Clear Channel Outdoor Holdings Inc. reached an agreement to split from iHeartMedia Inc., which owns 89.1% of Clear Channel Outdoor Holdings' outstanding common stock.

The separation is expected to occur in conjunction with, and is subject to, iHeartMedia's emergence from its ongoing restructuring process, the company said Dec. 21.

Upon iHeartMedia's emergence, William Eccleshare will lead Clear Channel Outdoor Holdings as CEO. Eccleshare now serves as chairman and CEO of Clear Channel International and will continue to lead Clear Channel International as part of his new role.

Scott Wells will continue to serve Clear Channel Outdoor Americas as CEO. Until the company exits the restructuring process, Bob Pittman will retain his role as Clear Channel Outdoor Holdings' CEO, and Rich Bressler will continue to serve as president and CFO.

Eccleshare will join Clear Channel Outdoor Holdings' new board, which will be announced before the separation.

IHeartMedia and its subsidiaries filed for Chapter 11 bankruptcy in March, paving the way for the company to reduce its debt by more than $10 billion and keep operating.