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IHRT

iHeartMedia

$0.00

(0.00%)

16:36
01/22/19
01/22
16:36
01/22/19
16:36

iHeartMedia confirms plan of reorganization

iHeartMedia 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 U.S. greater than any other media outlet," said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc. " 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 the Plan, the Company expects the Chapter 11 process to be completely finished within the first half of 2019, subject to completion of certain steps related to the separation of Clear Channel Outdoor Holdings, Inc., FCC registration and satisfaction of other customary conditions. Following iHeartMedia's completion of the restructuring process, Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc., and Rich Bressler, President, Chief Operating Officer and Chief Financial Officer of iHeartMedia, Inc., will remain in their respective roles, and have extended their contracts by four years.

IHRT iHeartMedia
$0.00

(0.00%)

06/26/18
LEHM
06/26/18
DOWNGRADE
Target $43
LEHM
Equal Weight
Liberty SiriusXM downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Kannan Venkateshwar downgraded Liberty SiriusXM (LSXMA) to Equal Weight from Overweight and cut his price target to $43 from $50, telling investors in a research note that while he has recommended the stock over SiriusXM (SIRI), which was downgraded this morning to Underweight from Equal Weight, given the changing story in SiriusXM equity and its valuation, the current ~30% NAV discount may close due to SiruxXM coming down rather than Liberty SiriusXM going up. The analyst said it is "not surprising" Liberty has been looking at other uses of cash such as iHeart (IHRT) instead of buying more stock.
11/15/18
BRRR
11/15/18
NO CHANGE
BRRR
Market Perform
Barrington says Clear Channel float could increase following iHeart bankruptcy
Barrington analyst James Goss notes that 90% of Clear Channel Outdoor (CCO) has been held by iHeartMedia and that ownership now seems likely to transfer to the iHeart lenders as it nears an exit from bankruptcy. Only about 10% of Clear Channel has been publicly traded, but there is now an opportunity for the public stake to increase, he said. Given that potential, there is "hope" that Clear Channel's positive fundamentals could be more fully reflected in its stock price, added Goss, who keeps a Market Perform rating on the stock.

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NAVB

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AAPL

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