iHeart media is filing for bankruptcy looking to restructure over $20 billion in debt.
iHeart and their shareholders are fairly confident that they will be able to negotiate with their creditors. The media company currently operates 849 radio station across the United States of America. iHeart Media is recognized as the largest radio company in America.
I am one who believes people are listening to the radio less than about 10 years ago. You have music streaming services for music and you have a podcast for talk shows. iHeart Media did manage to bring in an estimated $3.6 billion in revenue in 2017.
The good news is I don’t she iHeart cutting back or going out of business as a result of this chapter 11 bankruptcy.
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Check out our recent blog post discussing how another media company recently survived Chapter 11 bankruptcy: https://utktransactions.wordpress.com/2018/08/30/radio-giant-cumulus-media-inc-emerges-from-chapter-11-bankruptcy/