New York, NY -- August 2, 2019—iHeartMedia, Inc. (NASDAQ: IHRT) announced today that on Thursday, August 15, 2019, it will issue financial results for the quarter ending June 30, 2019. The company will conduct a conference call at 8:30 a.m. (ET), following the release of its earnings announcement.

A live audio webcast of the call will be available on the Investors homepage of iHeartMedia’s website (https://investor.iheartmedia.com/) beginning at 8:30 a.m. (ET) on August 15th. The conference call can also be accessed by dialing (800) 230-1059 (domestic) or (612) 234-9959 (international) using PIN number 470499. Please call five minutes in advance to ensure that you are connected prior to the call.

An audio replay of the call will be available beginning at 10:30 a.m. (ET) on August 15th in the Events & Presentations section of iHeartMedia’s Investors home page, and at (800) 475-6701 (domestic) or (320) 365-3844 (international) using PIN number 470499.

The earnings release and any other information related to the call will be accessible on the Investors home page of iHeartMedia’s website.

San Antonio, TX, August 1, 2019 – iHeartMedia, Inc. (NASDAQ: IHRT) (the “Company”) announced today that its indirect, wholly-owned subsidiary, iHeartCommunications, Inc. (“iHeartCommunications”), upsized and priced an offering of $750,000,000 aggregate principal amount of 5.25% Senior Secured Notes due 2027 (the “Notes”), an upsize of $250,000,000 over the amount previously announced. The issuance and sale of the Notes is expected to be completed on August 7, 2019, subject to customary closing conditions.

The Notes will be guaranteed on a senior secured basis by iHeartCommunications’ direct parent, iHeartMedia Capital I, LLC, and the subsidiaries of iHeartCommunications that guarantee iHeartCommunications’ term loan facility. The Notes and the related guarantees will be secured, subject to permitted liens and certain other exceptions, by a first priority lien on substantially all of the assets of iHeartCommunications and the guarantors (other than accounts receivable and related assets), and by a second priority lien on accounts receivable and related assets.

iHeartCommunications intends to use the proceeds from the Notes, together with cash on hand, to prepay at par a portion of the outstanding borrowings under its term loan facility, to pay accrued and unpaid interest thereon to, but excluding, the date of prepayment, and to pay fees and expenses related to the offering of the Notes and the use of proceeds therefrom.

The Notes and related guarantees will be offered only to persons reasonably believed to be “qualified institutional buyers” in reliance on the exemption from registration pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to persons outside of the United States in compliance with Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities and foreign securities laws.

This press release is for informational purposes only and shall not constitute an offer to sell nor the solicitation of an offer to buy the Notes or any other securities. The offering is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful.

Forward-Looking Statements

This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “intend,” “expect,” “believe,” “would,” “estimate,” “continue,” or “future,” or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements.

San Antonio, TX, August 1, 2019– iHeartMedia, Inc. (NASDAQ: IHRT) announced today that its indirect, wholly-owned subsidiary, iHeartCommunications, Inc. (“iHeartCommunications”), will offer, subject to market and customary conditions, $500,000,000 aggregate principal amount of Senior Secured Notes due 2027 (the “Notes”) in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).

The Notes will be guaranteed on a senior secured basis by iHeartCommunications’ direct parent, iHeartMedia Capital I, LLC, and the subsidiaries of iHeartCommunications that guarantee iHeartCommunications’ term loan facility. The Notes and the related guarantees will be secured, subject to permitted liens and certain other exceptions, by a first priority lien on substantially all of the assets of iHeartCommunications and the guarantors (other than accounts receivable and related assets), and by a second priority lien on accounts receivable and related assets.

iHeartCommunications intends to use the proceeds from the Notes, together with cash on hand, to prepay at par a portion of the outstanding borrowings under its term loan facility, to pay accrued and unpaid interest thereon to, but excluding, the date of prepayment, and to pay fees and expenses related to the offering of the Notes and the use of proceeds therefrom.

The Notes and related guarantees will be offered only to persons reasonably believed to be “qualified institutional buyers” in reliance on the exemption from registration pursuant to Rule 144A under the Securities Act and to persons outside of the United States in compliance with Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities and foreign securities laws.

