No More Breakfast Club? iHeartMedia files for Bankruptcy: Over $20billion in debt

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Redwing80

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IHeartMedia Inc., the biggest U.S. radio broadcaster, filed for bankruptcy with a plan to ease its debt load of more than $20 billion after almost a year of fractious negotiations with creditors.

The company, with about 850 radio stations and 17,000 employees worldwide, filed for Chapter 11 protection on Wednesday in Houston to keep operating as it tries to work out a way to turn the business around and pay its debts.

After trying to ink a deal with creditors since last March, the company said in a statement that it reached an agreement in principle with investors holding more than $10 billion of its debt, along with its private equity owners. The pact, intended to give the company a framework for a speedier reorganization, would cut iHeart’s debt by more than $10 billion, it said.

Among the company’s creditors is billionaire John Malone’s Liberty Media, which controls satellite radio giant SiriusXM. Liberty Media accumulated a position in iHeart’s debt in recent months in an effort to grab a stake in the company’s radio business.
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Thanks, Spotify! Radio Broadcaster iHeartMedia Files for Bankruptcy
 
Nicole0416_718_929_646212

Nicole0416_718_929_646212

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Who listens to radio stations anymore like that? you have all these corporate thinktanks, executives, analysts.. and no one could foresee the long term problem of Spotify, Sirius, podcasts, youtube as competition that would cut into the profits. Cant even remember the last time I turned on to listed to an actual radio station. Breakfast Club can go- envy with his dumbazz rhetorical questions, angela turning around every interview to make it about her and how she can relate to whatever scenario the person being interviewed talks about, and Charlemagne being extra all the time for no reason or straight up acting ignorant about controversial topics.. corny.
 
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Nicole0416 said:
Who listens to radio stations anymore like that? you have all these corporate thinktanks, executives, analysts.. and no one could foresee the long term problem of Spotify, Sirius, podcasts, youtube as competition that would cut into the profits. Cant even remember the last time I turned on to listed to an actual radio station. Breakfast Club can go- envy with his dumbazz rhetorical questions, angela turning around every interview to make it about her and how she can relate to whatever scenario the person being interviewed talks about, and Charlemagne being extra all the time for no reason or straight up acting ignorant about controversial topics.. corny.
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fukk em in the ass
 
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