iHeartMedia confirmed that they lost $248 million. The stock price slowly dropped to 50 cents. The company alerted their investors due to a possibility of a financial meltdown in a year.
iHeartMedia will be shutting down before November 8, 2018. The company was the most prominent conventional radio chain in the U.S. with over 850 AM and FM stations under its name.
In U.S. Securities and Exchange Commission (SEC) documents from last week, iHeartMedia was advised of “the impact of our substantial indebtedness, including the effect of our leverage on our financial position and earnings.” Also, in the paperwork, the company needs a massive amount of cash to recover from debt.
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