After struggling with more than $20 billion in debt, the nation’s largest radio company filed for bankruptcy. Variety reports that iHeartMedia “bowed to the inevitable late on Wednesday” and filed for Chapter 11 bankruptcy protection.
The company said in a statement that it had come to 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.”
The company, which was formerly known as Clear Channel, owns 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,” Variety notes. “Clear Channel Outdoor did not file for bankruptcy.”