Report: Steve Cutler Exits iHeartMedia

Steve Cutler

Steve Cutler, Head of Business Development & Corporate Strategy at iHeartMedia, Inc., has left the company, according to Reuters.

Cutler left earlier this fall, according to sources, asking not to be named because the departure had not been announced. Cutler had been at iHeartMedia since 2011 and reported directly to Chief Executive Officer Bob Pittman.

Cutler is still working on some projects for the company and remains a partner at Pittman's New York-based private investment firm Pilot Group, according to one of the people.

A spokeswoman for iHeartMedia declined to comment. Cutler could not immediately be reached for comment.

IHeartMedia has been struggling to trim its $20.6 billion in debt. In recent weeks, it has been selling billboard assets from its subsidiary Clear Channel Outdoor Holdings Inc that could be worth at least $800 million, Reuters previously reported. IHeartMedia, previously known as Clear Channel Communications, was taken private in 2008 by buyout firms Bain Capital LLC and Thomas H. Lee Partners for $19 billion.

(Reporting by Liana B. Baker in New York; Editing by Lisa Shumaker)