<SEC-DOCUMENT>0001193125-15-144023.txt : 20150624
<SEC-HEADER>0001193125-15-144023.hdr.sgml : 20150624
<ACCEPTANCE-DATETIME>20150423153634
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-144023
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20150423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			iHeartMedia, Inc.
		CENTRAL INDEX KEY:			0001400891
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				260241222
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		200 EAST BASSE ROAD
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78209
		BUSINESS PHONE:		210-832-3314

	MAIL ADDRESS:	
		STREET 1:		200 EAST BASSE ROAD
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CC Media Holdings Inc
		DATE OF NAME CHANGE:	20090721

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	C C Media Holdings Inc
		DATE OF NAME CHANGE:	20070730

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BT Triple Crown Capital Holdings III, Inc.
		DATE OF NAME CHANGE:	20070524
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>CORRESP</TITLE>
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&nbsp;</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g914284snap_iheartrule.jpg" ALT="LOGO">
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">200 East Basse Road</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">San
Antonio, Texas 78209</P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">April&nbsp;23, 2015 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Via EDGAR Submission </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top">Carlos Pacho, Senior Assistant Chief Accountant </TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Inessa Kessman </TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Terry French </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>iHeartMedia, Inc. </B></TD></TR></TABLE>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Form 10-K for the Fiscal Year Ended December&nbsp;31, 2014 </B></TD></TR></TABLE>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Filed February&nbsp;19, 2015 </B></TD></TR></TABLE>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>File No. 000-53354 </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Set forth below is the response of iHeartMedia, Inc., a Delaware corporation (the &#147;<B><I>Company</I></B>,&#148; &#147;<B><I>we</I></B>,&#148;
&#147;<B><I>us</I></B>&#148; or &#147;<B><I>our</I></B>&#148;), to the comment received from the staff of the Division of Corporation Finance (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the
&#147;<B><I>Commission</I></B>&#148;) by letter dated April&nbsp;21, 2015, with respect to the Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2014, filed with the Commission on February&nbsp;19, 2015. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For your convenience, the response is prefaced by the exact text of the Staff&#146;s comment in bold, italicized text. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations, page 33 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Please tell us the consideration given to expanding your discussion of segment revenue, direct operating expenses and SG&amp;A expenses to quantify and
discuss the significant components within operating income that would enable readers to understand your business better. For example, you state &#147;iHM revenue increased $29.9 million during 2014 compared to 2013 driven primarily by political
advertising, our traffic and weather business and the impact of strategic sales initiatives, and higher core national broadcast revenues, including events and digital revenue. Digital streaming revenue was higher for the year as a result of
increased advertising on our iHeartRadio platform. Partially offsetting these increases was a decrease in core local broadcast radio and syndication revenue.&#148; However, you do not quantify these changes or provide the actual revenue figures
necessary to put these changes in proper context. </I></B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Also, since there appears to be significant growth in digital advertising across all of your segments,
please tell us the consideration given to quantifying the growth in digital versus the decline in traditional advertising to enable investors to understand your trends and their effect on revenue and operating income. Please refer to Items 303(A)(3)
of Regulation S-X and Sections 501.12.b.3. and 501.12.b.4. of the Financial Reporting Codification for guidance. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: We acknowledge
the Staff&#146;s comment and we agree that including an appropriate level of detail is necessary to provide investors with a meaningful understanding of the Company&#146;s results of operations, and that focusing disclosure on the primary,
significant and material drivers of revenue, direct operating expenses and SG&amp;A and eliminating disclosure relating to immaterial details best promotes an investors&#146; understanding of the key variables which are peculiar to and necessary for
an understanding and evaluation of the Company&#146;s results of operations. In response to the Staff&#146;s comment, the Company intends to modify its segment disclosure in the Company&#146;s future periodic reports, including the impact of the
primary drivers of segment revenue, direct operating expenses and SG&amp;A, and to quantify such drivers to the extent material to an understanding and evaluation of the Company&#146;s results of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to the Company&#146;s consideration of quantifying the growth in digital advertising, the Company respectfully submits that the Company has
evaluated the impact of digital advertising on each of its segments and the Company as a whole. Where digital advertising may have a material impact, such as in the Company&#146;s Americas outdoor segment, the Company intends to quantify that impact
on a going forward basis to the extent it represents a significant driver of the segment&#146;s results of operations in the relevant period. With respect to the Company&#146;s iHM and International outdoor segments, digital advertising is not a
material component of either segment&#146;s results of operations. The Company continues to monitor the impact of digital advertising and any significant trends in the growth of digital advertising that may result in a material impact on the results
of operations of the iHM or International outdoor segments and the Company as a whole. At such time that digital advertising has a material impact on the results of operations of these segments or the Company as a whole, the Company undertakes to
disclose that impact and quantify it where appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Finally, the Company acknowledges that (a)&nbsp;the Company is responsible for the adequacy and
accuracy of the disclosure in the filing; (b)&nbsp;Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and (c)&nbsp;the Company may not assert Staff
comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hope that the foregoing has been responsive to the Staff&#146;s comment. Should you have any questions
relating to any of the foregoing, please feel free to contact the undersigned at (210)&nbsp;822-2828. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/<SMALL>S</SMALL>/ R<SMALL>ICHARD</SMALL> J. B<SMALL>RESSLER</SMALL></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Richard J. Bressler</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">President, Chief
Operating Officer and Chief Financial Officer</P></TD></TR>
</TABLE></DIV>
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