Owner of some of region’s most popular FM stations files for a new IPO

Broadcasting and entertainment company iHeartMedia Inc. is preparing a new initial public offering.

The company filed documents Wednesday with the U.S. Securities and Exchange Commission saying it was considering an IPO or a direct listing. The return to the public market could enable the company to exit bankruptcy. The filing did not say how much money the company, which owns and operates 850 U.S. radio stations and some of the most popular FM stations in Greater Washington, plans to raise from the IPO.

The company filed for Chapter 11 bankruptcy in March 2018, and its reorganization plan was confirmed in federal court in January. That plan reduced the company’s debt from $16.1 billion to $5.75 billion and resulted in Clear Channel Outdoor Holdings Inc. (NYSE: CCO) being removed as a separate company.

Bob Pittman, chairman and CEO of iHeartMedia, said in a statement after the bankruptcy plan was approved that the company has reached a “significant milestone” in its restructuring…

Read the full story from the Washington Business Journal.