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Iheartcommunications, Inc.

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About Iheartcommunications, Inc.

iHeartCommunications leaves few open channels on the radio dial. The company is the #1 radio company in the US, with more than 850 stations that reach some 245 million people. Its Premiere Networks produces syndicated radio content for more than 5,000 stations. Clear Channel also sells spot advertising for about 4,000 radio stations and 600 TV stations through Katz Media. (Meanwhile, sister company Clear Channel Outdoor Holdings is one of the world's largest outdoor advertising companies with about 840,000 display locations worldwide.) iHeartCommunications is a part iHeartMedia, which filed for Ch. 11 bankruptcy protection in March 2018.

Bankruptcy

Faced with some $16 billion of debt, iHeartMedia and certain subsidiaries, including iHeartCommunications, filed for Ch. 11 bankruptcy protection in 2018. As it nears the exit of its reorganization plan, the company is considering pursuing an initial public offering in the US. 

Operations

iHeartCommunication's vast holding of radio stations accounts for about 50% of total sales. The company's radio stations are largely organized into clusters, with multiple stations serving individual markets.

Geographic Reach

iHeartCommunications serves more than 150 markets throughout the US. The company also operates more than 140 radio stations in Australia and New Zealand.

Strategy

iHeartCommunication's cluster strategy allows it to centralize certain back office functions such as finance, marketing, and human resources within a market so that its stations can operate with fewer expenses. Market clusters also allow the firm to sell air time to advertisers across multiple stations within that market. The company holds a dominant position in many of its local markets; its chief competition comes from other major radio broadcasters such as Citadel Broadcasting and CBS Radio (part of CBS Corporation).

The radio operator collapsed into bankruptcy after a 2008 leveraged buyout by iHeartMedia overloaded the company with debt. Sister firm Clear Channel Outdoor Holdings was not part of the bankruptcy filing, and will separate from iHeartMedia upon its exit from bankruptcy.

Company Background

In 1972 investment banker L. Lowry Mays and car dealer B. J. "Red" McCombs joined forces to acquire a San Antonio, Texas, radio station. The pair bought three more radio stations in 1973 and another station two years later. In 1975, after leaving investment banking to devote his time to radio stations, Mays changed the company's name from San Antonio Broadcasting to Clear Channel Communications (a moniker borrowed from the term for a high-powered station that has exclusive use of its frequency). The company went public in 1984.

Clear Channel Communications created subsidiary Clear Channel Television in 1988; by 1992 it had purchased seven TV stations. It also crossed the threshold of the outdoor advertising industry with acquisitions of Eller Media in 1997 and Universal Outdoor Holdings and UK-based More Group in 1998. In 2000 the company bought SFX Entertainment (renamed Clear Channel Entertainment), the largest events producer and promoter in the US.

In 2008, Clear Channel was acquired by private equity firms Thomas H. Lee Partners and Bain Capital for some $17.9 billion.Clear Channel changed its name to iHeartMedia in 2014.

iHeartMedia and iHeartCommunications filed for Ch. 11 bankruptcy protection in 2018.

Iheartcommunications, Inc.

20880 STONE OAK PKWY
San Antonio, TX 78258-7460
Phone: 1 (210) 822-2828

Stats

Employer Type: Privately Owned
President, COO, and CFO, iHeartMedia and iHeartCommunications: Richard J. Bressler
Global CIO: Steve Mills
Chairman and CEO, iHeartMedia and iHeartCommunications: Robert W. Pittman
Employees (This Location): 19
Employees (All Locations): 18,700

