FCC Approves iHeartMedia Restructuring
iHeartMedia has reached another goalpost as it prepares to exit Chapter 11 bankruptcy protection as the FCC has approved the restructuring plan.
The agency has placed a condition on the approval. The two stations that were placed in the Sun & Snow Trust must be divested within two years. The company will also need to provide the FCC detailed explanations in a confidential report on the attempt to sell 107.7 WHFX Darien/Brunswick GA and 100.3 KSNR Fisher MN/Grand Forks ND out of the trust every six months. Also any pending translator Construction Permits will not be extended upon expiration of their CPs.
With the bankruptcy court giving its approval in January and the FCC approving today, iHeartMedia has received all of the regulatory approvals needed to exit bankruptcy protection.