Report: Money troubles at radio giant that owns 11 Minnesota stations

iHeartMedia has missed interest payments and has billions in debt.

What's happening?

Radio giant iHeartMedia is having some financial trouble.

Bloomberg reports that documents have been circulated for a possible bankruptcy filing by the company, which owns more than 800 stations nationwide, after failing to agree to a restructuring plan with its lenders and creditors.

And while Bloomberg says a bankruptcy filing is far from certain, it notes that pressure is mounting after it missed an interest payment on Feb. 1 and has about $20 billion of debt.

iHeart in the Twin Cities

The troubles at the national level could have ramifications for the 11 radio stations iHeart owns in Minnesota.

Eight of these are in the Twin Cities, and includes KFAN, KDWB 101.3, KOOL 108, News Talk AM 1130, and Cities 97.

It also has three in Rochester, including 102.5 The Fox.

MPR notes that iHeart was previously Clear Channel Communications, but the current ownership is struggling to keep the company afloat amid massive debt payments which totaled $3.5 billion in 2016 and 2017.

Next Up