Somehow along the way I missed that “iHeartMedia, Inc., the parent company of iHeartCommunications, Inc., . . . one of the leading global media, entertainment and data companies,” “filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division” last March 14. The Clear Channel Outdoor Holdings portion of the business—essentially the billboard part of things, and I don’t mean Billboard as in publication but “billboard” as those eyesores—wasn’t part of the filing.
When the filing was announced, Bob Pittman, iHeart chairman and CEO stated in a news release, “We have transformed a traditional broadcast radio company into a true 21st century multi-platform, data-driven, digitally-focused media and entertainment powerhouse with unparalleled reach, products and services now available on more than 200 platforms, and the iHeartRadio master brand that ties together our almost 850 radio stations, our digital platform, our live events, and our 129 million social followers.”
While that sounds all-good, the statement went on to say, “The agreement we announced today is a significant accomplishment, as it allows us to definitively address the more than $20 billion in debt that has burdened our capital structure.”
Yes, 21st century. Multi-platform. Data-driven. Digitally focused. Social followers.
And $20-billion in debt.