iHeart radio, owner of 6 Valley stations, files for bankruptcy
Staff and wire report
IHeartMedia, one of the world’s largest radio companies and the operator of six stations in the Youngstown market, has filed for bankruptcy.
In a statement released Thursday, the company said it will operate all of its stations as usual while it restructures its debt. In Youngstown, the company owns NewsRadio 570-AM WKBN (news and talk); Mix 98.9-FM (adult contemporary); 106.1-FM The Bull (country); 95.9 Kiss-FM (hit music); 93.3-FM The Wolf (classic rock); and the SportsAnimal WNIO-1390 AM(sports talk).
IHeartMedia’s Youngstown-area office is on South Avenue in Boardman.
The company formerly known as Clear Channel Communications filed for Chapter 11 protection as part of an agreement with its lenders to reduce $10 billion of its more than $20 billion in debt.
IHeartMedia operates 858 broadcast radio stations in more than 150 markets around the U.S. It also runs major live events such as the iHeartRadio Music awards and concert.
Thursday’s filing was made in U.S. Bankruptcy Court in Houston. The company is based in San Antonio.
According to its website, iHeartMedia has the largest reach of any radio or television outlet in America with more than a quarter of a billion listeners in the U.S. each month.
Though iHeartMedia has a large online presence and its iHeartRadio app is popular for streaming music, it faces stiff competition from Spotify, Apple Music and other online streaming services.
Read more about the case in Friday's Vindicator or on Vindy.com.