Chapter 11

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.