iHeartMedia, Inc. Responds to Lender Group Allegation

iHeartMedia, Inc. Responds to Lender Group Allegation

San Antonio, March 8, 2016 – iHeartMedia, Inc. (OTCBB: IHRT) today issued the following response to an event of default allegation made by a small number of the company’s lenders:
The strong performance of our operating business provides us with the flexibility to manage our capital structure in a prudent manner.  In full compliance with our debt covenants, we continue to evaluate opportunities to strengthen our balance sheet.
We believe our recent contribution of Clear Channel Outdoor Holdings, Inc. stock to our subsidiary Broader Media, LLC constituted a permitted investment under, and fully complied with, our financing agreements.  We strongly believe the notices of default issued by the lender group based on the contribution are invalid.
Prior to receiving the notices, we filed a lawsuit in the State District Court in Bexar County, Texas to reaffirm our position that the contribution was permitted.  We intend to take any other actions necessary to protect iHeartMedia and remain willing to engage in constructive discussions with any of our various groups of lenders to position iHeartMedia for long-term growth.

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 250 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.