iHeartMedia Statement on the FCC’s Conditional Approval of Its Pending Radio Station Acquisitions

NEW YORK-- March 26, 2021-- iHeartMedia, Inc. (Nasdaq:IHRT) today issued the following statement regarding approval of iHeartMedia’s pending applications to acquire certain radio stations, and the temporary shareholder restrictions required by the FCC to be imposed upon Global Media & Entertainment Investments Ltd (“GMEI”) in connection with those approvals:

“iHeartMedia values its shareholder relationships and we welcome all new shareholders to iHeartMedia. However, because GMEI is a foreign shareholder, its recent investment was inconsistent with the FCC’s foreign ownership rules and created an operating issue for us under the FCC’s regulatory framework.

As background, GMEI’s purchase of an 8.7% position in our Class A Common stock, as reported in its Schedule 13D filed with the Securities and Exchange Commission on February 5, 2021, caused a violation of the FCC’s foreign ownership regulations and the FCC’s November 5, 2020 declaratory ruling related to the company’s foreign ownership, both of which limit a foreign investor in GMEI’s position to 5% without prior FCC approval. To address this issue, over which iHeartMedia had no prior knowledge or control, we filed a remedial petition for declaratory ruling requesting FCC approval for GMEI to have the ability to increase its ownership to up to 9.99% (the ‘Petition’).

Notwithstanding the GMEI investment, the FCC has approved iHeartMedia’s acquisitions of certain stations, including stations for BIN: Black Information Network. However, the FCC has required that the company impose temporary shareholder restrictions on GMEI as a condition of approving those radio station acquisitions.

To comply with the FCC order, iHeartMedia’s Board of Directors resolved to take action consistent with the FCC’s conditional requirements. These actions include imposing temporary voting and other shareholder restrictions on GMEI which will apply during the pendency of the Petition and which are described in detail in the FCC’s decision which can be found at https://docs.fcc.gov/public/attachments/DA-21-360A1.pdf and in our 8-K filed Friday, March 26, 2021.

iHeartMedia respects the FCC process and will, as a matter of consistent policy, ensure the company’s compliance with the FCC’s foreign ownership and other regulations.”

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.