iHeartMedia Successfully Completes Restructuring Process
|RADIO ONLINE | Wednesday, May 1, 2019|
iHeartMedia has successfully completed its restructuring process, and as a result, the company's debt has been significantly reduced from $16.1 billion to $5.75 billion. In addition, in conjunction with completion of the restructuring, and in accordance with its Plan of Reorganization, iHeartMedia and Clear Channel Outdoor Holdings have fully separated, creating two independent publicly-traded companies. Clear Channel Outdoor Holdings, Inc. shares will continue to be traded on the New York Stock Exchange under the ticker symbol "CCO."
"We are pleased that iHeartMedia now has a capital structure that matches our exciting operating business. The focused dedication of our employees and the unwavering support of our new owners and advertising partners enabled iHeartMedia to seamlessly complete the restructuring process and reach this final milestone," said iHM Chairman/CEO Bob Pittman. "iHeartMedia enters this next phase of growth as a multi-platform audio company with a vastly improved financial profile. We are well-positioned to continue to innovate and offer cutting-edge technologies, products and services to our audiences and advertisers."
Pittman continued: "As the only major multi-platform audio company, iHeartMedia's reach extends across more than 250 platforms and 2,000 different connected devices, from smart speakers to tablets, wearables, gaming consoles and much more. Over the past year, we have further cemented our position as the number one commercial podcaster globally - by a strong margin - through building new capabilities and content.
"We continue to technologically transform our offerings for both consumers, with whom we are interacting more broadly across platforms, and advertisers, to whom we are offering data and analytics solutions previously available only from key digital players. In addition, we have continued to host our renowned and highly-anticipated live events, from the iHeartRadio Music Awards to iHeartRadio ALTer Ego. This is a very exciting time for audio, and iHeartMedia will continue to break new ground and unlock new opportunities across all platforms to reach audiences everywhere."
As previously announced, Pittman continues to serve as Chairman/CEO and Rich Bressler continues to serve as President, COO and CFO. In addition, a new board of directors has been appointed, including Bob Pittman, Rich Bressler, and the following members: Jay Rasulo, Gary Barber, Brad Gerstner, Sean Mahoney and Kamakshi Sivaramakrishnan. Upon iHeartMedia's emergence, the new board of directors has assumed its responsibilities.
Kirkland & Ellis LLP served as legal counsel to iHeartMedia, Moelis & Company served as the company's investment banker, and Alvarez & Marsal served as the company's financial advisor.