Post Tagged with: "iHeart Media"

iHeartCommunications, Inc. Announces Extension of Private Offers

June 08, 2017 06:45 AM Eastern Daylight Time SAN ANTONIO–(BUSINESS WIRE)–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 […]

by John Weller· · 0 comments · Finance

iHeartMedia Creditors Move to Block Debt Restructuring

Reuters reported on Friday the 21st that a group of iHeartMedia lenders have signed a cooperation agreement to oppose the debt overhaul of the largest owner of U.S. radio stations and the parent company of Clear Channel Outdoor. Insider has previously reported  on iHeart and their proposed debt swap. The proposal was originally contingent on a three tier participation scenario providing potential discounts to iHeart on the existing debt of 12-25%, extending the maturity date of the notes and reducing the […]

by John Weller· · Comments are Disabled · Finance

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 […]

by John Weller· · Comments are Disabled · Finance

iHeart and Clear Channel Outdoor May Be Separating

First, the press release. San Antonio, TX, March 15, 2017 – iHeartCommunications, Inc. (“iHeartCommunications”) today commenced private offers (the “Term Loan Offers”) to lenders under the Company’s Term Loan D and Term Loan E facilities (“Existing Term Loans”) to amend the Existing Term Loans and/or exchange them for new term loans of iHeartCommunications (the “New Term Loans”), and new securities (the “New Securities”) of iHeartCommunications, iHeartMedia, Inc. (“iHeartMedia”), CC Outdoor Holdings, Inc. (“CCO Holdings”) and/or Broader Media, LLC (“Broader Media”). […]

by John Weller· · Comments are Disabled · Business

Creative and Ad Industry Leaders join with the Ad Council to Stop Texting and Driving

NEW YORK, March 1, 2017 – Prominent leaders from the advertising, media, entertainment and social entrepreneurship industries are teaming up to prevent texting and driving in partnership with Project Yellow Light, a national public service advertising (PSA) contest and scholarship program. The panel of judges will include actress, YouTuber and tastemaker Meg DeAngelis; hip-hop artist Aloe Blacc; filmmaker and social activist Kweku Mandela; Wendy Clark, CEO of DDB North America; Jeff Goodby, Co-Chairman of Goodby Silverstein & Partners; and Michael […]

by John Weller· · Comments are Disabled · Creative

Clear Channel Outdoor Pays Dividend

As previously announced, on February 9, 2017, the Board of Directors of Clear Channel Outdoor Holdings, Inc. (the “Company”) declared a special cash dividend payable on February 23, 2017 (the “Payment Date”) to Class A and B stockholders of record at the closing of business on February 20, 2017 (the “Record Date”), in an aggregate amount equal to $282.5 million. As of the closing of business on the Record Date, there were 47,300,987 shares of Class A Common Stock and 315,000,000 shares of Class B Common Stock […]

by John Weller· · Comments are Disabled · Finance

iHeart and Existential Questions About CDS

An Insider shout out to Gabe Oliverio at Johnsen, Fretty & Company who sent us the following DebtWire Radio podcast on iHeart Media and a discussion of their options as they came upon a mid-December payment deadline on a $250 million debt payment.  As you may know iHeart Media, Inc. is the parent company of Clear Channel Outdoor Here is the link to DebtWire Radio.   The podcast discussion centers around a couple of themes. The first is Credit Default Swaps (CDS) […]

by John Weller· · Comments are Disabled · Business

Updates On iHeart Media & Clear Channel Outdoor

Two new updates on Clear Channel Outdoor and their parent company iHeart Media. First, some good news for iHeart. iHeartMedia Inc. won dismissal of Gamco Asset Management’s claims that iHeart shortchanged investors by improperly diverting revenue from its billboard-advertising unit. Gamco couldn’t make the case that iHeart media executives violated legal duties to shareholders by selling assets and moving funds from its Clear Channel Outdoor Holdings business to repay the parent company’s debts, a Delaware judge ruled. The fund, founded by […]

by John Weller· · Comments are Disabled · Business

Clear Channel Outdoor Holdings, Inc. Sells Interest in Adshel to Joint Venture Partner APN News & Media for AUS $268.4 Million

October 24, 2016 09:50 PM Eastern Daylight Time SAN ANTONIO–(BUSINESS WIRE)–Clear Channel Outdoor Holdings, Inc. (NYSE:CCO), a subsidiary of iHeartMedia, Inc. (PINK:IHRT), announced today that its Clear Channel Outdoor International segment will sell its interest in Australian out-of-home media company Adshel to joint venture partner APN News & Media (ASX, NZX:APN) for a purchase price of AUS$268.4 million. The transaction closed today, with APN owning 100% of Adshel. “Following a successful Adshel partnership with APN of almost 20 years, this […]

by John Weller· · Comments are Disabled · Business

iHeart Seeks Additional $500 Million

In a recent 8-K filing with the SEC, iHeart Communications, Inc. the commencement of a consent solicitation to seek the consent of holders of its outstanding Senior Notes due 2021 to a proposed amendment to the indenture governing the Notes. The proposed amendment, if adopted, would amend their senior credit facility to increase the aggregate principal amount by $500,000,000 to $17,270,638,000. Clear Channel Outdoor is a subsidiary of iHeart Communications. If you are wondering what iHeart’s debt structure looks like, here is […]

by John Weller· · Comments are Disabled · Business