iHeartMedia has $647 million in cash on hand, says political advertising will be on par with prior elections

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iHeartMedia Inc. , the biggest operator of radio stations in the U.S., said Tuesday that it has $647 million in cash as of March 31, including a $350 million draw down from its $450 million revolving credit facility. The company has experienced a decline in national, local and network revenue for the year to date, but says that podcasting and digital revenue has grown. Podcast listening reached an all-time high in March, measured by unique visitors and number of downloads, according to a statement from Bob Pittman, iHeartMedia chief executive. The company has seen a sharp decline in sponsorships, a small part of the business according to Pittman, due to event cancellations. And political advertising, which is weighted toward the second half of the year, is expected to be consistent with prior election years. To manage the coronavirus outbreak, company executives have taken a pay cut, a hiring freeze has been put in place, there have been furloughs of "non-essential" workers, a hold on 401(k) matching, and other measures. Savings from these operating expenses is expected to total $200 million in addition to the $50 million savings from modernization efforts announced in February. The company says 90% of its debt matures in 2026 or later. IHeartMedia stock has slumped 57.3% for the year to date while the S&P 500 index is down 14.5% for the period.