Thursday, March 15, 2018

iHeartMedia Files For Bankruptcy

San Antonio-based broadcaster iHeartMedia said on Thursday that it has filed for Chapter 11 bankruptcy, and has reached a deal to restructure its debt with its stakeholders, reducing that debt by more tan $10 billion. The company, led by Chairman and CEO Bob Pittman, has more than $20 billion in outstanding debt. iHeartMedia owns more than 850 radio stations. Radio stations have facing a shift in their listening audience, as younger listeners have turned instead to digital streaming services instead of traditional radio.