• iHeart Media Stock Is Moving Up

    Since we reported on the iHeart Media debt swap proposal, there have been some signs of how the market might react.  iHeart Media is a privately held company with Bain Capital and Thomas H. Lee Partners owning the bulk of the old Clear Channel Radio since 2008.  However, there is some stock that trades privately, over the counter, as IHRT.  Typically 2,000 to 3,000 shares trade on a daily basis.

    The day after the announcement 480,000 shares were traded with the stock price increasing 46% from an opening share price of $1.40, closing at $2.05.

    Yesterday was another big trading day for the stock as the price increased 39% to $3.54 on trading of 199,815 shares.

    While the success of the iHeart proposal will be determined by the debt holders and their $20 billion in debt, the increase in stock value is at least an indicator of  how the equity markets feel in the short term.

    Insider will keep our readers updated as iHeart and Clear Channel Outdoor continue to move through the process.


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