Sportsradio 950 KJR parent iHeartMedia may avoid declaring bankruptcy, with its biggest creditor considering revised terms. New debt issued in mid August provides favorable terms for that creditor, Franklin Resources. And now with the completion of 3Q, investors will soon get an update on the media behemoth’s financial condition, along with news regarding yet another debt restructuring. Needless to say, its been an eventful run. This all would seemingly be an improvement on the dubious spring announcement about the company as a “going concern” after discussions with Franklin hadn’t made progress.
iHeartMedia, formerly known as ClearChannel before being taken private in 2008, has yet to recover from the debt load placed on the company during that buyout. It’s not obvious where KJR ranks amongst the company’s important, or profitable stations, but it’s fair to wonder whether the parent company’s financial position has prevented 950 from bidding on, or retaining (UW football/basketball), local sports rights. Though KJR is far from the only sportsradio station in iHeart’s stable of programming, so any future changes would likely not be felt by 950 alone. We may be a few weeks away from knowing whether those changes are for the better or worse.