The news comes days after the iHeartRadio Music Awards, a televised event named for the company's music-streaming service, feted top performers ranging from Cardi B to Bon Jovi.
Nashville radio listeners are waiting to find out how a radio conglomerate iHeartMedia's bankruptcy filing will impact their favorite stations. "Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia's position as America's No. 1 audio company".
iHeartMedia has been crippled by piles of debt for many years.
The media company also operates four radio stations each in Fayetteville and Fort Smith. It's a good step, considering they were over $20 billion in debt.
Dawn Kopecki, business editor for the San Antonio Express News, says the company first hinted at bankruptcy two years ago.
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According to court filings, iHeartMedia, known as Clear Channel Communications until 2014, paid $1.4 billion past year in interest on its debts.
iHeart's traditional businesses - the radio stations and the Clear Channel Outdoor billboard unit - still contribute the bulk of its revenue. Under Chapter 11, a company is protected from creditors seeking repayment of debt while it reorganizes.
The San Antonio-based company is the largest radio station group owner in the U.S., overseeing more than 850 terrestrial radio stations.
The company, owned by Thomas H. Lee Partners and Bain Capital, has been in negotiations for almost a year with its primary debtholders, led by Franklin Resources Group. "The company had significantly less debt".
IHeartMedia, the largest existing United States radio company, has officially declared bankruptcy.
John Malone's Liberty Media proposed a deal to buy a 40 percent stake in the restructured iHeartMedia plan for $1.16 billion.