ARN extends iHeartRadio licence to 2036 following iHeartMedia’s emergence from bankruptcy
ARN today announced the extension of its iHeartRadio licence in Australia until 2036.
The extension follows US-based iHeartMedia’s emergence from bankruptcy thanks to a significant restructure which allowed it to reduce its debt from US$16.1bn to $5.75bn. iHeartMedia filed for Chapter 11 bankruptcy in the US last year, but earlier this month filed for an IPO before announcing the completion of the restructure.
“We’re excited to be able to lead the evolution of Australia’s digital audio landscape, working alongside our U.S. partner, iHeartMedia. As we move towards becoming a digital and data-enabled audio business, ARN is focussed on creating an unrivalled experience where audiences can access their broadcast and on-demand audio content in one place, and at any time,” said HT&E CEO and managing director Ciaran Davis.
