IHeart Radio, owner of Mix 98.9 and others, files bankruptcy

Lynette PayneMar 17, 2018

Triggering the voluntary petitions for relief under Chapter 11 of the USA bankruptcy code is a March 14 agreement in principle with holders of more than $10 billion of its outstanding debt, and iHeart's financial sponsors.

It's unclear how the bankruptcy filing will impact Nashville-based employees and listeners long-term.

Not exactly the best news for iHeart, though Pittman is privately celebrating. On top of that, the company has struggled immensely with declining revenue. Other top-level iHeart executives, includes COO Richard Bressler and General Counsel Robert Walls, will also walk away with millions in bonuses.

iHeartMedia, the operator of 850 stations across the United States, submitted the paperwork on Thursday. If so, you're going to want to know the following: iHeartMedia, Inc. has filed for bankruptcy.

Over the past five years, iHeartMedia has spent more on debt payments than it has earned from operations, the Journal reported.

The company says that it has reached an agreement in principle with holders of the debt for the bankruptcy.

"They're not shutting down", Crystall said.

The buyout was led by Bain Capital, the private equity firm founded by Mitt Romney in 1984, and Thomas H. Lee Partners. Upcoming: the iHeartCountry Festival featuring Luke Bryan, Keith Urban and Maren Morris (May 5 in Austin, Tex.) and the iHeartRadio Music Festival, usually held in September in Las Vegas.

That arrangement didn't satisfy creditors, however.

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

There is a proposal from Liberty Media to buy a 40% stake in a restructured iHeartMedia for $1.16 billion.

It's unclear what it could look like long term, so far, iHeartMedia said it's business as usual. For perspective, this is roughly half of what iHeartMedia owes. Currently, shares stand at 65 cents, roughly 35% above its opening price of 46 cents. So, are we really surprised to hear the iHeartRadio owner submitted the bankruptcy paperwork today?

Related Articles:

« Previous article
Next article »

Popular Pages

Microsoft cloud gaming division sets the stage for post-Xbox streaming
Now, backed by all of the work it has put into Azure, Microsoft is ready to give cloud gaming a shot. However, Microsoft already has the building blocks in place for something like that.

We Were Totally Wrong About That Scott Kelly Space Genes Story
The study featured astronaut Scott Kelly, who spent one year aboard the International Space Station , and his identical twin Mark. The January update was prepared because some NASA scientists were going to a conference to discuss results, Humphries said.

Man who claimed link to Natalee Holloway case killed in stabbing
Bone fragments found in Aruba were later tested by a forensic scientist who was working with the producers of the documentary. The man, later identified as 32-year-old Christopher Ludwick, was stabbed in a struggle that ensued and took off.

Florida State University College of Medicine announces Match Day results
William Eley, MD, MPH, executive associate dean for medical education and student affairs, Emory University School of Medicine . Matches are determined by the National Resident Match Program which uses a complex algorithm to determine who goes where.

'Willy Wonka' child star appears on 'Jeopardy'
For once, a Jeopardy! contestant had an interesting fun fact to share-and he chose not to share it. As one of the above Twitter users surmised, maybe Trebek just hasn't seen " Willy Wonka ".

British bank HSBC to disclose 59 percent gender pay gap
HSBC has a target to try to improve its gender balance and is aiming to have 30% of senior roles held by women by 2020. A year after graduating, women were earning a typical salary of £18,300, compared to £19,900 to men.

Global community pledges $100M to UNRWA
It runs 710 schools, its doctors carry out a total 9mn consultancies a year and it feeds some 1.7mn people - mostly in the Gaza Strip.

Malcolm Butler: Patriots Never Gave Reason For Benching
Butler comes in as the second former Patriot in the secondary. "I recovered pretty fast". "You can't change the past", he said. Butler recorded 63 tackles and one sack while notching four interceptions in 2016, along with 17 passes defensed.

Liverpool can win the Champions League, says Sadio Mane
Sevilla are unlikely to finish in the Top 4 in their league this year, which will see miss out on the Champions League next year. City and Liverpool could face each other as in the quarter-final stage, teams from the same nation can be drawn together.

PUBG Mobile is now available in the West
You will need a phone running Android 5.1.1 or newer, and the device needs to have at least 2GB of RAM. In addition, Microsoft has released a new infographic detailing the game's current statistics.