iHeart Media is one of the largest media conglomerates in the United States.  They own 858 radio stations; Premier Networks, the top U.S. radio network; and iHeartRadio, among the nation’s top digital music services.  For those of us more focused on the billboard industry, we know iHeart as the owner of Clear Channel Outdoor, one of the world’s largest outdoor companies. Insider has previously written about the significant debt issues for iHeart and their related sales of billboard assets to generate cash for the company.   Media Life Magazine published an interesting article this week providing some historical background on iHeart that makes for interesting reading.

For more information on recent developments on iHeart’s debt woes, DebtWire has an update on their ongoing Texas litigation which includes an allegation that one of their debt holders has purchased short-term Credit Default Swaps where the debt holder could benefit significantly from am iHeart bankruptcy.

Insider’s take: iHeartMedia needs money desperately and will continue to pressure Clear Channel Outdoor to sell assets.