This press release is for informational purposes only and shall not constitute an offer to sell nor the solicitation of an offer to buy the Notes or any other securities. The offering is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful. 

 

Forward-Looking Statements

This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “intend,” “expect,” “believe,” “would,” “estimate,” “continue,” or “future,” or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements.

New York, NY – July 18, 2019 – iHeartMedia, Inc. announced that Chairman and Chief Executive Officer Bob Pittman and President, COO and CFO Rich Bressler will ring the opening bell today, July 18, to commemorate the listing of the Company’s Class A common stock on the NASDAQ Global Select Market. The stock will begin trading today under the ticker “IHRT.”

The opening bell will ring at 9:30 a.m. ET and the ceremony can be viewed live at https://new.livestream.com/nasdaq/live.

New York, NY -- June 28, 2019 – iHeartMedia, Inc. (OTC PINK: IHTM) today announced that its Class A common stock has been approved for listing on the NASDAQ Global Select Market. Upon listing, iHeartMedia’s Class A common stock will trade under the ticker “IHRT.”

As previously announced, iHeart had been evaluating all paths to achieve a listing of its Class A common stock on a recognized U.S. stock exchange following emergence from its restructuring process. iHeartMedia has determined that a listing on the NASDAQ Global Select Market is the optimal strategy for iHeartMedia and all of the company’s stakeholders.

As a result, the Company has requested the withdrawal of its previously filed registration statement on Form S-1 with the U.S. Securities and Exchange Commission. iHeartMedia’s management team will be meeting with investors the week of July 15 in advance of a listing date of July 18, 2019.

“This is an exciting time for our company and an important step in the evolution of iHeartMedia. Our listing on the NASDAQ will provide greater liquidity for existing shareholders, allow us to diversify our investor base, and give us improved access to public capital markets in the future,” said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc.

 

New York, NY – May 21, 2019 – iHeartMedia, Inc. announced today that media industry veteran Kareem Chin has been named Senior Vice President and Head of Investor Relations, effective today. Chin will be based in New York and will report to Rich Bressler, President, Chief Operating Officer and Chief Financial Officer of iHeartMedia, Inc.

 

In his new role, Chin will be managing iHeartMedia’s relationship with the investor community and ensuring that the company strategy is aligned with the needs of its equity holders following iHeartMedia’s listing on the NASDAQ exchange. In this role he will work closely with Bressler; Bob Pittman, Chairman and CEO of iHeartMedia, Inc.; Paul McNicol, EVP and General Counsel; and leaders of iHeartMedia’s Finance and Communications teams, and will oversee the company’s investor conferences, investor meetings and quarterly earnings releases and financial filings.

 

“We’re extremely pleased to have someone with Kareem’s extensive financial background and industry knowledge to help reintroduce the equity world to iHeartMedia and tell the story of iHeart’s leadership in audio as we prepare to list on the NASDAQ exchange,” said Bressler. “Kareem is both well-known and well respected in the investment and media communities, which makes him the perfect person to work with both our new shareholders and the equity analysts who will now cover us.”

 

“This is an extremely exciting time for iHeartMedia and for the financial community overall,” said Chin. “The company continues to cement its position as the leading multiplatform audio company and I’m excited to be able to share the details of the company’s financial evolution and growth with investors, analysts and shareholders.”

 

Prior to joining iHeartMedia, Chin spent three years as Vice President of Investor Relations for Viacom, where he played an integral role in all of the company’s investor relations efforts, including the communication of the company’s strategies and quarterly results as well as the coordination of corporate access, investor conferences and non-deal roadshows. He previously spent over a decade in investment banking, including serving as Senior Vice President of Investment Banking – Media & Telecommunications Group at Jefferies and as Vice President of Investment Banking – Mergers and Acquisitions at Deutsche Bank Securities, Inc.  Chin is a graduate of the Columbia Graduate School of Business, where he received his MBA in Finance & Economics, and the State University of New York at Albany, where he received a B.S. in Finance.

 

iHeartMedia Successfully Completes Restructuring Process

America’s Number One Audio Company Formally Concludes Comprehensive Balance Sheet Restructuring, Significantly Reducing Debt from $16.1 billion to $5.75 billion

Completes Separation of Clear Channel Outdoor Holdings, Inc., Creating Two Independent Publicly-Traded Companies

NEW YORK – May 1, 2019 – iHeartMedia, Inc. (“iHeartMedia”), America’s number one audio company, today announced that the Company has successfully completed its restructuring process.

