STAMFORD, Conn. - NBCUniversal (NBCU) has selected iHeartMedia (NASDAQ:IHRT) as its exclusive audio partner for the Olympic Games Paris 2024. In a recent announcement, the two media giants revealed a collaboration that will see iHeartRadio providing round-the-clock audio coverage of select NBCU linear broadcasts of the Games.
Additionally, iHeartMedia will launch an original podcast centered on the Olympics, hosted by comedians Bowen Yang and Matt Rogers (NYSE:ROG).
The partnership is set to offer extensive play-by-play channels on iHeartRadio, focusing on key events and Team USA's performance across popular sports such as basketball, soccer, volleyball, swimming, gymnastics, track & field, among others. NBCU's coverage will be available on iHeartMedia's platforms, which boast a significant reach within the United States.
Gary Zenkel, President of NBC Olympics, expressed enthusiasm about the partnership, highlighting the opportunity for fans to access Olympic coverage through various audio formats, including engaging podcasts.
The original iHeartPodcast, hosted by Yang and Rogers, aims to educate and entertain listeners with interviews featuring athletes and celebrity fans. The podcast will run weekly episodes from late June through the Olympic Closing Ceremony in August.
The collaboration also extends to special Olympic-themed episodes for some of iHeartMedia's popular educational podcasts, such as "Stuff You Missed in History Class" and "Ridiculous History".
These episodes will complement the comprehensive coverage of the Games, providing listeners with a rich blend of entertainment and education.
Paris, a city steeped in Olympic history, is set to host the Games for the third time, with events planned against the backdrop of iconic landmarks like the Eiffel Tower and the Palace of Versailles.
This initiative by NBCU and iHeartMedia aims to enhance the accessibility of the Games, allowing fans to immerse themselves in the Olympic experience through audio content.
This information is based on a press release statement from iHeartMedia, Inc. and NBCUniversal.
InvestingPro Insights
As iHeartMedia, Inc. (IHRT) gears up for its role as the exclusive audio partner for the Olympic Games Paris 2024, its financial health and market performance are key indicators of its capacity to deliver on this high-profile collaboration. Here are some insights based on the latest data from InvestingPro.
The current market capitalization of iHeartMedia stands at 333.32 million USD, reflecting the size of the company in the competitive media landscape. Despite the challenges, the company exhibits a strong free cash flow yield, as indicated by an InvestingPro Tip, which suggests that iHeartMedia is generating a healthy amount of cash relative to its share price.
InvestingPro Data further reveals that the company's gross profit margin for the last twelve months as of Q4 2023 is 60.16%, indicating a solid profitability from its core operations. However, with a negative price-to-earnings (P/E) ratio of -1.12 and a negative revenue growth of -4.12% over the same period, it's clear that the company faces headwinds. This is corroborated by another InvestingPro Tip, which points out that analysts are not expecting iHeartMedia to be profitable this year.
For investors and analysts keeping a close eye on iHeartMedia, especially in light of its new venture with NBCUniversal, there are additional InvestingPro Tips available. The full list includes insights on stock price volatility, liquid assets, and EBIT valuation multiples. To access these valuable tips and make informed decisions, visit https://www.investing.com/pro/IHRT and use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
As the Olympic Games approach, these financial metrics and expert insights will be crucial for stakeholders interested in iHeartMedia's performance and potential return on investment.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.