It's Business as Usual for iHeartRadio Canada as U.S. Company Files for Bankruptcy
Bell Media's iHeartRadio Canada is unaffected by iHeartMedia Inc.'s recent financial troubles. The largest internet radio broadcaster in the U.S. filed for bankruptcy late on Wednesday, hoping to reduce its $20 billion debt.
Randy Lennox, president of Bell Media Inc., told Billboard the status of the company in America does not affect operations in Canada.
"We have a brand and licensing deal with #iHeart for Canada and it is completely business as usual for us and for our excellent partnership with #iHeartRadio," he wrote in an email.
Bell Media and iHeartRadio announced their exclusive partnership in January 2016. The digital service includes content from Bell Media, Canada's largest radio broadcaster with 106 licensed radio stations in 54 markets across the country.
Since the deal, the long-running MuchMusic Video Awards, a.k.a. MMVAs, is now rebranded the iHeart Radio MuchMusic Video Awards, held in June, and there are now the iHeartRadio Jingle Ball North in Toronto, iHeartRadio's BeachBall in Vancouver, iHeartRadio WestFest in Calgary, and iHeartRadio Secret Session, including the Neil Young concert streamed live from Omemee, Ontario.
The fastest-growing music service in Canada, iHeartRadio Canada has recorded an average of 1.8 million active listeners each month since its launch in October 2016, according to Bell.
In the U.S. iHeartMedia said it has reached an agreement in principle with holders of more than $10 billion of its outstanding debt and its financial sponsors.
"The agreement we announced today is a significant accomplishment, as it allows us to definitively address the more than $20 billion in debt that has burdened our capital structure," said CEO Bob Pittman in a statement.