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.
“We are pleased that iHeartMedia now has a capital structure that matches our exciting operating business. The focused dedication of our employees and the unwavering support of our new owners and advertising partners enabled iHeartMedia to seamlessly complete the restructuring process and reach this final milestone,” said Pittman. “iHeartMedia enters this next phase of growth as a multi-platform audio company with a vastly improved financial profile. We are well-positioned to continue to innovate and offer cutting-edge technologies, products and services to our audiences and advertisers.”
iHeartMedia filed for an initial public offering on April 3. Clear Channel Outdoor will continue to be traded under the ticker CCO on the New York Stock Exchange.