Major Office Locations

San Antonio, TX

Other Locations

Fairbanks, AK
Birmingham, AL
Gadsden, AL
Mobile, AL
Montgomery, AL
Tuscaloosa, AL
Tuscumbia, AL
Fayetteville, AR
Fort Smith, AR
Little Rock, AR
Texarkana, AR
Phoenix, AZ
Tucson, AZ
Yuma, AZ
Bakersfield, CA
Burbank, CA
Chico, CA
Dinuba, CA
Fresno, CA
Lancaster, CA
Los Angeles, CA
Modesto, CA
Riverside, CA
Sacramento, CA
Salinas, CA
San Diego, CA
San Francisco, CA
Santa Maria, CA
Temecula, CA
Victorville, CA
Denver, CO
Durango, CO
Loveland, CO
Pueblo, CO
Hartford, CT
Dover, DE
Fort Myers, FL
Key West, FL
Maitland, FL
Melbourne, FL
Miramar, FL
Orlando, FL
Panama City, FL
Pensacola, FL
Port Charlotte, FL
Port Saint Lucie, FL
Sarasota, FL
Tallahassee, FL
Tampa, FL
Tavernier, FL
West Palm Beach, FL
Windermere, FL
Albany, GA
Atlanta, GA
Augusta, GA
Gainesville, GA
Macon, GA
Newnan, GA
Smyrna, GA
Honolulu, HI
Ames, IA
Burlington, IA
Cedar Rapids, IA
Davenport, IA
Des Moines, IA
Iowa City, IA
Sioux City, IA
Boise, ID
Idaho Falls, ID
Twin Falls, ID
Chicago, IL
Marion, IL
Springfield, IL
Indianapolis, IN
Wichita, KS
Lexington, KY
Louisville, KY
Somerset, KY
Alexandria, LA
Baton Rouge, LA
New Orleans, LA
Shreveport, LA
Boston, MA
Medford, MA
Paxton, MA
Baltimore, MD
Frederick, MD
Rockville, MD
Salisbury, MD
Battle Creek, MI
Farmington Hills, MI
Grand Rapids, MI
Norton Shores, MI
Duluth, MN
Minneapolis, MN
New Ulm, MN
Rochester, MN
Springfield, MO
Troy, MO
Biloxi, MS
Jackson, MS
Laurel, MS
Tupelo, MS
Bozeman, MT
Missoula, MT
Charlotte, NC
Greensboro, NC
Raleigh, NC
Bismarck, ND
Dickinson, ND
Grand Forks, ND
Minot, ND
Ogallala, NE
Omaha, NE
Manchester, NH
Portsmouth, NH
Franklin, NJ
Princeton, NJ
Albuquerque, NM
Farmington, NM
Gallup, NM
Santa Fe, NM
Las Vegas, NV
Albany, NY
Ancramdale, NY
Binghamton, NY
Brockport, NY
East Syracuse, NY
Farmingdale, NY
Latham, NY
New Hartford, NY
New York, NY
Port Jervis, NY
Poughkeepsie, NY
Rochester, NY
Schenectady, NY
Syracuse, NY
Utica, NY
Vestal, NY
Ashland, OH
Chillicothe, OH
Cincinnati, OH
Cleveland, OH
Columbus, OH
Dayton, OH
Defiance, OH
Hillsboro, OH
Lima, OH
Mansfield, OH
Marion, OH
Sandusky, OH
Wshngtn Ct Hs, OH
Youngstown, OH
Guymon, OK
Lawton, OK
Oklahoma City, OK
Tulsa, OK
Albany, OR
Eugene, OR
Portland, OR
Springfield, OR
Tigard, OR
Bala Cynwyd, PA
Dover, PA
Harrisburg, PA
Lancaster, PA
Lebanon, PA
Pittsburgh, PA
Reading, PA
Whitehall, PA
Williamsport, PA
Providence, RI
Columbia, SC
Greenville, SC
Mount Pleasant, SC
North Augusta, SC
Chattanooga, TN
Cookeville, TN
Jackson, TN
Mcminnville, TN
Memphis, TN
Nashville, TN
Amarillo, TX
Austin, TX
Beaumont, TX
Bryan, TX
Corpus Christi, TX
Dallas, TX
El Paso, TX
Houston, TX
Lufkin, TX
Odessa, TX
San Antonio, TX
Victoria, TX
Waco, TX
Weslaco, TX
Wichita Falls, TX
Salt Lake City, UT
Charlottesville, VA
Lynchburg, VA
Norfolk, VA
North Chesterfield, VA
Richmond, VA
Roanoke, VA
Staunton, VA
Winchester, VA
Colchester, VT
Randolph, VT
Bellingham, WA
Centralia, WA
Seattle, WA
Spokane, WA
Yakima, WA
Eau Claire, WI
Fitchburg, WI
Milwaukee, WI
Huntington, WV
Parkersburg, WV
Wheeling, WV
Casper, WY