iHeartMedia is one of the last titans of the radio industry, with more than 850 AM and FM radio stations under its belt. The company's iHeartRadio mobile app, which allows users to listen to all of its stations over an internet connection, currently has over 50 million installs on the Play Store. However, it yesterday filed for Chapter 11 bankruptcy, as part of an effort to restructure its debt.
According to CNBC, iHeartMedia is struggling with $20 billion of debt and falling revenue from its radio stations. Liberty Media, owner of Sirius XM, has expressed interest in buying a 40% stake of the restructured company for $1.16 billion. Some of iHeartMedia's subsidiaries, like Clear Channel Outdoor, are not part of the bankruptcy process.
The company says it has enough cash on hand to continue normal operations while proceedings continue. You can find more information at the source link below.