Business
iHeartMedia, Inc. Completes Scheduled Exchange of Warrants for Shares of Common Stock
NEW YORK--(BUSINESS WIRE)-- iHeartMedia, Inc. (Nasdaq: IHRT), the number one audio company in America, today completed an exchange of iHeartMedia Warrants
About this update from Iheartmedia, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\niHeartMedia, Inc. (Nasdaq: IHRT), the number one audio company in America, today completed an exchange of iHeartMedia Warrants into shares of iHeartMedia Class A Common Stock, the Company’s publicly traded equity, or Class B Common Stock. As of December 31, 2020, there were approximately (i) 65 million shares of Class A Common Stock, (ii) 7 million shares of Class B Common Stock, and (iii) 75 million Warrants outstanding. Following the exchange, there will be approximately (i) 110 million shares of Class A Common Stock, (ii) 29 million shares of Class B Common Stock, and (iii) 7 million Warrants outstanding.\n\nThe exchange was authorized by a previously issued Declaratory Ruling from the Federal Communications Commission approving an increase in iHeartMedia’s authorized aggregate foreign ownership from 25% to 100%, subject to certain conditions set forth in the Declaratory Ruling. Certain shares of Class B Common Stock and Warrants were not converted into Class A Common Stock due to current regulatory restrictions applicable to certain shareholders.\n\nThe Company expects additional conversions of Class B Common Stock and Warrants into Class A Common Stock.\n\nHolders of iHeartMedia Warrants that were not issued stock in the exchange and have not otherwise sought to exercise their Warrants can request the exercise of their Warrants for shares of Common Stock by contacting the Computershare Call Center at (800) 736-3001 within the United States, or at +1 (781) 575-3100 outside of the United States. Holders of iHeartMedia Warrants that were issued stock in the exchange can obtain updated account information from Computershare by logging into their Computershare accounts or by calling the numbers above.\n\nAbout iHeartMedia\n\niHeartMedia (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 pro...