iHeart Radio, one of the biggest players in the radio market, was crippled with $20 billion of outstanding debt which is now driving the company into a bankruptcy filing. The company owns over 850 stations across America, and millions of internet users are familiar with its streaming music platform. A bankruptcy filing doesn’t always entail closing the business immediately, however. The company will continue to operate although their decisions will be dictated by a trustee, and a potential sale or further restructuring of the business is likely. A leveraged buyout 2008 created the debt problem, in retrospect an extremely poor decision.
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