Cannes Again For iHeartMedia’s Top Leaders and Talent

From inspirational motivator Jay Shetty to syndicated radio host Bobby Bones, the Cannes Lions Festival of Creativity — the biggest global gathering of marketing and advertising executives — was once again a draw for many associated with the nation’s largest audio content and distribution company.

Indeed, several of iHeartMedia‘s top C-Suite leaders were in the south of France this week touting its reach and star power alongside famous actors and top Chief Marketing Officers.

For 2024, iHeartMedia’s presence extended to eateries, as trendy café La Californie was transformed into “iHeartCafé” on Wednesday for a Happy Hour event attended by CEO Bob Pittman, President/COO and CFO Rich Bressler, and such celebrities linked to iHeartMedia as Wilmer Valderrama (“That ’70s Show).

It was a pause for refreshment from several days of ad industry conversations and, for iHeartMedia, music and celebrations.

This included a June 18 VIP Executive Dinner with Lenny Kravitz co-presented by iHeartMedia and MediaLink, the UTA company overseen by Managing Directors Mark Wagman and Christopher Vollmer.

The iHeartMedia events at Cannes started on Monday with a transformative meditation led by the aforementioned Shetty, the Chief Purpose Officer for the Calm app who is also a podcast host, hence his ties with iHeartMedia.

That kicked off the “iHeartCafé” pop-up across the Cannes Lions Festival, with Monday sessions at the venue including a panel discussion focused on how brands and creators are collaborating “in the media format that’s conquered America.” This saw the President of iHeartPodcasts, Will Pearson, appear alongside Bobby Bones, sports journalist Sarah Spain and AT&T Vice President/Advertising & Social Media Marc Burns converse.

Following that session, iHeartMedia President of Marketing and Chief Marketing Officer Gayle Troberman moderated a panel that included iconic retired women’s basketball player Sue Bird, State Farm Chief Agency, Sales and Marketing Officer Kristyn Cook and advertising executive Laura Correnti, today with Deep Blue. The focus of the chat: women’s professional sports and its further growth opportunities.

Also appearing as speakers: State Farm’s Alyson Griffin, American Express’ Elizabeth Rutledge and Eli Lilly’s Lina Polimeni. The three marketing leaders discussed what it takes for a brand to stay relevant through cultural, technological and generational revolution.

Valderrama then appeared in a chat on how human biases impact marketing decisions. The host of the “A Toast to My Cultura” podcast would reappear later in the day Monday with iHeartMedia CEO of iHeart Digital Group Conal Byrne to discuss the power of the Hispanic market.

On the subject of multicultural marketing and diverse audiences, BIN: Black Information Network President and iHeartMedia President of Multi-Cultural Business and Development Tony Coles appeared alongside Valderrama; biotech company Genentech‘s CMO, Erica Taylor; and Amazon Global Director of Brand and Retail Marketing Walter Frye at a June 18 session devoted to “how being intentional about when, where, why and how brands show up can build real trust—and revenue.”

The company-sponsored activities concluded on Tuesday with a VIP dinner at the Oetker Collection five-star Hotel du Cap-Eden-Roc in Antibes, France. There, Kravitz performed such classic tracks as “American Woman” and “Fly Away” as the celebrities in attendance included Jessica Alba, Paris Hilton, Sophia Bush, and Gary Vaynerchuk, who was seen with Delta Air Lines CMO Alicia Tillman.

Sessions wrapped up on Wednesday, with Shetty and his wife, Radhi Devlukia, leading a meditation before IAB CEO David Cohen leading a conversation that dug into data-driven omnichannel marketing and the ways ad leaders think about programmatic in 2024.

Despite the pomp and circumstance across three days in Cannes, iHeartMedia’s investors may not impressed with the expense-heavy affair, as the company’s stock was down 6% to $1.0150 with 45 minutes remaining in Thursday’s trading; June 19 saw no trading due to the Juneteenth federal holiday in the U.S.

With earnings due between August 6-12, the company is coming off a Q1 2024 report that saw the company report a loss and miss analysts’ revenue estimates.

There is also reported concern among some iHeartMedia creditors regarding a $1.8 billion term loan due in 2026.

At present, iHeartMedia’s debt stands at $5.2 billion. Of that, there’s not only the term loan due in 2026 but also an $800 million 6.375% note that matures that year.

It was in January 2019 when iHeartMedia received approval from a federal bankruptcy court in Texas of its plan to emerge from Chapter 11 bankruptcy protection. With the bankruptcy case confirmed by the court, ownership of iHeartMedia became held by Franklin Advisors and PIMCO. These firms represent the major bondholders, and combined they represented 25% of ownership interest, as of January 2019.

This led Seeking Alpha, the Wall Street investor watchdog, to suggest iHeartMedia could be contemplating a second Chapter 11 filing after falling short of its emergence from its first one, informally coined “Chapter 22” bankruptcy.

“It is critical for iHeartMedia to negotiate asset sales now instead of waiting until their financial situation worsens, and it becomes more difficult to sell any assets because of section 548 worries,” Seeking Alpha wrote.