iHM Closes On Sale of Radio Towers

iHeartMedia, Inc. has announced that the first closing of the sale of a select portfolio of its tower assets to Vertical Bridge has occurred.

Initial closing proceeds were approximately $369 million prior to fees and customary adjustments for prorated items. Additional closings are expected to occur.
 
There will be no impact on the company’s broadcast capabilities and operations; the company has entered into a lease with respect to the sold tower assets that will ensure the ability of its broadcast operations to continue without interruption. The company also reiterated that investors should expect incremental lease expense as a result of the transaction.

“We are very pleased that this transaction has closed, and will continue to seek other opportunities to efficiently operate our portfolio of assets while maximizing liquidity,” said Richard J. Bressler, President, Chief Operating Officer and Chief Financial Officer of iHeartMedia, Inc.