iHeartMedia Files for Bankruptcy to Restructure Massive Debt

It'll reduce the company's debt by $10 billion

IHeartRadio hosted its annual music awards on Sunday just days before declaring bankruptcy. Getty Images

Exactly a year ago today, iHeartMedia executives were at an event in New York, where they pitched media buyers on the audio conglomerate’s latest products and services for radio stations and podcasts in hopes of winning over more advertising dollar. But now, it’s filing for bankruptcy.

@martyswant martin.swant@adweek.com Marty Swant is a former technology staff writer for Adweek.