As a result of the comprehensive balance sheet restructuring, iHeartMedia’s debt has been significantly reduced – from $16.1 billion to $5.75 billion.

In addition, in conjunction with completion of the restructuring, and in accordance with its Plan of Reorganization (the “Plan”), iHeartMedia and Clear Channel Outdoor Holdings, Inc. (“CCOH”) have fully separated, creating two independent publicly-traded companies. Clear Channel Outdoor Holdings, Inc. shares will continue to be traded on the New York Stock Exchange under the ticker symbol “CCO.”

“We are pleased that iHeartMedia now has a capital structure that matches our exciting operating business. The focused dedication of our employees and the unwavering support of our new owners and advertising partners enabled iHeartMedia to seamlessly complete the restructuring process and reach this final milestone,” said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc. “iHeartMedia enters this next phase of growth as a multi-platform audio company with a vastly improved financial profile. We are well-positioned to continue to innovate and offer cutting-edge technologies, products and services to our audiences and advertisers.”

Pittman continued: “As the only major multi-platform audio company, iHeartMedia’s reach extends across more than 250 platforms and 2,000 different connected devices, from smart speakers to tablets, wearables, gaming consoles and much more. Over the past year, we have further cemented our position as the number one commercial podcaster globally – by a strong margin – through building new capabilities and content, including the ‘Ron Burgundy Podcast,’ season two of the true crime podcast ‘Atlanta Monster’ and many more, including ‘Stuff You Should Know,’ the first podcast ever to surpass one billion downloads. We continued to invest in key areas of the business with the acquisitions of Stuff Media, LLC – which further solidified our leading podcasting position – as well as technology companies like Jelli, Inc., which is the advertising technology platform that brings to life our SmartAudio data and analytics offerings. We continue to technologically transform our offerings for both consumers, with whom we are interacting more broadly across platforms, and advertisers, to whom we are offering data and analytics solutions previously available only from key digital players. In addition, we have continued to host our renowned and highly-anticipated live events, from the iHeartRadio Music Awards to iHeartRadio ALTer Ego. This is a very exciting time for audio, and iHeartMedia will continue to break new ground and unlock new opportunities across all platforms to reach audiences everywhere.”

As previously announced, pursuant to the Plan, Bob Pittman continues to serve as Chairman and Chief Executive Officer of iHeartMedia, Inc., and Rich Bressler continues to serve as President, Chief Operating Officer and Chief Financial Officer of iHeartMedia, Inc. In addition, a new Board of Directors has been appointed, including Bob Pittman, Rich Bressler, and the following members: Jay Rasulo, Gary Barber, Brad Gerstner, Sean Mahoney and Kamakshi Sivaramakrishnan. Upon iHeartMedia’s emergence, the new Board of Directors has assumed its responsibilities.

Kirkland & Ellis LLP served as legal counsel to iHeartMedia, Moelis & Company served as the Company’s investment banker, and Alvarez & Marsal served as the Company’s financial advisor.

About iHeartMedia, Inc.

iHeartMedia, Inc. is the number one audio company in America. The company’s leadership position in audio extends across multiple platforms including 848 live broadcast stations; its iHeartRadio service available across more than 250 platforms and 2,000 devices including smart speakers, smartphones, TVs and gaming consoles; through its influencers; social; live events; podcasting; and information services for local communities, and uses its unparalleled national reach to target both nationally and locally on behalf of its advertising partners. The company is dedicated to using the latest technology solutions to transform the company’s products and services for the benefit of its consumers, communities, partners and advertisers.

Forward-Looking Statements

This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “expect,” “believe,” “would,” “estimate,” “continue,” or “future,” or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements.

William Eccleshare to Become Chief Executive Officer of the New Standalone CCOH

San Antonio, TX, [December 21, 2018] – iHeartMedia, Inc. (PINK: IHRTQ) (“iHeartMedia”) and Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (“CCOH”) announced that they have reached an agreement on the material terms to fully separate CCOH’s business from iHeartMedia, which currently owns 89.1% of CCOH’s outstanding common stock.

