iHeartMedia Receives Approval from the FCC to Increase Foreign Ownership to 100%

NEW YORK - iHeartMedia, Inc. (Nasdaq: IHRT), the number one audio company in America, today received a Declaratory Ruling from the Federal Communications Commission (FCC) approving an increase in iHeartMedia’s authorized aggregate foreign ownership from 25% to 100%, subject to certain conditions set forth in the Declaratory Ruling. The FCC concluded that the public interest would not be served by prohibiting foreign investment in iHeartMedia of up to 100%. The FCC’s decision will enable holders of iHeartMedia warrants to have those warrants exchanged into Class A or Class B shares of iHeartMedia common stock, subject to compliance with the Declaratory Ruling, the Communications Act, and FCC rules, and will afford iHeartMedia flexibility to accommodate increased foreign investment that may result from share purchases by the public.

Holders of iHeartMedia warrants will receive instructions regarding how to participate in the exchange of warrants from Computershare, iHeartMedia’s warrant agent, in an Exchange Notice that will be sent via U.S. mail. For additional information about the warrant exchange, please visit http://investors.iheartmedia.com/warrant-exchange or contact the Computershare Call Center at (800) 736-3001 within the United States, or outside of the United States +1 (781) 575-3100.

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.