iHeartMedia Declares Chapter 11 Bankrupcy

iHeartMedia today announced an agreement with its creditors to enter into Chapter 11 reorganization. This long-anticipated move will greatly reduce or eliminate the controlling equity Bain Capital and Thomas H. Lee Partners had held since taking control of Clear Channel Communications in 2008.

In San Diego, iHeartMedia owns five FM and two AM stations. Local operations are not greatly affected except that some equipment vendors are not extending credit.