The separation is expected to occur in conjunction with, and is subject to, iHeartMedia’s emergence from its ongoing restructuring process.  The material terms of the separation are outlined in CCOH’s Form 8-K, which was filed with the Securities and Exchange Commission on Monday, December 17, 2018.

Effective upon iHeartMedia’s emergence, William Eccleshare will become Chief Executive Officer of CCOH. Mr. Eccleshare, who currently serves as Chairman and CEO of Clear Channel International (CCI), has deep experience in creating value for advertisers across the out-of-home industry. He joined CCI in 2009 and went on to lead Clear Channel Outdoor, including full operational responsibility for CCI and Clear Channel Outdoor Americas (CCOA), before assuming his current role, in which he is responsible for overseeing CCI’s business operations in 22 countries across Asia, Europe and Latin America. Mr. Eccleshare will be based in London and will also continue to lead CCI as part of his new role.

Scott Wells will continue to lead CCOA as CEO, driving innovation and a customer-centric focus at the business. He will report to Mr. Eccleshare.

Until the company exits the restructuring process, Bob Pittman and Rich Bressler will continue their current leadership roles for CCOH, with Mr. Pittman as CEO and Mr. Bressler as President and Chief Financial Officer.

Mr. Eccleshare will also be a member of the new Board of Directors of CCOH, which will be announced prior to the separation.

“Today’s announcement is recognition that while iHeartMedia and CCOH are both very strong in their respective areas – iHeartMedia is America’s number one audio company and CCOH is one of the world’s largest outdoor advertising companies – their key constituencies have little strategic overlap. We believe that the separation of the two businesses makes strategic and financial sense, and will allow each company to better achieve their individual missions,” said Bob Pittman, Chairman and CEO of iHeartMedia, Inc. and current CEO of Clear Channel Outdoor Holdings, Inc. “Although both businesses are powerful advertising platforms, they each have valuable but different touch points within the advertising community and pursuing separate, highly-targeted strategies will unlock their full potential as freestanding companies.”

“William Eccleshare has a long, successful track record at CCOH, and throughout his career in the advertising industry, and has played an instrumental role in driving growth across CCOH’s business, especially in digital,” said Mr. Pittman. “Scott Wells will continue his successful leadership of CCOA, fostering deep relationships with advertising partners and growing the company’s offerings in exciting areas such as programmatic. With these strong leaders and CCOH’s creative, innovative and dedicated team, the future standalone company will be very well positioned for future growth and success.”

CCOH’s current leadership and Board of Directors will remain in place until iHeartMedia exits its restructuring process, at which time the new executives and Board will assume their responsibilities.

 

 

New Board’s Range of Highly Relevant Knowledge and Experience Will Be Critical In Ensuring Company’s Future Success

New York, NY and San Antonio, TX – November 6, 2018 – iHeartMedia, the leading audio company in America which has a greater reach in the U.S. than any other media outlet, announced today the members selected to serve on its Board of Directors upon its emergence from Chapter 11.

Subject to confirmation of the Company’s Plan of Reorganization, the post-emergence Board will consist of the following Directors, all of whom possess highly relevant knowledge and experience critical to positioning the company for future success:

• Bob Pittman, Chairman of the Board of Directors:  Mr. Pittman is the current CEO and Board Chairman of iHeartMedia. Mr. Pittman was formerly COO of AOL Time Warner, Inc. after serving as President and COO of America Online, Inc. Mr. Pittman also served as the CEO of MTV Networks and was the cofounder and programmer who led the team that created MTV.

 

• Jay Rasulo: Mr. Rasulo was formerly an executive at Walt Disney Company from 1986 through 2015, having spent his last five years at Disney as the CFO and Senior Executive Vice President. During his tenure at Walt Disney, among other roles, he served as the Chairman of Walt Disney Parks & Resorts. Mr. Rasulo is a graduate of Columbia University and received his MA & MBA from the University of Chicago.

 

•  Gary Barber:  Mr. Barber served as the Chairman and CEO of Metro-Goldwyn-Mayer Inc. (MGM) from 2010 through March 2018. Prior to his role at MGM, he was the co-founder of Spyglass Entertainment, which he founded in 1998. Mr. Barber received his undergraduate and post graduate degrees from the University of Witwatersrand in South Africa.

