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.