iHeartMedia officially files for chapter 11 bankruptcy
The largest radio broadcaster in the United States has officially filed for Chapter 11 bankruptcy. The filing comes after recent speculation that iHeartMedia had been preparing for bankruptcy, after shouldering a crippling and irresolvable figure of approximately $20 billion in debt — a sum that had proven problematic for the radio Goliath for a decade.
“iHeartMedia has created a highly successful operating business, generating year-over-year revenue growth in each of the last 18 consecutive quarters. We have transformed a traditional broadcast radio company into a true 21st century multi-platform, data-driven, digitally-focused media and entertainment powerhouse with unparalleled reach, products and services now available on more than 200 platforms, and the iHeartRadio master brand that ties together our almost 850 radio stations, our digital platform, our live events, and our 129 million social followers,” said iHeartMedia chairman and CEO, Bob Pittman in a press release published on the company’s press page on March 15.
“The agreement we announced today is a significant accomplishment, as it allows us to definitively address the more than $20 billion in debt that has burdened our capital structure. Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia’s position as America’s No. 1 audio company,” Pittman added.
iHeartRadio currently owns 850 radio stations across the U.S., making it the most prominent radio branch in the nation.