Investor - iHeartMedia

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.

 

San Antonio, TX – March 22, 2019 – iHeartMedia, Inc. (PINK: IHRTQ)(the “Company”) today announced that it is evaluating potential paths to achieve its listing following emergence from its restructuring process in the second quarter of this year.

As previously announced, pursuant to its Plan of Reorganization iHeartMedia is required to use reasonable best efforts to obtain listing of the Company’s Class A common stock on a recognized U.S. stock exchange following the completion of its restructuring process. Potential alternative paths to achieving that objective for the Company’s Class A common stock include a direct listing on a recognized U.S. stock exchange or an initial public offering. The company is currently in the process of evaluating all such potential paths.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (“Securities Act”). This announcement is being issued in accordance with Rule 135 under the Securities Act.

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. In particular, they include statements relating to, among other things, the proposed restructuring of iHeartMedia, timing to exit Chapter 11 and to list the Company’s Class A common stock and the means by which the company may do so, and other future outcomes. These forward-looking statements are based on current expectations and projections about future events and will depend on future market conditions and other factors beyond the Company’s control. Investors are cautioned that forward-looking statements are not guarantees of future 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 forwardlooking statements.

Contacts:

Wendy Goldberg
EVP and Chief Communications Officer
iHeartMedia, Inc.
(212) 377-1105
WendyGoldberg@iheartmedia.com

Eileen McLaughlin
Vice President Investor Relations
iHeartMedia Inc.
212.377.1116
EileenMcLaughlin@iheartmedia.com

Court Approves Plan to Definitively Restructure Debt and Further Enhance iHeartMedia’s Position as America’s #1 Audio Company

San Antonio, TX, [January 22, 2019] – iHeartMedia, Inc. (PINK: IHRTQ) (“iHeartMedia”) today announced that the United States Bankruptcy Court for the Southern District of Texas (“the Court”) has confirmed the Company’s Plan of Reorganization (the“Plan”). The Company expects to complete its restructuring process in the first half of 2019.

“iHeartMedia is America’s number one audio company, with unparalleled multi-platform capabilities across broadcast radio, podcasts, influencers, live events, social marketing, digital and data that uniquely serve the needs of digital and traditional marketers and a consumer reach in the U.S. greater than any other media outlet,” said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc. “We are delighted to reach this significant milestone in our restructuring process, which will give us a new capital structure that matches the strong operating performance of our business. iHeartMedia’s unique place in the advertising world perfectly positions us to take advantage of the renaissance underway in audio.”

“Our ability to advance through the restructuring process this smoothly is a testament to both the strength of our operating business and the strong support of our stakeholders, including our debtholders who will become our owners, our advertising partners and our operating team,” Mr. Pittman continued. “We have accomplished so much in the past several months alone – from major acquisitions such as HowStuffWorks, which has firmly positioned the company as the #1 commercial podcast publisher globally, and Jelli, the pioneering technology foundation for the data-infused programmatic buying and selling of broadcast radio, to the continued development and implementation of transformative new technology. We will continue to work together to invest in and grow our innovative and exciting services, cutting-edge products and great programming for decades to come.”

Under the terms of the Plan, iHeartMedia will complete a comprehensive balance sheet restructuring that will reduce its debt from $16.1 billion to $5.75 billion and will separate Clear Channel Outdoor Holdings, Inc. from iHeartMedia, creating two independent public companies.

With the confirmation of the Plan, the Company expects the Chapter 11 process to be completely finished within the first half of 2019, subject to completion of certain steps related to the separation of Clear Channel Outdoor Holdings, Inc., FCC registration and satisfaction of other customary conditions.

Following iHeartMedia’s completion of the restructuring process, Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc., and Rich Bressler, President, Chief Operating Officer and Chief Financial Officer of iHeartMedia, Inc., will remain in their respective roles, and have extended their contracts by four years.

For additional information about iHeartMedia’s restructuring, including access to Court filings and other documents, please visit https://cases.primeclerk.com/iHeartMedia, call the Company’s Restructuring Information Hotline at (877) 756-7779 (for toll-free domestic calls) and (347) 505-7142 (for tolled international calls), or email iheartmediainfo@primeclerk.com.

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

 

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. In particular, they include statements relating to, among other things, the proposed restructuring of iHeartMedia, timing to exit Chapter 11 and future outcomes. 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, December 3, 2018 – iHeartMedia, Inc. (PINK: IHRTQ) (“iHeartMedia”) today announced voting results for the Company’s Fifth Amended Joint Chapter 11 Plan of Reorganization (the “Plan”). Voting results indicate that every class of creditors entitled to vote has voted to approve the Plan.  More than 90% of the votes cast by creditors and shareholders who participated in the vote approved the Plan, demonstrating substantial support for, and far exceeding the votes necessary to confirm, the Plan.

