Market Overview

iHeartMedia to Acquire Stuff Media

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Increases Lead as #1 Commercial Podcaster and #2 Overall

Acquisition Demonstrates iHeartMedia's Continued Investment and
Leadership Role in the Audio Space with its Multiplatform Assets and
Leading National Reach

iHeartMedia, the leading audio company in America which also has a
greater reach in the U.S. than any other media outlet, today announced
it has entered into an agreement to acquire Stuff Media, LLC, the
leading for-profit publisher of entertaining and informative podcast
content, which includes the HowStuffWorks (HSW) podcasting business as
well as a slate of premium podcast content. This acquisition will enable
iHeartMedia to leverage Stuff Media's original content, programming and
experienced podcasting management team and to further expand its
podcasting platform, increasing its position as the solid #1 commercial
podcast publisher globally, #2 overall (Podtrac, 2018) and almost
doubling its usage metrics.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180913005249/en/

iHeartRadio, iHeartMedia's all-in-one digital music, podcast, on demand
and live streaming radio service, is already partnered with all major
podcast publishers and features more than 20,000 podcasts ranging from
NPR and WNYC to ESPN and Gimlet, and the iHeartRadio Podcast Network
hosts more than 750 iHeartRadio Original shows.

Originally founded in 1998 as a reference site, HowStuffWorks pioneered
the podcast space and was one of the first companies to turn podcasting
into a revenue-generating business, bringing the medium to a mainstream
audience with its informative, easy-to-understand explanations of how
the world works. Today, Stuff Media is one of the nation's largest
podcast publishers, with more than 61 million global downloads and
streams per month. Its "Stuff" franchises have attracted a dedicated
following for more than a decade, with signature podcast Stuff
You Should Know
 surpassing 500 million downloads this year --
the first podcast to surpass half a billion downloads. Atlanta Monster,
a Stuff Media/Tenderfoot TV original true crime podcast that recently
partnered
with iHeartMedia, became the biggest hit podcast of 2018,
and maintained the #1 spot on the podcast ranking charts for four
straight weeks. Stuff Media's Stuff You Should KnowStuff
You Missed in History Class
TechStuff and BrainStuff podcasts
have all reached ten years of podcasting and over 1,000 published
episodes milestones. The transaction is subject to bankruptcy court
approval.

"While podcasting has already experienced tremendous growth, the real
opportunity to bring the full potential of podcasts to the mainstream
still lies ahead," said Bob Pittman, Chairman and CEO of iHeartMedia,
Inc. "Stuff Media is the original trailblazer of the podcasting
industry, and we've been impressed by its ability to grow a massive,
loyal audience over the past decade, led by a strong, experienced and
cohesive management team, who we welcome to iHeartMedia. This strategic
acquisition will pair Stuff Media's wildly popular content and strong
creative capabilities with iHeartMedia's extensive resources and massive
scale through our digital platforms, social reach and broadcast radio
stations, introducing podcasts to the vast majority of the country and
offering even more unique opportunities for advertisers to reach their
consumers."

Before this acquisition, iHeartRadio podcast listening growth has been
up 73 percent year-over-year in 2018 vs. 2017. In addition to its
extensive catalog of original podcasts, iHeartMedia's "Podcast, Meet
Broadcast" initiative enables podcast creators to uniquely scale their
audience through iHeartMedia's broadcast radio stations, which reach
more than 90 percent of Americans each month. This innovative
distribution strategy introduces millions of listeners to podcast
content that they may not have heard otherwise, providing valuable
opportunities for content creators and advertisers to build new
audiences and create additional impact.

In 2017, Stuff Media, led by its President and CEO Conal Byrne, raised a
growth equity financing round led by The Raine Group, a technology,
media and telecommunications global merchant bank, to establish
partnerships with industry leaders, grow Stuff Media's content library
across podcasting and other mediums, and invest in top-tier talent.
"Podcasting has emerged over the last several years as a mainstream
media distribution channel. With one of the largest and highest quality
libraries in the industry, we believed that Stuff Media was well
positioned to take advantage of accelerating demand from both consumers
and advertisers," said Jeff Sine, Partner and Co-Founder of The Raine
Group. "Conal's ability to assemble the resources to capitalize on these
tailwinds and his execution on growth strategy has been exceptional. We
are very excited for Conal and his team as Stuff Media enters its next
chapter of growth."

