iHeartMedia, Inc and Clear Channel Outdoor Holdings Inc. Set Date For 2016 Second Quarter Earnings Teleconference

San Antonio, TX, October 4, 2016 — iHeartCommunications, Inc. (the “Company”) announced today the successful completion of its previously announced consent solicitation (the “Consent Solicitation”) to holders of its outstanding Senior Notes due 2021 (the “Notes”) to a proposed amendment to Section 4.09(b)(1) of the indenture governing the Notes (the “Indenture”) to increase the aggregate principal amount of Indebtedness under Credit Facilities (as defined in the Indenture) permitted to be incurred under Section 4.09(b)(1) by $500,000,000 to $17,270,638,000 (the “Proposed Amendment”).

The Company received consents from holders of $1,410,114,917 in aggregate principal amount of the Notes, representing a majority of the total outstanding principal amount of the Notes (excluding any Notes held by the Company or its affiliates). In conjunction with receiving the requisite consents, the Company and the Trustee executed a supplemental indenture to the Indenture to effect the Proposed Amendment.

The Company will pay an aggregate cash payment of $8.6 million (the “Consent Fee”) to consenting holders pro rata to such consenting holders in accordance with the aggregate principal amount of Notes for which consents were validly delivered (and not revoked) in accordance with the conditions of the Consent Solicitation (“Validly Delivered”). Based on the consents received, the Consent Fee will be allocated to the consenting holders in an amount equal to approximately $6.10 for each $1,000 principal amount of Notes for which consents were Validly Delivered.​

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.​

About iHeartMedia, Inc.

iHeartMedia (NASDAQ: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups.

With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than any other media company in the U.S. Its leadership position in audio extends across multiple platforms, including more than 860 live broadcast stations in over 160 markets nationwide; its National Sales organization; and the company’s live and virtual events business. It also includes Premiere Networks, the industry’s largest Networks business, with its Total Traffic and Weather Network (TTWN); and BIN: Black Information Network, the first and only 24/7 national and local all news audio service for the Black community. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio suite of data targeting and attribution products using data from its massive consumer base.

The iHeartMedia Digital Audio Group includes the company’s fast-growing podcasting business -- iHeartMedia is the number one podcast publisher in downloads, unique listeners, revenue and earnings -- as well as its industry-leading iHeartRadio digital service, available across more than 500 platforms and 2,000 devices; the company’s digital sites, newsletters, digital services and programs; its digital advertising technology companies; and its audio industry-leading social media footprint.

The company’s Audio & Media Services reportable segment includes Katz Media Group, the nation’s largest media representation company, and RCS, the world's leading provider of broadcast and webcast software.

Visit iHeartMedia.com for more company information.