iHeartMedia says it has been approved for listing on the NASDAQ Global Select Market, where its Class A common stock will trade under the ticker “IHRT.”
The company’s management team plans to meet with investors the week of July 15 ahead of a July 18 listing date.
“This is an exciting time for our company and an important step in the evolution of iHeartMedia,” said Bob Pittman, chairman and CEO of iHeartMedia, Inc. “Our listing on the NASDAQ will provide greater liquidity for existing shareholders, allow us to diversify our investor base, and give us improved access to public capital markets in the future.”
As a result, iHeartMedia — which owns 848 radio stations — has withdrawn its previously-filed SEC Form S-1 in anticipation of an IPO. The offering was intended to help pay off more than $20 billion in accumulated debt, a tally the company has since slashed to roughly $6 million thanks to a now-completed restructuring process.
Now, iHeart has determined that a NASDAQ listing is “the optimal strategy” for the company and all stakeholders, according to a press release.