iHeartMedia (OTCPK:IHRT) continue daily operations during its restructuring process.
iHeart Radio (OTCPK:IHRT) the biggest radio broadcaster in the U.S. with almost 900 stations has filed for bankruptcy protection.
The company, based in San Antonio, listed $12.3 billion in total assets and $20.3 billion in debt in its Chapter 11 bankruptcy petition.
Bob Pittman, chairman and CEO of iHeart, writes: “We have transformed a traditional broadcast radio company into a true 21st century multi-platform, data-driven, digitally-focused media and entertainment powerhouse.”
Chapter 11 bankruptcy today. This comes just a few months after Cumulus (CMLS), the second largest radio operator, filed for bankruptcy. The radio ad business struggles with fierce competition from streaming giants such as Spotify and Apple Music and is unfortunately on the decline.
Wendy Goldberg, Executive Vice President – Communications
(212) 377-1105 WendyGoldberg@iheartmedia.com
Kal Goldberg / Sherri L. Toub
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