iHeartMedia and Clear Channel agree demerger terms to fully separate the two companies into fully independent businesses as part of iHeartMedia’s restructuring. The separation is expected to occur in conjunction with, and is subject to, iHeartMedia’s emergence from its ongoing restructuring process. Currently iHeartMedia owns 89.1% of Clear Channel Outdoor Holdings, Inc.(CCOH) outstanding common stock.
“Today’s announcement is recognition that while iHeartMedia and CCOH are both very strong in their respective areas – iHeartMedia is America’s number one audio company and CCOH is one of the world’s largest outdoor advertising companies – their key constituencies have little strategic overlap. We believe that the separation of the two businesses makes strategic and financial sense, and will allow each company to better achieve their individual missions,” said Bob Pittman, Chairman and CEO of iHeartMedia, Inc. and current CEO of Clear Channel Outdoor Holdings, Inc.
iHeartMedia is one of the leading global media and entertainment companies specializing in radio, digital, outdoor, mobile, live events, social and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers.
Liberty Media, owners of SiriusXM and the F1 franchise, recently made a bid for iHeartMedia which was rejected by the company as inadequate and rumours are circulating that Apple is in talks with a view to taking on the business. iHeartMedia owns and operates 858 broadcast radio stations, serving more than 150 markets throughout the US with over a quarter of a billion monthly listeners in the US and has the largest reach of any radio or television outlet in America. The company’s iHeartRadio free, all-in-one streaming radio and digital music service has over 100 million registered users and its acquisition by Apple would give it a step change boost in its competition with Spotify for top music streamer.
The iHeartRadio app connects fans to their favourite music, radio and personalities through thousands of live radio stations from across the US, millions of custom artist stations and podcasts from radio’s biggest talents. Users have access to a catalogue of millions of songs to create their custom stations, playing tracks from their favourite artists and similar artists, commercial free. In addition to iHeartMedia’s hit music stations, like Z100 in New York and KIIS-FM in Los Angeles, users can also access a range of other partner’s programming including Fox Sports and ESPN Radio, WNYC Public Radio, EMF’s Contemporary Christian Air1 and K-Love stations, Radio Disney, Nickelodeon, Univision, Greater Media stations, Cox, Emmis, NPR and more than 500 Cumulus stations. The app can be downloaded here.