The voting results indicate strong support of iHeartMedia's Plan, which achieves a value-maximizing restructuring that comprehensively addresses the company’s funded debt obligations and positions iHeartMedia for continued growth and long-term success.  The Plan will reduce iHeartMedia’s funded debt by approximately $10.3 billion—to $5.75 billion—and result in the separation of iHeartMedia’s radio and outdoor advertising businesses.  With the support of its creditors and the expected confirmation of the Plan, iHeartMedia expects to complete its restructuring process and exit Chapter 11 in early 2019.

Final voting results will be filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, prior to the hearing to confirm the Plan.  For additional information about iHeartMedia’s restructuring, including access to Court filings and other documents such as the Plan and related disclosure statement, please visit https://cases.primeclerk.com/iHeartMedia, call the company’s Restructuring Information Hotline at (877) 756-7779 (for toll-free domestic calls) and (347) 505-7142 (for tolled international calls), or email iheartmediainfo@primeclerk.com.

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

This press release is not intended to be, and should not in any way be construed as, a solicitation of votes of creditors and investors regarding the Chapter 11 Plan.

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. In particular, they include statements relating to, among other things, the proposed restructuring of iHeartMedia, timing to exit Chapter 11 and future outcomes. 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 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.

San Antonio, TX, March 14, 2018 – iHeartMedia, Inc. (PINK: IHRT) today announced that it has reached an agreement in principle with holders of more than $10 billion of its outstanding debt and its financial sponsors. The agreement reflects widespread support across the capital structure for a comprehensive balance sheet restructuring that will reduce iHeartMedia’s debt by more than $10 billion. iHeartMedia, America’s #1 audio company, will continue operating the business in the ordinary course as a leading global multi-platform media, entertainment and data company. 
 
“iHeartMedia has created a highly successful operating business, generating year-over-year revenue growth in each of the last 18 consecutive quarters. We have transformed a traditional broadcast radio company into a true 21st century multi-platform, data-driven, digitally-focused media and entertainment powerhouse with unparalleled reach, products and services now available on more than 200 platforms, and the iHeartRadio master brand that ties together our almost 850 radio stations, our digital platform, our live events, and our 129 million social followers,” said Bob Pittman, Chairman and Chief Executive Officer. “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. Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia’s position as America’s #1 audio company.” 
 
To implement the balance sheet restructuring contemplated by the agreement in principle, iHeartMedia and certain of its subsidiaries, including iHeartCommunications, Inc., have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. Clear Channel Outdoor Holdings, Inc. and its subsidiaries did not commence Chapter 11 proceedings. 
 
The Company has filed with the Bankruptcy Court a series of customary motions seeking to maintain business-as-usual operations and uphold its commitments to its valued employees and other stakeholders during the process. These “first day” motions, which the Company expects to be granted in short order, will help facilitate a smooth transition into Chapter 11. 
 
iHeartMedia believes that its cash on hand, together with cash generated from ongoing operations, will be sufficient to fund and support the business during the Chapter 11 proceedings. 
 
For additional information about iHeartMedia’s restructuring, including access to Court filings and other documents, please visit https://cases.primeclerk.com/iHeartMedia, call the Company’s Restructuring Information Hotline at (877) 756-7779 (for toll-free domestic calls) and (347) 505-7142 (for tolled international calls), or email iheartmediainfo@primeclerk.com.
 
Kirkland & Ellis LLP is serving as legal counsel to iHeartMedia, Moelis & Company is serving as the Company’s investment banker, and Alvarez & Marsal is serving as the Company’s financial advisor. 
 
About iHeartMedia, Inc. / iHeartCommunications, Inc.

iHeartMedia, Inc. (PINK: IHRT), the parent company of iHeartCommunications, Inc., is one of the leading global media, entertainment and data companies. The company specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment 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, and its outdoor business reaches 31 countries across four continents, connecting people to brands using innovative new technology. 
 
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. In particular, they include statements relating to, among other things, the proposed restructuring of iHeartMedia and future outcomes. 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 forwardlooking statements. Such risks and uncertainties include, but are not limited to, the following factors, and other factors described from time to time in iHeartMedia’s reports filed with the Securities and Exchange Commission (including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein):  

• the effects of the Bankruptcy Court rulings in the Chapter 11 proceedings and the outcome of the proceedings in general; 
• the length of time iHeartMedia will operate in the Chapter 11 proceedings; 
• the risk that the restructuring may not be consummated in accordance with the terms of the agreement in principle, or that persons not party to the agreement in principle may successfully challenge the implementation thereof; 
• iHeartMedia’s ability to comply with the milestones set forth in the agreement in principle; 
• risks associated with third party motions in the Chapter 11 proceedings, which may hinder or delay iHeartMedia’s ability to consummate the restructuring; 
• the potential adverse effects of Chapter 11 proceedings on iHeartMedia’s liquidity or results of operations or its ability to pursue its business strategies; 
• litigation outcomes and judicial and governmental body actions, including but not limited to, the assertion and outcome of litigation or other claims that have been brought and may be brought against iHeartMedia by certain creditors; 
• iHeartMedia’s significant liquidity requirements; 
• increased levels of employee attrition during the Chapter 11 proceedings; and 
• economic, business, competitive, and/or regulatory factors affecting iHeartMedia’s and its subsidiaries’ business generally. 

Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. iHeartMedia disclaims any obligation to update the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements. 
 
Contacts

iHeartMedia, Inc.

Wendy Goldberg, Executive Vice President – Communications

(212) 377-1105

WendyGoldberg@iheartmedia.com

Finsbury

Kal Goldberg / Sherri L. Toub

(646) 805-2851

San Antonio, TX, February 15, 2018 - iHeartCommunications, Inc. (“iHeartCommunications”) today announced that it is extending the private offers (the “Exchange Offers”) to holders of certain series of iHeartCommunications’ outstanding debt securities (the “Existing Notes”) to exchange the Existing Notes for new securities (the “New Securities”) of iHeartMedia, Inc., CC Outdoor Holdings, Inc. and iHeartCommunications, and the related solicitation of consents (the “Consent Solicitations”) from holders of Existing Notes to certain amendments to the indentures and security documents governing the Existing Notes.

The Exchange Offers and Consent Solicitations were previously scheduled to expire on February 16, 2018, at 5:00 p.m., New York City time, and will now expire on March 16, 2018, at 5:00 p.m., New York City time. The deadline to withdraw tendered Existing Notes in the Exchange Offers and revoke consents in the Consent Solicitations has also been extended to 5:00 p.m., New York City time, on March 16, 2018. iHeartCommunications is extending the Exchange Offers and Consent Solicitations to continue discussions with holders of Existing Notes regarding the terms of the Exchange Offers and to continue discussions with lenders under its Term Loan D and Term Loan E facilities in connection with the concurrent private offers made to such lenders, which iHeartCommunications announced today will now expire at 5:00 p.m., New York City time, on March 16, 2018.

As of 5:00 p.m., New York City time, on February 14, 2018, an aggregate amount of approximately $38.5 million of Existing Notes, representing approximately 0.5% of outstanding Existing Notes, had been tendered into the Exchange Offers.

The terms of the Exchange Offers and Consent Solicitations have not been amended and remain the same as set forth in the Amended and Restated Offering Circular and Consent Solicitation Statement, dated April 14, 2017, as supplemented by Supplement No. 1 (the “Offering Circular”).

The Exchange Offers and Consent Solicitations, which are only available to holders of Existing Notes, are being made pursuant to the Offering Circular, and are exempt from registration under the Securities Act of 1933 (the “Securities Act”). The New Securities, including the new debt of iHeartCommunications and related guarantees, will be offered only in reliance on exemptions from registration under the Securities Act. The New Securities 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 or blue sky laws and foreign securities laws.

Documents relating to the Exchange Offers and Consent Solicitations will only be distributed to holders of the Existing Notes that complete and return a letter of eligibility. Holders of Existing Notes that desire a copy of the letter of eligibility must contact Global Bondholder Services Corporation, the exchange agent and information agent for the Exchange Offers and Consent Solicitations, by calling toll-free (866) 470-3700 or at (212) 430-3774 (banks and brokerage firms) or visit the following website to complete and deliver the letter of eligibility in electronic form: http://gbsc-usa.com/eligibility/ihc-bondoffers.

This press release is for informational purposes only and shall not constitute an offer to sell or exchange nor the solicitation of an offer to buy the New Securities or any other securities. The Exchange Offers and Consent Solicitations are not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful. Any offers of the New Securities will be made only by means of the Offering Circular.

San Antonio, TX, February 15, 2018 - iHeartCommunications, Inc. (“iHeartCommunications”) today announced that it is extending the deadline for participation in the private offers (the “Term Loan Offers”) to lenders under its Term Loan D and Term Loan E facilities (“Existing Term Loans”) to amend the Existing Term Loans. The Term Loan Offers have been extended to 5:00 p.m., New York City time, on March 16, 2018. iHeartCommunications is extending the Term Loan Offers to continue discussions with lenders regarding the terms of the Term Loan Offers.

The terms of the Term Loan Offers have not been amended and remain the same as set forth in the Confidential Information Memorandum, dated March 15, 2017, as supplemented by Supplements No. 1 through No. 5 (as so supplemented, the “Confidential Information Memorandum”).

The Term Loan Offers, which are only available to holders of Existing Term Loans, are being made pursuant to the Confidential Information Memorandum, and are exempt from registration under the Securities Act of 1933 (the “Securities Act”). The new securities (the “New Securities”) of iHeartMedia, Inc., CC Outdoor Holdings, Inc., Broader Media, LLC and/or iHeartCommunications being offered in the Term Loan Offers are offered only in reliance on exemptions from registration under the Securities Act. The New Securities 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 or blue sky laws and foreign securities laws.

