iHeartMedia Completes Restructuring, Emerges From Bankruptcy

Restructured

iHEARTMEDIA has completed its restructuring, emerging from Chapter 11 bankruptcy with debt reduced from $16.1 billion to $5.75 billion. The restructuring splits iHEARTMEDIA and CLEAR CHANNEL OUTDOOR HOLDINGS into separate companies.

“We are pleased that iHEARTMEDIA now has a capital structure that matches our exciting operating business. The focused dedication of our employees and the unwavering support of our new owners and advertising partners enabled iHEARTMEDIA to seamlessly complete the restructuring process and reach this final milestone,” said Chairman/CEO BOB PITTMAN. “iHEARTMEDIA enters this next phase of growth as a multi-platform audio company with a vastly improved financial profile. We are well-positioned to continue to innovate and offer cutting-edge technologies, products and services to our audiences and advertisers.

“As the only major multi-platform audio company, iHEARTMEDIA’s reach extends across more than 250 platforms and 2,000 different connected devices, from smart speakers to tablets, wearables, gaming consoles and much more. Over the past year, we have further cemented our position as the number one commercial podcaster globally – by a strong margin – through building new capabilities and content, including the ‘RON BURGUNDY PODCAST,’ season two of the true crime podcast ‘ATLANTA MONSTER’ and many more, including ‘STUFF YOU SHOULD KNOW,’ the first podcast ever to surpass one billion downloads. We continued to invest in key areas of the business with the acquisitions of STUFF MEDIA, LLC – which further solidified our leading podcasting position – as well as technology companies like Jelli, Inc., which is the advertising technology platform that brings to life our SmartAudio data and analytics offerings. We continue to technologically transform our offerings for both consumers, with whom we are interacting more broadly across platforms, and advertisers, to whom we are offering data and analytics solutions previously available only from key digital players. In addition, we have continued to host our renowned and highly-anticipated live events, from the iHEARTMEDIA MUSIC AWARDS to iHEARTMEDIA ALTer EGO. This is a very exciting time for audio, and iHEARTMEDIA will continue to break new ground and unlock new opportunities across all platforms to reach audiences everywhere.”

PITTMAN continues to serve as Chairman/CEO and RICH BRESSLER continues as President/COO/CFO.  The new Board of Directors includes PITTMAN, BRESSLER, JAY RASULO, GARY BARBER, BRAD GERSTNER, SEAN MAHONEY, and KAMAKSHI SIVARAMAKRISHNAN.

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