iHeartMedia CEO Bob Pittman warns of podcast talent deal "exuberance"

iHeartMedia CEO Bob Pittman is taking aim at some of the podcast industry's recent talent deals, suggesting rivals are paying more than they can earn back at Media Trends Live in New York City on Tuesday.Why it matters: Competition for podcast talent is growing as audio companies and streaming platforms both seek exclusive programming. What he's saying: Asked about SiriusXM's recent four-year agreement with "Giggly Squad" and iHeartMedia's approach to blockbuster podcast deals, Pittman said the company, which has roughly 800 podcasts in its portfolio, is unwilling to spend beyond what it believes a show can earn back."We've had extraordinary discipline ... we only want to do a deal where we can make money, and if the deal is throwing away crazy money, we don't believe in it," he said.Pittman described the industry's spending as the kind of "exuberance" that "always happens in every business.""If it can't work for us, it's a loss leader for whoever gets it," Pittman said, arguing that iHeartMedia's scale gives it an advantage in assessing deal economics.Zoom in: Pittman said no single show is essential to the company's success."We have blockbuster podcasts, and we intend to continu…

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