Documents relating to the Term Loan Offers will only be distributed to holders of Existing Term Loans that complete and return a letter of eligibility. Holders of Existing Term Loans that desire a copy of the letter of eligibility must contact Global Bondholder Services Corporation, the tabulation agent and information agent for the Offers, by calling toll-free (866) 470-3700 or at (212) 430-3774 (banks and brokerage firms) or visit the following website to complete and deliver the letter of eligibility in electronic form: http://gbsc-usa.com/eligibility/ihc-termloanoffers.

This press release is for informational purposes only and shall not constitute an offer to sell or exchange nor the solicitation of an offer to buy the New Securities or any other securities. The Term Loan Offers are not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful. Any offers of the New Securities are being made only by means of the Confidential Information Memorandum.

Active discussions among lenders, noteholders, and financial sponsors continue

San Antonio, TX, February 1, 2018 – iHeartCommunications, Inc. today announced that its Board of Directors has elected not to make a cash interest payment of $106 million, due February 1, 2018, to holders of its 14% senior unsecured notes due 2021 (the “Notes”) as active discussions continue among its lenders, noteholders, and financial sponsors regarding a comprehensive debt restructuring. The Company’s Board elected not to make the payment in connection with ongoing efforts to proactively and comprehensively address the Company’s capital structure.

The decision will not trigger an event of default under the indenture as the Company will utilize a 30-day grace period under the indenture during which it retains the right to make the interest payment to the holders of the Notes and remain in compliance with the indenture governing the Notes.

The Board is considering options as part of its strategy to achieve a comprehensive restructuring of the Company’s debt.

San Antonio, TX, January 18, 2018 - iHeartCommunications, Inc. (“iHeartCommunications”) today announced that it is extending the private offers (the “Exchange Offers”) to holders of certain series of iHeartCommunications’ outstanding debt securities (the “Existing Notes”) to exchange the Existing Notes for new securities (the “New Securities”) of iHeartMedia, Inc., CC Outdoor Holdings, Inc. and iHeartCommunications, and the related solicitation of consents (the “Consent Solicitations”) from holders of Existing Notes to certain amendments to the indentures and security documents governing the Existing Notes.

The Exchange Offers and Consent Solicitations were previously scheduled to expire on January 19, 2018, at 5:00 p.m., New York City time, and will now expire on February 16, 2018, at 5:00 p.m., New York City time. The deadline to withdraw tendered Existing Notes in the Exchange Offers and revoke consents in the Consent Solicitations has also been extended to 5:00 p.m., New York City time, on February 16, 2018. iHeartCommunications is extending the Exchange Offers and Consent Solicitations to continue discussions with holders of Existing Notes regarding the terms of the Exchange Offers and to continue discussions with lenders under its Term Loan D and Term Loan E facilities in connection with the concurrent private offers made to such lenders, which iHeartCommunications announced today will now expire at 5:00 p.m., New York City time, on February 16, 2018.

As of 5:00 p.m., New York City time, on January 17, 2018, an aggregate amount of approximately $36.7 million of Existing Notes, representing approximately 0.4% of outstanding Existing Notes, had been tendered into the Exchange Offers.

The terms of the Exchange Offers and Consent Solicitations have not been amended and remain the same as set forth in the Amended and Restated Offering Circular and Consent Solicitation Statement, dated April 14, 2017, as supplemented by Supplement No. 1 (the “Offering Circular”).

The Exchange Offers and Consent Solicitations, which are only available to holders of Existing Notes, are being made pursuant to the Offering Circular, and are exempt from registration under the Securities Act of 1933 (the “Securities Act”). The New Securities, including the new debt of iHeartCommunications and related guarantees, will be offered only in reliance on exemptions from registration under the Securities Act. The New Securities 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 or blue sky laws and foreign securities laws.

Documents relating to the Exchange Offers and Consent Solicitations will only be distributed to holders of the Existing Notes that complete and return a letter of eligibility. Holders of Existing Notes that desire a copy of the letter of eligibility must contact Global Bondholder Services Corporation, the exchange agent and information agent for the Exchange Offers and Consent Solicitations, by calling toll-free (866) 470-3700 or at (212) 430-3774 (banks and brokerage firms) or visit the following website to complete and deliver the letter of eligibility in electronic form: http://gbsc-usa.com/eligibility/ihc-bondoffers.

This press release is for informational purposes only and shall not constitute an offer to sell or exchange nor the solicitation of an offer to buy the New Securities or any other securities. The Exchange Offers and Consent Solicitations are not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful. Any offers of the New Securities will be made only by means of the Offering Circular.