iHeartMedia Emerges From Restructuring
• iHeartMedia, Inc. today announced that the Company has successfully completed its restructuring process. As a result of the comprehensive balance sheet restructuring, iHeartMedia’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, Inc. (“CCOH”) 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.”
Bob Pittman (left), Chairman and Chief Executive Officer of iHeartMedia, Inc., said, “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. 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.”
As previously announced, pursuant to the Plan, Pittman continues to serve as Chairman and Chief Executive Officer of iHeartMedia, Inc., and Rich Bressler continues to serve as President, Chief Operating Officer and Chief Financial Officer of iHeartMedia, Inc. In addition, a new Board of Directors has been appointed, including Pittman, Bressler, and the following members: Jay Rasulo, Gary Barber,Brad Gerstner, Sean Mahoneyand 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.
