The company, which filed for bankruptcy along with some of its units, said it reached an agreement with holders of more than $10 billion of its outstanding debt for a balance sheet restructuring, which will reduce its debt by more than $10 billion.
On Monday it disclosed that it continued exchanging proposals with creditors, but no agreement had been reached.
The San Antonio-based company is the largest radio station group owner in the U.S., overseeing more than 850 terrestrial radio stations. While cash has run short, iHeart said there's enough on hand, along with what it can earn from operations, to keep the business going, cutting the need for expensive new bankruptcy loans.
The company, owned by Thomas H. Lee Partners and Bain Capital, has been in negotiations for almost a year with its primary debtholders, led by Franklin Resources Group. It also produces syndicated radio programs that feature "American Idol" host Ryan Seacrest and political personalities Rush Limbaugh and Sean Hannity. To implement the restructuring, iHeart - and certain lenders - have filed for Chapter 11 Bankruptcy in Houston.
Vigil Held For Parkland Shooting Victims At Montana Capitol
At 10 a.m. local time, school children across the country are walking out for 17 minutes to commemorate the 17 lives lost. The Monument For Our Kids memorial includes 7,000 pairs of shoes, said Avaaz, the organization behind the event.
What's interesting is that the long-time radio honcho also operates iHeartRadio's music streaming service, which hasn't been able to compete with culture mavens like Spotify and Pandora.
The reason for iHeartMedia's financial problems is primarily its massive debt, which it amassed when private equity firms Thomas H. Lee Partners and Bain Capital led a buyback of publicly held shares to take the company private in 2008.
This filing comes following a proposal February 26 by Liberty Media Corp's John Malone of buying 40% in the restructured iHeartMedia group at a price of $1.16 billion. It's $20 billion in debt makes it the largest bankruptcy in the a year ago, and around the 30th largest ever. The more than six months long negotiations between the company and its creditors evolved into this pre-packaged Chapter 11 filing.
In Boston, iHeartMedia Inc. owns WBZ NewsRadio 1030, WRKO AM680, KISS 108, and several other stations.
His one-year deal is worth up to $20 million, including $15 million guaranteed and an additional one-year option for $20 million. Over the course of his nine-year career with Green Bay, Nelson amassed 550 receptions for 7,848 yards and 69 touchdowns.
If Connor Lamb beats Rick Saccone in Pennsylvania tonight, it will not be a Democrat beating a Republican. In a final-hours message on Fox Business Network, Saccone said that he's ready and willing to help Trump.
Asked to explain the incident after the game, Randle said, "He was coming down flailing, flopping his arms and stuff". Unfortunately for National Basketball Association fans, the Lakers and Nuggets will not meet again in 2018.
As reported by NFL Network's Ian Rapoport , Solder's deal with NY will make him the highest paid offensive lineman in the NFL. Burkhead played in 10 regular-season games (three starts) for New England, as injuries to his ribs and knee limited him.
Furthermore, products and services related to things in that list will also face the possibility of advertising bans/removal. Due to the nature of the ad business, it behooves Google to accept as many advertisers as possible.
Trump's choice for Tillerson's replacement, Central Intelligence Agency chief Mike Pompeo , is also vocally anti-Putin. Now there are even reports that Tillerson didn't know he'd been fired until he saw it on Twitter.
Takeaways From Broadcom's Blocked $117B Qualcomm Bid
Broadcom has formally admitted defeat after US President Trump stepped in and forbade a merger between the firm and Qualcomm . Dead deal: Broadcom withdrew its $117 billion offer to acquire Qualcomm this morning.
Bus carrying students crashes in Alabama, killing driver
First responders had to use ropes to rappel down the ravine to reach the injured and then use equipment to cut out them out. Baldwin County's sheriff says the bus was taking band students from Disney world back to their homes in Channelview, Texas.
How Much A Wrinkle In Time Made Opening Night
As for its overall opening weekend haul, A Wrinkle in Time's total is expected to be between $44 million and $45 million. It's based on the 1962 novel by Madeleine L'Engle about a young girl who explores the cosmos in search of her father.
Neymar 'wants Real Madrid move before World Cup'
Neymar has reportedly told players, coaches and even directors at FC Barcelona that he wants to return to his former club. He is also in a race against time to be fit for the World Cup in Russian Federation , which begins on June 14.
WWE star Jeff Hardy charged with DWI in Cabarrus County
Matt is now involved in a feud with Bray Wyatt, which is culminating with a pre-taped match called The Ultimate Deletion. His auto sustained an estimated $8,000 in damages, and the guardrail another $5,000, per local reports.
Drake returns to NCAA tournament as No. 13 seed
The Aggies haven't made it out of the second round since 2015 when they lost in the Elite Eight to perennial powerhouse UConn. The defending-champion Tar Heels are as hot as anyone, despite falling to Virginia in the ACC Tournament championship.
Sherman: Garoppolo played big part in my 49ers choice
That has been true since the first start of his National Football League career back in 2011 when he lined up against A.J. But now it's like I abandoned them . "I really appreciated that because it showed their commitment, their excitement".
Former First Round Pick Traded To Patriots
The Browns traded a third-round pick - No. 65 overall - to the Buffalo Bills for quarterback Tyrod Taylor . The move has presumably slotted the 28-year-old to be the Browns' starter for the 2018 season.
Indiana's January jobless rate edges down to 3.3 percent
In the fourth quarter of 2017, the official unemployment rate in Albania, for the population aged 15 years and over is 13.4 %. Louisiana added 1,100 nonfarm jobs in January compared to a year ago, bringing total employment in the state to 1,951,100.