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iHeartMedia Completes Restructuring

iHeartMedia has emerged from Chapter 11 bankruptcy, after completing its restructuring, with debt reduced from $16.1 billion to $5.75 billion. The completion finalized the split between iHeartMedia and Clear Channel Outdoor Holdings into separate publicly traded companies (CAT 1/22). "We are pleased that iHeartMedia now has a capital structure that matches our exciting operating business," says iHeartMedia Chairman/CEO Bob Pittman. "The focused dedication of our employees and the unwavering support of our new owners and advertising partners enabled iHeartMedia to seamlessly complete the restructuring process and reach this final milestone. iHeartMedia enters this next phase of growth as a multi-platform audio company with a vastly improved financial profile. We are well-positioned to continue to innovate and offer cutting-edge technologies, products and services to our audiences and advertisers." See the full report here.