NEW YORK (WKBN) — iHeartRadio has filed for Chapter 11 bankruptcy.
According to a report in Variety, the company issued a statement late Wednesday saying it had reached an agreement with the holders of more than $10 billion of its debt.
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,” CEO Bob Pittman said in a statement. “Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia’s position as America’s #1 audio company.”
iHeart, formerly known as Clear Channel, is the nation’s largest radio company, with more than 850 stations. It also owns iHeartRadio’s music streaming service, a large concert business, and a 90% stake in Clear Channel Outdoor, the billboard company.
iHeartRadio owns several stations locally, including WNCI, WCOL, and 93.3 The Bus.