iHeartMedia Reorganization Plan Approved By Court

Plan OKd

iHEARTMEDIA has received Bankruptcy Court confirmation of its reorganization plan that will reduce its debt from $16.1 billion to $5.75 billion and spin off CLEAR CHANNEL OUTDOOR HOLDINGS, INC. The company expects to emerge from Chapter 11 bankruptcy 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 Chairman/CEO BOB PITTMAN. “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.”

“Our ability to advance through the restructuring process this smoothly is a testament to both the strength of our operating business and the strong support of our stakeholders, including our debtholders who will become our owners, our advertising partners and our operating team,” added PITTMAN. “We have accomplished so much in the past several months alone – from major acquisitions such as HOWSTUFFWORKS, which has firmly positioned the company as the #1 commercial podcast publisher globally, and JELLI, the pioneering technology foundation for the data-infused programmatic buying and selling of broadcast radio, to the continued development and implementation of transformative new technology. We will continue to work together to invest in and grow our innovative and exciting services, cutting-edge products and great programming for decades to come.”

PITTMAN and Pres./COO/CFO RICH BRESSLER will remain in their positions and have received four-year contract extensions. The plan was confirmed TODAY (1/22) by the U.S. Bankruptcy Court for the Southern District of TEXAS.

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