iHeartMedia has completed a previously set restructuring process that has slashed its debt and separated the company's vast radio network from its outdoor advertising business. As a result of the balance sheet overhaul, iHeart's debt has been reduced from $16.1 billion to $5.75 billion.
As part of the plan, which was announced in January, iHeartMedia and Clear Channel Outdoor Holdings are now two publicly-traded companies. iHeartMedia chairman and CEO Bob Pittman and president, COO/CFO Rich Bressler have continued on.
In addition, a new Board of Directors has been appointed, including Pittman, Bressler, and the following members: Jay Rasulo, Gary Barber, Brad Gerstner, Sean Mahoney and Kamakshi Sivaramakrishnan. Upon iHeartMedia’s emergence, the new Board of Directors has assumed its responsibilities.