San Antonio, TX, December 3, 2018 – iHeartMedia, Inc. (PINK: IHRTQ) (“iHeartMedia”) today announced voting results for the Company’s Fifth Amended Joint Chapter 11 Plan of Reorganization (the “Plan”). Voting results indicate that every class of creditors entitled to vote has voted to approve the Plan.  More than 90% of the votes cast by creditors and shareholders who participated in the vote approved the Plan, demonstrating substantial support for, and far exceeding the votes necessary to confirm, the Plan.

The voting results indicate strong support of iHeartMedia's Plan, which achieves a value-maximizing restructuring that comprehensively addresses the company’s funded debt obligations and positions iHeartMedia for continued growth and long-term success.  The Plan will reduce iHeartMedia’s funded debt by approximately $10.3 billion—to $5.75 billion—and result in the separation of iHeartMedia’s radio and outdoor advertising businesses.  With the support of its creditors and the expected confirmation of the Plan, iHeartMedia expects to complete its restructuring process and exit Chapter 11 in early 2019.

Final voting results will be filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, prior to the hearing to confirm the Plan.  For additional information about iHeartMedia’s restructuring, including access to Court filings and other documents such as the Plan and related disclosure statement, please visit https://cases.primeclerk.com/iHeartMedia, call the company’s Restructuring Information Hotline at (877) 756-7779 (for toll-free domestic calls) and (347) 505-7142 (for tolled international calls), or email iheartmediainfo@primeclerk.com.

Kirkland & Ellis LLP is serving as legal counsel to iHeartMedia, Moelis & Company is serving as the company’s investment banker, and Alvarez & Marsal is serving as the company’s financial advisor.

This press release is not intended to be, and should not in any way be construed as, a solicitation of votes of creditors and investors regarding the Chapter 11 Plan.

Forward-Looking Statements

This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “expect,” “believe,” “would,” “estimate,” “continue,” or “future,” or the negative or other variations thereof or comparable terminology. In particular, they include statements relating to, among other things, the proposed restructuring of iHeartMedia, timing to exit Chapter 11 and future outcomes. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements.