Media Bureau OKs iHeart Reorganization Transfers, With 2 Station Divestitures
The FCC Media Bureau approved transfer applications connected with iHeartMedia’s bankruptcy reorganization, said an order in Wednesday’s Daily Digest. The transfers move iHeart’s stations to the reorganized company owned by its new shareholders. “Upon iHeart’s emergence from bankruptcy, all of…
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the existing capital stock of iHeart will be cancelled, and all of the new stock will be distributed to holders of debt and other creditors of iHeart and/or their designees,” the order said. “Following the consummation of the transactions involved here, no single person or entity, or group of commonly-controlled persons or entities, will hold a controlling interest in Reorganized iHeart.” Due to grandfathered ownership combinations, iHeart exceeded ownership limits in two markets in Georgia and Minnesota, and the transfer order requires a radio station in each of those markets to be divested. KSNR Fisher, Minnesota, and WHFX Darien, Georgia, will be transferred to a divestiture trust and are required to be sold to an unaffiliated buyer within two years. The transfer of control means iHeart’s pending FM translator applications will be dismissed. “The Commission has received no petitions to deny or informal objections to the Applications,” the order said of the reorganization. The broadcaster didn’t comment.