 |
Finsbury is handling the biggest bankruptcy in radio as iHeartMedia, owner of America’s No. 1 network, files for Chapter 11 to restructure $10B in debt.
iHeartMedia CEO Bob Pittman said the capital structure of the company, which has reported year-to-year revenue growth for the past 18 consecutive quarters, has been burdened by a heavy debt load.
iHeartMedia posted a $95.4 net loss on $1.9B revenues during the nine-month period ended Sept. 30.
That debt obscures iHeart’s transformation from “a traditional radio company into a true 21st-century multi-platform, data-driven, digitally-focused media and entertainment powerhouse,” according to Pitman.
The company operates 850 iHeart radio stations and more than 200 digital platforms that have attracted 130M social followers.
Pitman promised that “a capital structure that finally matches our impressive operating business will further enhance iHeartMedia’s position as America’s No. 1 audio company.”
Bain Capital and Thomas H. Partners own 68 percent of iHeartMedia’s stock.
Finsbury’s Kal Goldberg and Sherri Toub represent iHeartMedia. Wendy Goldberg is iHeartMedia’s executive VP-communications.
Prosek Partners handles New York’s Tilray Brands, craft beer & cannabis operation, as it acquires BrewDog, a leading British independent beer producer in the UK, for $45M.
Brunswick Group handles Zurich Insurance as it agrees to buy UK-based Beazley specialty insurer in a deal valued at $11B.
FGS Global represents Brink’s as it agrees to acquire NCR Atleos, which relies on Collected Strategies, in a $6.6B cash & stock deal to create a leading fintech infrastructure company. (Updated)
A January article in O’Dwyer’s proposes that in 2026, the strongest financial brands will not simply tell compelling stories—they will “signal readiness.”
C Street Advisory Group is working the Chapter 11 filing of Axip Energy Services as it unloads its nearly all of its assets to deal with a heavy debt load.
