iHeartMedia, Inc. Announces Voluntary Repurchase of All Series A Perpetual Preferred Stock
iHeartMedia, Inc. (NASDAQ:IHRT) announced today that its subsidiary, iHeart Operations, Inc., repurchased and cancelled all of its 60,000 outstanding shares of Series A Perpetual Preferred Stock, utilizing cash on hand.
"We are pleased to have voluntarily repurchased the full balance of our $60 million preferred stock, demonstrating our commitment to strengthening our balance sheet and increasing free cash flow, while still maintaining ample liquidity," said Bob Pittman, Chairman and CEO of iHeartMedia, Inc. "Repurchasing early allows us to realize interest savings, exit the most restrictive instrument on our balance sheet, and continue to reinforce iHeart's commitment to improving our cap
