Iheartmedia has hired Moelis & Co as a financial adviser, the most significant step yet by the largest owner of US radio stations to deal with its US$21bn debt pile, according to people familiar with the matter. The move comes as iHeartMedia, one of the world's largest leveraged buyouts when it was taken private by buyout firms for US$26.7bn in 2008, struggles to compete for listeners amid digital offerings from competitors such as Apple and Pandora Media. iHeartMedia has asked Moelis to review offers made by a minority of the company's senior creditors that could potentially make the terms of some of its debt more attractive, the people said this week. Were iHeartMedia to accept one of the offers, it could reduce the value of its debt and the interest it pays on it, though it could also end up treating its junior creditors less favourably, the people noted.
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