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IHeartMedia provides update about Texas litigation


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IHeartMedia provides update about Texas litigation

San Antonio-based iHeartMediaInc. said it has been in discussions with Benefit Street Partners LLC,and certain related entities Canyon Capital Advisors LLC, D. E. Shaw Galvanic PortfoliosLLC, Franklin Advisers Inc., and Franklin Mutual Advisers LLC, to explore, amongother things, a possible resolution of all issues raised in the Texas litigation.

The issuesinclude notices alleging that iHeartMedia violated certain covenants under the indenturesgoverning the notes when the company contributed 100 million shares of class B commonstock of Clear Channel Outdoor Holdings Inc. from Clear Channel Holdings Inc. toBroader Media LLC on Dec. 3, 2015, according to an April 4 8-K filing.

These discussions, which took place under a confidentiality agreementamong those parties, have terminated and are no longer continuing based on the company'swritten disclosure that it is no longer pursuing the actions contemplated by suchdiscussions, and the Texas Litigation is continuing, the company said.