iHeartMedia, Inc. Announces Sale of a Select Portfolio of Its Radio Towers to Vertical Bridge for $400 Million

iHeartMedia, Inc. Announces Sale of a Select Portfolio of Its Radio Towers to Vertical Bridge for $400 Million
 
Company Converts to Lease Arrangement To Continue To Use Those Towers To Broadcast Its Radio Stations
 
December 11, 2014 – New York, NY – iHeartMedia, Inc. (OTCBB: IHRT), one of the leading global media and entertainment companies, announced today the sale of a select portfolio of its tower assets to Vertical Bridge for up to $400 million.  The transaction is subject to due diligence and other customary closing conditions.
 
The transaction is expected to close in Q1 2015.  There will be no impact on the company’s broadcast capabilities and operations; at closing, the company will enter 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 advised that investors should expect incremental lease expense as a result of the transaction.
 
“This is a great example of how we continue to optimize our balance sheet and maximize liquidity -- and how we continually review our entire portfolio of assets to ensure we operate them in the most efficient way possible and invest our resources in the highest return opportunities,” said Richard J. Bressler, President and Chief Financial Officer of iHeartMedia, Inc.
 
“We are excited to add this high quality tower portfolio to our existing assets,” said Alexander L. Gellman, CEO of Vertical Bridge Holdings, LLC. “We are looking forward to a strong partnership with iHeartMedia.  In addition to being a premier broadcast portfolio, these sites already have many broadband telephony and data tenants and the capacity and potential to add many more. With this latest transaction, Vertical Bridge now has approximately 2000 revenue producing sites that are owned or under definitive agreement.”
 
About Vertical Bridge Holdings, LLC
Vertical Bridge Holdings 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 call Traci Clancy at 561-948-6367.

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.