iHeartCommunications leaves few open channels on the radio dial. The company, formerly known as Clear Channel Communications, is the #1 radio company in the US, with more than 850 stations that reach some 245 million people. Its Premier Radio Networks produces syndicated radio content for more than 5,000 stations. Clear Channel also sells spot advertising for about 4,000 radio stations and 600 TV stations through Katz Media. (Meanwhile, sister company Clear Channel Outdoor Holdings is one of the world's largest outdoor advertising companies with about 840,000 display locations worldwide.) iHeartCommunications is a part iHeartMedia.
The company's vast holding of radio stations accounts for about 50% of sales. The company's radio stations are largely organized into clusters, with multiple stations serving individual markets.
iHeartCommunications serves more than 150 markets throughout the US. The company also operates more than 140 radio stations in Australia and New Zealand.
The cluster strategy allows it to centralize certain back office functions such as finance, marketing, and human resources within a market so that its stations can operate with fewer expenses. Market clusters also allow iHeartCommunications to sell air time to advertisers across multiple stations within that market. The company holds a dominant position in many of its local markets; its chief competition comes from other major radio broadcasters such as Citadel Broadcasting and CBS Radio (part of CBS Corporation).