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iHeartMedia CEO Bob Pittman Buys 200,000 Shares of Company’s Stock, Price Jumps 23%

Published
6 months agoon

iHeartMedia CEO Bob Pittman apparently believes his company’s stock is undervalued.
The executive sent a message to Wall Street on Tuesday (March 4) when he spent $320,000 to purchase 200,000 iHeartMedia shares, according to an SEC filing released Thursday (March 6). Investors took note, sending the company’s stock price up 23.2% to $1.86.
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iHeartMedia shares had plummeted 27.7% in the four trading days following the company’s fourth quarter earnings release on Feb. 27. The stock fell 15.3% to $1.77 following the announcement and slipped an additional 14.8%, to $1.51, by Wednesday (March 5). But Thursday’s SEC filing reduced iHeartMedia’s year-to-date decline to 6.1% from 23.7%.
CEOs will occasionally buy shares of their companies when they believe the market is undervaluing the company. In March 2020, Live Nation CEO Michael Rapino bought approximately $1 million worth of shares as the price faltered at the pandemic’s onset; Live Nation’s share price has since risen 262% to $131.11. In May 2022, Spotify CEO Daniel Ek bought $50 million of Spotify shares a week after the stock hit an all-time low of $95.74. “I believe our best days are ahead,” Ek wrote on Twitter at the time. Spotify’s share price has since risen nearly six-fold to $543.51.
iHeartMedia, the country’s largest radio broadcaster, is trying to navigate the decline in broadcast radio while building a digital business. Although it ranks No. 1 in podcast market share, the company’s legacy business is still twice the size of its digital business. To shore up its financials, the company has laid off employees, sold tower sites and restructured its debt.
Last week, iHeartMedia executives told investors that first-quarter revenue would decline in the low single-digits and full-year revenue would be flat. CFO Rich Bressler said that January revenue was up 5.5% but February revenue was on track for a 7% decline as consumer sentiment suffered its biggest one-month decline since August 2021.
“Although the year began with optimism, many companies are now focusing on how potential tariffs, inflation and higher interest rates may impact their businesses, introducing an element of uncertainty,” said Bressler.
Pittman remained optimistic and believed those uncertainties will “steady up a lot” as the year progresses. “If there’s a change, people take a beat and adjust to the change,” he said. “There’s a big change between this [presidential] administration and the last one, and I think people are digesting. I don’t think the uncertainty is totally unexpected, and it’s certainly understandable.”
Glenn Peoples

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