iHeartMedia CEO Pittman Warns Podcast Talent Deals Show "Exuberance" as Rivals Overspend

iHeartMedia CEO Bob Pittman criticized rival podcast talent deals on Tuesday at Media Trends Live in New York City, saying competitors are paying more than they can earn back as audio companies and streaming platforms chase exclusive programming. Pittman said iHeartMedia, which holds roughly 800 podcasts, will only sign deals it can profit from. Asked about SiriusXM's recent four-year agreement with "Giggly Squad," he described industry spending as "exuberance" that "always happens in every business," adding: "If it can't work for us, it's a loss leader for whoever gets it." iHeartMedia reported podcast revenue rose 20.7% year over year to $162 million in its second quarter of 2026. Its digital audio segment generated $123 million in adjusted EBITDA, versus $59 million for the traditional multiplatform business. Pittman declined to comment on Bloomberg-reported, since-stalled talks over a potential SiriusXM acquisition of iHeartMedia, calling the company a unique asset with mutually reinforcing businesses.