Parent company of WKBN Radio, 5 other Valley stations files bankruptcy
The company that operates NewsRadio 570 and five other radio stations in the Valley has filed for bankruptcy.
SAN ANTONIO, Texas - The company that operates NewsRadio 570 and five other radio stations in the Valley has filed for bankruptcy.
Communications giant iHeartMedia has filed for reorganization in a Chapter 11 filing in Bankruptcy Court in Texas.
The company, which runs 850 stations in 150 markets around the United States also owns NewsRadio 570 WKBN, Mix 98.9, 106.1 The Bull, Kiss-FM, 93.3 The Wolf, and the SportsAnimal WNIO in the Youngstown area.
In a media release, the company says it has reached an agreement in principle to restructure more than $10 billion of its $20 billion debt.
The company says it will continue day-to-day operations as usual during the restructuring process.
The statement says that iHeartMedia believes that its cash on hand, together with cash generated from ongoing operations, will be sufficient to fund and support the business during the Chapter 11 proceedings.
According to its website, iHeartMedia has the largest reach of any radio or television outlet in America with more than a quarter of a billion listeners in the U.S. each month.
The company also creates events like the iHeartRadio Music Festival.
The bankruptcy filing may be seen here.
