WSJ on iHeartMedia: “Bankruptcy as early as March.”

On the heels of a surprising decision last week by the iHeart board not to make an interest payment, the Wall Street Journal reports, “iHeartMedia Inc., the nation’s largest radio broadcaster, is likely to file for bankruptcy protection as early as March after a decade of ballooning debt and faltering growth, drawing the curtain on one of the biggest leveraged buyouts before the 2008 financial crisis. An insolvency would put iHeart’s 856 terrestrial stations and its billboard-advertising business into the hands of creditors, who would then have to figure out how to find growth in the face of challenges ranging from a sluggish advertising market to new technologies that have changed the way consumers listen to music.” The article also makes mention of the fact that iHeart has spent more money on debt payments than it has earned for the past five years in a row.