Radio giant iHeartMedia poised to file for bankruptcy; owns 18 Massachusetts stations

March 3rd, 2018

Awake Goy

Radio giant iHeartMedia Inc. is circulating documents for a bankruptcy filing that could come as soon as this weekend.

Despite a year of negotiations on a restructuring plan, a formal support agreement still isn’t in place with the most-senior lenders, making a bankruptcy filing all but certain, Bloomberg Newsreported on Thursday.

With 855 stations, iHeartMedia, once known as Clear Channel Communications, is the largest radio station group owner in the United States.

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Traditional radio is facing a bleak future, according to an August 2017 study by New York University’s Steinhart Music Business Program. It has failed to engage listeners born after 1995 and that its influence and relevance is waning fast.