

Figures may not foot due to rounding.

5