Bankruptcy court confirms reorganization plan for radio giant iHeartMedia

AP Photo/Matt York

  • iHeartMedia on Monday announced that the United States Bankruptcy Court for the Southern District of Texas has confirmed the Company’s Plan of Reorganization.
  • The Company expects to complete its restructuring process in the first half of 2019.
  • Under the terms of the Plan, iHeartMedia will complete a comprehensive balance sheet restructuring that will reduce its debt from $16.1 billion to $5.75 billion.
  • Additionally, the company will separate Clear Channel Outdoor Holdings, Inc. from iHeartMedia, creating two independent public companies.

SAN ANTONIO — (BUSINESS WIRE) — Jan 22, 2019 iHeartMedia on Monday announced that the United States Bankruptcy Court for the Southern District of Texas has confirmed the Company’s Plan of Reorganization. The Company expects to complete its restructuring process in the first half of 2019.

“iHeartMedia is America’s number one audio company, with unparalleled multi-platform capabilities across broadcast radio, podcasts, influencers, live events, social marketing, digital and data that uniquely serve the needs of digital and traditional marketers and a consumer reach in the U.S. greater than any other media outlet,” said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc. “We are delighted to reach this significant milestone in our restructuring process, which will give us a new capital structure that matches the strong operating performance of our business. iHeartMedia’s unique place in the advertising world perfectly positions us to take advantage of the renaissance underway in audio.”

See the rest of the story at Business Insider

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