iHeartMedia to Be ‘Proactive’ in the Sale of More Assets

Billboard: Servicing iHeartMedia’s $20.8 billion debt is a drag on the company’s earnings — the company paid $558 million in interest in the quarter, with the total bill on that interest estimated at $1.8 billion for the year. The weight of these payments have led the company to raise much-needed cash by selling assets. Its outdoor advertising division raised $600 million from the sale of nine “non-core” assets. The company said during the earnings call that investors can expect it to be “proactive” and “opportunistic” in the sale of more assets in the future.