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Music Business

iHeartMedia Files For $100M IPO As It Nears Bankruptcy Exit

iHeartMedia, the dominant player in US radio broadcasting, has filed a $100 million IPO offering of Class A shares, just as it nears exiting bankruptcy.

,   and  Bruce Houghton
IheartmediaiHeartMedia, the dominant player in US radio broadcasting, has filed a $100 million IPO offering of Class A shares, just as it nears exiting bankruptcy.With 855 stations and numerous digital properties, iHeartMedia estimates a monthly reach of 275 million listeners over the age of 6, outpacing Google (251 million) and Facebook (215 million) in terms of digital U.S. audience, as measured by Comscore in February of this year.“We believe our advantage is driven by our unique ability to build relationships and engage a broad spectrum of audiences and demographics as we fulfill listeners’ need for companionship and to be connected with the world,” the company said in the filing.iHeartMedia was taken private ten years ago and later took on massive debt to finance the leveraged buyout of what was then Clear Channel Communications. In January, iHeart announced a reorganization that cut its debt from $16.1 billion to $5.75 billion and included separating from Clear Channel, which is now primarily an outdoor advertising company.In recent years, broadcast radio has been pressured by music streaming, as many fans move to playlists and podcasts for music and information.

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