iHeartMedia Reorganization Plan Approved By Court

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This topic contains 7 replies, has 7 voices, and was last updated by  Borderblaster 6 months, 3 weeks ago.

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  • #40782

    tombrooks
    Participant

    Congratulations to getting this done… It must be a relief to employees to have this complete:

    All Access Reports:

    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.

    • This topic was modified 7 months ago by  tombrooks.
    #40784

    Screamer
    Participant

    It seems from an outside view that iHeart managed to get a better deal than Cumulus. Is this a correct assessment?

    #40785

    Andy Brown
    Participant

    $10 billion debt relief vs Cumulus’ $1 billion supports that conclusion.

    #40790

    Alfredo_T
    Participant

    iHeart’s debt relief is slightly over three times Donald Trump’s net worth! It boggles my mind how any management team could flush so much money down the drain.

    #40792

    semoochie
    Participant

    The stock market crashed and they had no idea it was coming!

    #40808

    Borderblaster
    Participant

    We don’t have DJs, we don’t take requests and we play what you don’t want.

    #40818

    Jay Mackin
    Participant

    That means you can’t see this reply because I don’t exist. SCOREBOARD!

    #40830

    Borderblaster
    Participant

    SCOREBOARD!

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