 

• Rich Bressler:  Mr. Bressler is the current President, COO and CFO of iHeartMedia. Before joining iHeart, Mr. Bressler was a Managing Director at THL. Prior to joining THL, Mr. Bressler’s experience included serving as Senior Executive Vice President and CFO of Viacom, Inc., as Chairman and CEO of Time Warner Digital Media, and as Executive Vice President and CFO of Time Warner Inc.

 

•  Brad Gerstner:  Mr. Gerstner is the Founder and CEO of Altimeter Capital, an internet, software, and travel focused investment firm founded in 2008. Prior to launching Altimeter, Mr. Gerstner was the Co- founder of three internet search start-ups. Mr. Gerstner received his MBA from Harvard Business School.

 

• Sean Mahoney:  Mr. Mahoney is a private investor. He currently serves as a director at two public companies, Aptiv plc and Arconic Inc., and at post-bankruptcy Lehman Brothers Holdings Inc. His prior board service includes Delphi Automotive plc and Formula One Holdings. Mr. Mahoney was a partner at Goldman, Sachs & Co., where he headed the Financial Sponsors Group, and Vice Chairman, Global Banking, at Deutsche Bank Securities. Mr. Mahoney is a graduate of the University of Chicago and Oxford University (which he attended on a Rhodes Scholarship).

 

• Kamakshi Sivaramakrishnan:  Ms. Sivaramakrishnan is the founder and CEO of Drawbridge, a company focused on designing quantitative algorithms for numerous areas, including computational advertising. Prior to founding Drawbridge, Ms. Sivaramakrishnan was a Senior Research Scientist at AdMob which was acquired by Google in 2010. Ms. Sivaramakrishnan has her Ph.D. from Stanford University.

 

“We are excited about both the depth and range of our new Board members,” said Pittman.  “We know our ability to draw on the experience of this unique combination of leaders in their respective fields will give us an unparalleled competitive advantage as we build our next level of growth.”

iHeartMedia’s current Board of Directors will remain in place until the company emerges from Chapter 11, at which time the new Board will assume its responsibilities.

Steve Mills Named iHeartMedia’s Chief Information Officer
 
NEW YORK, N.Y. – October 5, 2015 – iHeartMedia, Inc. announced today that Steve Mills has joined the company as its Chief Information Officer. Mills, previously Chief Information Officer at Motorola Mobility, will report to Richard J. Bressler, iHeartMedia, Inc.’s President, Chief Operating Officer and Chief Financial Officer.
 
In this new role, Mills will oversee all aspects of the information technology structure for both iHeartMedia and Clear Channel Outdoor, working closely with all its businesses and divisions to ensure the alignment and optimization of the company’s overall technology systems with the business priorities of its multiplatform assets, which include 858 broadcast radio stations reaching more than 245 million consumers monthly; iHeartRadio, iHeartMedia’s free leading all-in-one digital music and streaming radio service with more than 70 million registered users, 600 million app downloads and 87 million monthly digital uniques; more than 75 million social media followers across the network; nationally-recognized marquee live events; and Clear Channel Outdoor’s digital platform, which now offers over 950 digital billboards across 37 U.S. markets.
 
“Steve has a proven track record delivering extraordinary results for some of the most well-known mobile and telecommunications companies,” said Bressler. “At a time when iHeartMedia, Inc. is placing increasing emphasis on technology solutions – everything from programmatic advertising to data collection and analysis -- Steve’s expansive background in driving new innovation via social networks, Big Data and apps makes him a perfect match for our company as we continue to transform and expand our technology framework to benefit both our businesses and our partners.”
 
“I’m thrilled to be joining a company with the unparalleled brand and scale of iHeartMedia,” said Mills. “I’m looking forward to using my expertise to expand iHeartMedia’s position as the nation’s leading multiplatform media company.”
 
Mills has over 30 years of experience in information technology, enterprise systems and software engineering. In addition to his role as Chief Information Officer for Motorola, Mills also previously served as Chief Information Officer of leading cloud hosting solutions provider Rackspace Hosting as well as executive positions at T-Mobile, BearingPoint, and Intelligent Technologies. Mills holds a PhD in Computer Science from Southern Methodist University.