Conal Byrne will join iHeartMedia as head of its podcast division. Stuff
Media's podcasts will maintain their branding and remain headquartered
in Atlanta, Georgia with Byrne continuing as President and CEO of that
studio as well. Byrne will report into Darren Davis, President of the
iHeartMedia Networks Group and iHeartRadio. Chris Peterson has been
promoted to EVP of the podcasting division for iHeartMedia, and will
oversee the full slate of iHeartRadio Original podcasts, as well as
manage the affiliate relationships for the company, and will report into
Byrne.

"HowStuffWorks was a proud pioneer of the podcasting medium more than 10
years ago, and we are truly excited to be taking the next step with
iHeart to chart the industry's course for the next decade," said Byrne.
"Combining our assets with the #1 audio and media company, and #1
commercial podcast publisher, gives us the unassailable position in the
podcasting business and a platform like no one else. No company in the
world has iHeart's audience size and innovative drive, and coupled with
the creative engine of Stuff Media, this is a game changer for podcast
storytellers and advertisers alike, and I'm honored to be leading this
effort."

"In the past year alone, iHeartMedia's podcasting has exploded," said
Davis. "Our robust slate of originals spans a wide range of topics, and
we're continuing to forge partnerships to bring the most compelling
series to the iHeartRadio Podcast Network. In addition, our unique
iHeartRadio podcasts from our influencers such as Bobby Bones, Elvis
Duran, The Breakfast Club and others, have created a whole new category.
By acquiring Stuff Media, we'll not only integrate its slate of original
content, but more importantly, we'll gain the most innovative minds in
the podcasting industry to turbocharge our efforts."

iHeartRadio, with its more than 120 million registered users, provides
an all-in-one listening experience that helps users discover new
podcasts alongside their favorite live radio stations, personalities and
on-demand music. With iHeartRadio, listeners can enjoy their music and
podcasts across more than 250 device platforms including in-car,
in-home, on wearables, across gaming consoles and more – making their
favorite audio content available everywhere they are, on the devices
they use most. Visit iHeart.com/apps to
download and listen to iHeartRadio on your favorite device now.

About iHeartMedia

With over a quarter of a billion monthly listeners in the U.S. and over
131 million social followers, iHeartMedia has the largest national reach
of any radio or television outlet in America. As the leading audio and
media company in the U.S., iHeartMedia serves over 150 local markets
through 849 owned radio stations, and the company's radio stations and
content can be heard on AM/ FM, on satellite, at iHeartRadio.com,
on the company's station websites and on
iHeartRadio
, iHeartMedia's digital music, podcast, on demand and
live streaming radio service, available on over 250 platforms and 2,000
devices, including on digital auto dashes, tablets, wearables and
smartphones, on virtual assistants, smart speakers, TVs and gaming
consoles.

iHeartRadio offers users the country's top live radio stations,
personalized custom artist stations created by just one song or seed
artist, on demand features and the top podcasts and personalities. The
all-in-one digital service has more than 1.7 billion downloads, 120
million registered users and is the No. 1 commercial radio podcaster in
the U.S.

iHeartMedia's platforms include radio broadcasting, online, mobile,
digital, social, podcasts, personalities and influencers, live concerts
and events, syndication, music research services and independent media
representation.

iHeartMedia is a division of iHeartMedia, Inc. (OTC:IHRTQ). Visit iHeartMedia.com
for more company information.

About Stuff Media

Stuff Media is the leading for-profit publisher of entertaining and
informative podcast content. With more than 30 brands, including Stuff
You Should Know, Stuff You Missed in History Class, Atlanta Monster and
Aaron Mahnke's Cabinet of Curiosities, the Stuff Media team reaches a
highly engaged fan base across multiple platforms and distribution
partners and has amassed a library of more than 10,000 podcast episodes
and driving more than 1 billion downloads to date. With this expansive
and award-winning collection of audio podcasts, Stuff Media's
HowStuffWorks is ranked #2 in global downloads and streams. Stuff Media
is headquartered in Atlanta and also operates studios and teams out of
Los Angeles and New York.

About The Raine Group

The Raine Group is a global merchant bank focused exclusively on
technology, media, and telecommunications. The firm has offices in New
York, San Francisco, Los Angeles, London, Shanghai, and Mumbai. With a
global reach, Raine focuses on investment and advisory opportunities
where its deep industry experience and unique network of strategic
relationships can create value for portfolio companies and clients. For
more information, visit www.raine.com.

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