Media: Radio giant files for Chapter 11

“The cash-strapped radio company iHeartMedia, which owns 850 stations and has a portfolio of digital offerings, has filed for Chapter 11 bankruptcy,” said Patrick Lucas Austin in Gizmodo.com. The filing follows the conglomerate’s failure to make a $106 million interest payment to creditors. iHeartMedia carries a $20 billion debt load from a debt-leveraged buyout a decade ago and “is having a hard time turning the corner” as digital competitors eat into its terrestrial radio revenue. A restructuring spurred by the bankruptcy could reduce the company’s debt by more than $10 billion.