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iHEART AN IPO,
DON'T YOU?

iHeartMedia has filed for an IPO. While details are being withheld, a figure of $100m has been provided to the SEC as a “proposed maximum aggregate offering price.” Goldman Sachs and Morgan Stanley are the underwriters.

The sale of shares, the filing reads, will come “as soon as practicable” after its submission is vetted. The media giant is, as you know, coming back from bankruptcy; its Chapter 11 plan was approved in January, which would lower its debt from $16.1b to $5.75b.

“Audio is hot, and we are the number one audio media company in the U.S. based on consumer reach,” reads the summary, adding that “we… have used our large scale and national reach in broadcast radio to build additional complementary platforms. We are now the only major multi-platform audio media company, with each platform building on and extending our companionship relationship with the consumer… Our reach now extends across more than 250 platforms and over 2,000 different connected devices — and that reach continues to grow.” It lists broadcast, digital, podcasts, social media and events as platforms in which iHeart “continues to lead.”

The filing says that Bob Pittman and Rich Bressler (who are two of four UJA honorees from iHeart this year) will be offered new employment agreements prior to the effective date. It reads: “The Employment Agreement Amendments provide that, during the Term, each of Messrs. Pittman and Bressler will receive an annual base salary in the amount of $1,500,000, and effective for calendar year 2019 and thereafter, each of Messrs. Pittman and Bressler shall have a target annual bonus opportunity of $3,400,000 (the “Target Bonus”), with the actual amount of the annual bonus determined based on the achievement of reasonable performance goals.” There’s plenty more of this sort of language to be enjoyed, if you’re so inclined, by going here.

 

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