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iHeartMedia Reorganization Confirmed

The United States Bankruptcy Court for the Southern District of Texas has confirmed iHeartMedia's plan of reorganization. iHeart expects to complete its restructuring process in the first half of this year. 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, Inc. from iHeartMedia creating two independent public companies. With the confirmation of this plan, iHeart expects the Chapter 11 process to be completely finished within the first half of 2019, subject to completion of steps related to the separation of the two companies and satisfaction of other customary conditions. "Our ability to advance through the restructuring process this smoothly is a testament to both the strength of our operating business and the strong support of our stakeholders, including our debtholders who will become our owners, our advertising partners and our operating team," says iHeartMedia Chairman/CEO Bob Pittman. Following iHeartMedia's completion of the restructuring process, Pittman and iHeartMedia Pres./COO/CFO Rich Bressler will remain in their respective roles and have each extended their contracts by four years.