iHeartMedia Receives Approval from the FCC to Increase Foreign Ownership to 100%

Rhea-AI Summary

iHeartMedia, Inc. (Nasdaq: IHRT) announced that the Federal Communications Commission (FCC) approved an increase in its authorized foreign ownership from 25% to 100%. This decision, which comes with certain conditions, allows foreign investment up to 100%, enhancing flexibility for share purchases. Holders of iHeartMedia warrants can exchange them for Class A or Class B shares of common stock. iHeartMedia continues to hold its position as the leading audio company in the U.S., boasting a monthly reach of nine out of ten Americans.

Positive

• FCC approval for foreign ownership increase from 25% to 100%, enabling greater investment opportunities.
• Holders of warrants can exchange them for common stock, potentially increasing shareholder value.
• Strong market position as the leading audio company with a reach of 250 million listeners monthly.

Negative

• None.

NEW YORK--(BUSINESS WIRE)--iHeartMedia, Inc. (Nasdaq: IHRT), the number one audio company in America, today received a Declaratory Ruling from the Federal Communications Commission (FCC) approving an increase in iHeartMedia’s authorized aggregate foreign ownership from 25% to 100%, subject to certain conditions set forth in the Declaratory Ruling. The FCC concluded that the public interest would not be served by prohibiting foreign investment in iHeartMedia of up to 100%. The FCC’s decision will enable holders of iHeartMedia warrants to have those warrants exchanged into Class A or Class B shares of iHeartMedia common stock, subject to compliance with the Declaratory Ruling, the Communications Act, and FCC rules, and will afford iHeartMedia flexibility to accommodate increased foreign investment that may result from share purchases by the public.

Holders of iHeartMedia warrants will receive instructions regarding how to participate in the exchange of warrants from Computershare, iHeartMedia’s warrant agent, in an Exchange Notice that will be sent via U.S. mail. For additional information about the warrant exchange, please visit http://investors.iheartmedia.com/warrant-exchange or contact the Computershare Call Center at (800) 736-3001 within the United States, or outside of the United States +1 (781) 575-3100.

About iHeartMedia

iHeartMedia (Nasdaq: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month – and with its quarter of a billion monthly listeners, has a greater reach than any other media company in the U.S. The company’s leadership position in audio extends across multiple platforms, including more than 850 live broadcast stations in over 160 markets nationwide; through its iHeartRadio digital service available across more than 250 platforms and 2,000 devices; through its influencers; social; branded iconic live music events; other digital products and newsletters; and podcasts as the #1 commercial podcast publisher. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio product, using data from its massive consumer base. Visit iHeartMedia.com for more company information.