iHeartMedia is pushing back against reports that it is considering selling all or part of its podcasting business as the media giant faces financial pressure and declining stock prices.
According to Bloomberg, the company reportedly held discussions with investment bank Moelis & Co. and other parties about a potential sale aimed at raising cash and strengthening its stock performance.
However, an iHeartMedia spokesperson firmly denied the reports, stating, “We have no plan to sell our podcasting business.”
The company emphasized that podcasting remains a major part of its growth strategy, with plans to continue investing in the industry, including expanding into video podcasting.
The speculation comes as iHeartMedia shares reportedly plunged 65% over five days before jumping 16% Wednesday following the Bloomberg report.
Despite broader financial challenges, the company’s podcast division continues to perform strongly, generating $174 million in quarterly revenue, a 24.6% increase compared to the previous year.
iHeartMedia’s podcast network includes popular shows such as The Breakfast Club, Stuff You Should Know and Las Culturistas.
