IHEARTMEDIA SET TO BOUNCE BACK FROM BANKRUPTCY AS CEO BOB PITTMAN INKS NEW FOUR-YEAR DEAL
US broadcast giant iHeartMedia, owner of iHeartRadio, is on the road to recovery following its recent financial troubles. The company has today announced that the United States Bankruptcy Court for the Southern District of Texas has confirmed its Plan of Reorganization, out of which iHeart expects to complete its restructuring process in the first half of 2019. Under the terms of the plan, iHeartMedia will complete a balance sheet restructuring which will reduce its debt from $16.1 billion to $5.75 billion and will separate Clear Channel Outdoor Holdings, Inc. from iHeartMedia, creating two independent public companies. Following iHeartMedia’s completion of the restructuring process, Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc., and Rich Bressler, President, Chief Operating Officer and Chief Financial Officer of iHeartMedia, Inc., will remain in their respective roles, and have extended their contracts by four years. iHeartMedia, which runs more t...