iHeartMedia, Inc. Announces First Closing of Sale of Select Portfolio of Radio Towers to Vertical Bridge for $369 Million

iHeartMedia, Inc. Announces First Closing of Sale of Select Portfolio of Radio Towers to Vertical Bridge for $369 Million 
 
Company Also Finalizes Lease Arrangement To Continue To Use Those Towers To Broadcast Its Radio Stations 
 
April 8, 2015 – New York, NY – iHeartMedia, Inc. (OTCBB: IHRT), one of the leading global media and entertainment companies, announced today 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.
  
As previously announced, 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. 
 
“We are excited to have completed this closing with our new partner, iHeartMedia, and are looking forward to a longstanding and successful relationship. Many of these assets are located in metropolitan and hard-to-site areas that we will make accessible to all of our wireless and broadcast clients,” said Alexander L. Gellman, CEO and Co-founder of Vertical Bridge.
 
Guggenheim Securities, LLC arranged the debt financing for Vertical Bridge Holdings, LLC in this transaction.
 
About Vertical Bridge Holdings, LLC
Vertical Bridge Holdings, LLC is a privately-owned real estate investment trust focused on the ownership of wireless communication towers in the U.S. The company owns, operates and manages telecommunications towers, rooftops, and site locations across the country. Vertical Bridge was founded in 2014 by Digital Bridge Holdings, LLC as well as certain key executives from Global Tower Partners, and is headquartered in Boca Raton, Florida.  For more information, please visit www.verticalbridge.com or contact Erica Robertson at: 561-406-4032.

About iHeartMedia, Inc.

iHeartMedia (NASDAQ: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups.

With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than any other media company in the U.S. Its leadership position in audio extends across multiple platforms, including more than 860 live broadcast stations in over 160 markets nationwide; its National Sales organization; and the company’s live and virtual events business. It also includes Premiere Networks, the industry’s largest Networks business, with its Total Traffic and Weather Network (TTWN); and BIN: Black Information Network, the first and only 24/7 national and local all news audio service for the Black community. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio suite of data targeting and attribution products using data from its massive consumer base.

The iHeartMedia Digital Audio Group includes the company’s fast-growing podcasting business -- iHeartMedia is the number one podcast publisher in downloads, unique listeners, revenue and earnings -- as well as its industry-leading iHeartRadio digital service, available across more than 500 platforms and 2,000 devices; the company’s digital sites, newsletters, digital services and programs; its digital advertising technology companies; and its audio industry-leading social media footprint.

The company’s Audio & Media Services reportable segment includes Katz Media Group, the nation’s largest media representation company, and RCS, the world's leading provider of broadcast and webcast software.

Visit iHeartMedia.com for more company information.