IHeartMedia files for bankruptcy protection

17 Marcha, 2018, 06:17 | Author: Earnest Bishop
  • IHeartMedia files for bankruptcy protection

Now Americans are changing how they watch content and listen to content has put iHeartMedia into a bad place.

Thanks to a new in-principle agreement with creditors, the company has hopes of reducing its debt by more than $10 billion. There are eight iHeart stations in Los Angeles, for example, and six in NY, including Z100, a pop powerhouse. On top of that, the company has struggled immensely with declining revenue. Aided by a relaxed federal regulations, Clear Channel's founding Mays family led the firm through a radio-station buying spree in the '90s and early 2000s, at one point controlling 1,100 properties.

RadioInk reported that the iHeartCommunications' board compensation committee "approved millions of dollars in bonuses for iHeart CEO Bob Pittman, COO Richard Bressler, and General Counsel Robert Walls".

iHeartMedia, parent of iHeartRadio music radio, has filed for bankruptcy protection.

According to Seth Crystall, an analyst at Debtwire, the filing won't likely impact the company's day-to-day operations.

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"They're not shutting down", Crystall said. "He started the concert series that you see, iHeart Concerts, and all the top performers performing at them", she says.

Bain Capital and Thomas H. Partners own 68 percent of iHeartMedia's stock. The company has enough cash to support it through the restructuring effort, officials added. The equity holders would keep 5.25% of the company.

In court, iHeart Media said that defaulting on the bonds might force the company into bankruptcy.

After iHeart missed its debt payment in February, Liberty Media made a $1.16 billion offer for a 40% stake in the company. The move reportedly would've created a unique synergy between iHeartMedia, Pandora, and SiriusXM.

In a statement released Thursday, the company said it will operate all of its stations as usual while it restructures its debt. For perspective, this is roughly half of what iHeartMedia owes.

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