iHeartMedia has secured Chairman and CEO Bob Pittman and President/COO Rich Bressler with contract extensions lasting until December 31, 2029. Filed with the SEC, the amendments replace their previous terms and set automatic expiration unless extended by October 1, 2029.
Pittman’s agreement, tailored for his age and role, introduces a “Retirement Termination” option beginning after December 2029, requiring 60 days’ notice. Upon retirement, he would receive unpaid base salary, earned bonuses including for 2029, and continued benefit payments. Equity awards granted at least six months before retirement would continue to vest or remain tied to performance metrics. The company also formalized a rule requiring him to use corporate aircraft for certain personal travel when deemed necessary for security.
Bressler’s updated agreement mirrors many of Pittman’s provisions but adds new restrictions and clarifications. His personal use of company aircraft is capped at $250,000 annually, with reimbursement required for any excess. The contract also includes an 18-month post-employment restriction on soliciting company clients, employees, or vendors. Updates to his “Good Reason” resignation clause establish a 30-day notice, a 15-day cure period, and a 10-day deadline to resign if unresolved. Should he depart under those terms, Bressler would receive two years of base salary and target bonus, prorated performance bonus, and 18 months of COBRA reimbursement, contingent on signing and not revoking a release within 60 days.
Both executives’ contracts build upon iHeart’s second amended employment agreements introduced in 2022. The extensions provide continuity in leadership as iHeart posted Q2 2025 revenue of $937 million, up 0.5% year-over-year. Digital audio grew 13.4% to $324 million, with podcasting surging 28.5% and non-podcast digital up 4.7%.