Now the media company is back in the news, although it's not for as great of a reason: iHeartMedia, Inc., the parent company of iHeartRadio, announced today that it has filed for bankruptcy after getting weighed down by over $20 billion in debt.
The company announced Wednesday that they reached an agreement with holders that would reduce their debt by more than $10 billion. Reuters reports the company has struggled with $20 billion in debt and falling revenue recently. In the weeks leading up to this filing it became a daily watch as creditors and the media visited the SEC website everyday to see if the company had reached another forbearance agreement or this pre-packaged Chapter 11 agreement.
Negotiations have been underway for the best part of a year to try to restructure iHeart's debts.
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The roots of iHeartMedia can be traced back to the purchase in 1972 of KEEZ-FM from San Antonio, Texas, where the company now keeps its headquarters. That deal led by Bain Capital LLC and Thomas H. Lee Partners LP closed just as a financial crisis began to undermine the US economy. It also produces syndicated radio programs that feature "American Idol" host Ryan Seacrest and political personalities Rush Limbaugh and Sean Hannity.
iHeartMedia, Inc. (PINK: IHRT), the parent company of iHeartCommunications, Inc., is one of the leading global media, entertainment and data companies.
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The company's lawyers told the court iHeartMedia was on the cusp of having enough support from creditors to impose its plan on hold-outs. The deal would unite iHeartMedia with Liberty's Sirius XM Holdings Inc satellite radio service. IHeart, led by Chief Executive Officer Robert Pittman, countered with its own streaming services and a live-events business offering concerts and awards shows.
The decision of chapter 11 bankruptcy comes off the heels of multiple extensions since March 1st, their deadline was 11:59 PM, March 14.
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