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iHeartMedia has revealed what its Board of Directors will look like once the radio giant emerges from Chapter 11 bankruptcy. The new Board will include current chairman and CEO Bob Pittman as well as executives known for their work with Disney, MGM and Goldman Sachs, among others.
"We are excited about both the depth and range of our new Board members," said Pittman. "We know our ability to draw on the experience of this unique combination of leaders in their respective fields will give us an unparalleled competitive advantage as we build our next level of growth."
Back in March, iHeart filed for Chapter 11 protection after being saddled with $20 billion in debt, the legacy of a 2008 leveraged buyout. As part of that filing, the company announced it had reached an agreement to cut that debt in half after a debt-to-equity swap with some shareholders, with an eye towards allowing the company to continue operating and to speed up the bankruptcy process.
Last week, the company reported that third quarter revenue was up $13.9 million over the same period in 2017 to $873.4 million, an increase of 1.6 percent. However, iHeart also saw its revenue for the first nine months of the year fall slightly to $2.47 billion, down 1.2 percent from the $2.50 billion it generated in the first three quarters of 2017.
Here is iHeartMedia's post-Bankruptcy Board:
• Bob Pittman, Chairman of the Board of Directors: Current CEO and Board Chairman of iHeartMedia. Pittman was formerly COO of AOL Time Warner, Inc. after serving as President and COO of America Online, Inc.
• Jay Rasulo, Lead Independent Director: Formerly an executive at Walt Disney Company from 1986 through 2015, having spent his last five years at Disney as the CFO and Senior Executive Vice President.
• Gary Barber: Served as the Chairman and CEO of Metro-Goldwyn-Mayer Inc. (MGM) from 2010 through March 2018.
• Rich Bressler: Current President, COO and CFO of iHeartMedia.
• Brad Gerstner: Founder and CEO of Altimeter Capital, an internet, software, and travel focused investment firm founded in 2008.
• Sean Mahoney: He currently serves as a director at two public companies, Aptiv plc and Arconic Inc., and at post-bankruptcy Lehman Brothers Holdings Inc. His prior board service includes Delphi Automotive plc and Formula One Holdings. Mr. Mahoney was a partner at Goldman, Sachs & Co., where he headed the Financial Sponsors Group, and Vice Chairman, Global Banking, at Deutsche Bank Securities.
• Kamakshi Sivaramakrishnan: The founder and CEO of Drawbridge, a company focused on designing quantitative algorithms for numerous areas, including computational advertising.
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