Cumulus Media files for bankruptcy

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From RadioInsight.com, October 10:

iHeartMedia files post-bankruptcy restructuring plan with FCC

iHeartMedia is preparing for life after bankruptcy as it has submitted its restructuring plan to the FCC for approval. While Liberty Media's offer to purchase 40% of the company is no longer on the table, the company will be the largest individual shareholder of the post-bankruptcy iHeartMedia under the current restructuring agreement between the company and its debt holders. Liberty Media subsidiary Mould Fountain Funding will hold a 6 to 10% voting stake in iHeartMedia. All other shareholders will hold less than 5% each. Liberty Media purchased $400 million of iHeartMedia debt earlier this year from Blackstone Group’s GSO Capital Partners to attain that position.

https://radioinsight.com/alert/17105...t-shareholder/

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iHeartMedia Chairman/CEO Bob Pittman and President/COO Rich Bressler will remain in their positions. Sure, why not? After all, all they did was to run the nation's largest broadcasting company into bankruptcy. No big deal.

iHeartMedia sets post-bankruptcy board of directors

https://radioinsight.com/headlines/1...-of-directors/

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I doubt you will find "angling to snag" in any dictionary of idioms. Anyway, John Malone's Liberty Media, which owns 71% of SiriusXM and 33% of Ticketmaster, is hoping to get control of iHeartMedia.

Cumulus Media angling to snag post-bankruptcy iHeartMedia

https://nypost.com/2018/12/03/libert...y-iheartmedia/

[Rewind]

Does it seem that it's taking more time for iHeartMedia longer to emerge from bankruptcy than it took for them to go bankrupt in the first place? This is from RadioInsight.com:

iHeartMedia announces spinoff of Clear Channel Outdoor

As part of its ongoing bankruptcy restructuring, iHeartMedia has reached an agreement to fully separate its 89.1% stake in Clear Channel Outdoor. London-based Clear Channel International Chairman/CEO William Eccleshare will become CEO of the independent Clear Channel Outdoor Holdings. Scott Wells will be CEO of the business in the Americas. The separation will become official when iHeartMedia exits Chapter 11 bankruptcy restructuring.

https://radioinsight.com/headlines/1...annel-outdoor/

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Here are excerpts of a January 22 press release. I guess iHeartMedia didn't want to broadcast this news on any of their radio stations. I also guess Bob Pittman spent several weeks preparing his little speech.

Bankruptcy court confirms iHeartMedia's restructuring plan

iHeartMedia today announced that the United States Bankruptcy Court for the Southern District of Texas has confirmed the company's Plan of Reorganization. The company expects to complete its restructuring process in the first half of 2019.

"iHeartMedia is America's number one audio company, with unparalleled multi-platform capabilities across broadcast radio, podcasts, influencers, live events, social marketing, digital and data that uniquely serve the needs of digital and traditional marketers and a consumer reach in the US greater than any other media outlet," said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia. "We are delighted to reach this significant milestone in our restructuring process, which will give us a new capital structure that matches the strong operating performance of our business. iHeartMedia's unique place in the advertising world perfectly positions us to take advantage of the renaissance underway in audio."

Under the terms of the plan, iHeartMedia will complete a comprehensive balance sheet restructuring that will reduce its debt from $16.1 billion to $5.75 billion and will separate Clear Channel Outdoor Holdings from iHeartMedia, creating two independent public companies. Following iHeartMedia’s completion of the restructuring process, Chairman/CEO Bob Pittman and President/COO/CFO Rich Bressler will remain in their respective roles and have their contracts extended by four years.

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This is from Talkers.com, January 29 -- and, golly gee, that name sounds familiar. Jon Zellner. Jon Zellner. I know I've heard that name before. Seriously.

Zellner promoted to president of programming operations at iHeartMedia's national programming group. The company says Jon Zellner is moving up from EVP of programming operations to president of programming operations for its national programming group. In this new role he'll continue to manage the division's operations, "ensuring that iHeartMedia's 850 local radio station brands in 150 markets are able to best utilize the company's unparalleled national resources. In addition to managing iHeartMedia custom programming, daily connection to the local markets, on-air partner integration and event broadcast operations, Zellner will also now partner with other divisions within the company to expand programming technology and provide key support to iHeartMedia's national team of programmers at market-leading radio brands that serve more than a quarter of a billion listeners a month in the US."

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This is from RadioInsight.com, April 24. Spoiler alert: iHeartMedia did not literally "reach another goalpost." That is just a dumb expression.

"iHeartMedia has reached another goalpost as it prepares to exit Chapter 11 bankruptcy protection as the FCC has approved the restructuring plan. The agency has placed a condition on the approval. The two stations that were placed in the Sun & Snow Trust must be divested within two years. The company will also need to provide the FCC detailed explanations in a confidential report on the attempt to sell 107.7 WHFX Darien/Brunswick GA and 100.3 KSNR Fisher MN/Grand Forks ND. Also any pending translator Construction Permits will not be extended upon expiration of their CPs. With the bankruptcy court giving its approval in January and the FCC approving today, iHeartMedia has received all of the regulatory approvals needed to exit bankruptcy protection."

[Rewind]

From Talkers.com, May 1:

"Almost 14 months after entering into Chapter 11 bankruptcy protection, iHeartMedia announces it has 'successfully completed its restructuring process. As a result of the comprehensive balance sheet restructuring, iHeartMedia’s debt has been significantly reduced – from $16.1 billion to $5.75 billion.' With the balance sheet reorganization comes the separation of iHeartMedia and Clear Channel Outdoor Holdings into two independent, publicly traded companies. Bob Pittman continues to serve as chairman and chief executive officer of the new iHeartMedia Inc. Rich Bressler continues to serve as president, chief operating officer and chief financial officer."