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iHeartMedia, owner of iHeartRadio, has massive debt on its books mostly because of a $24 billion leveraged buyout of billboard-advertising company Clear Channel Communications, MarketWatch reported on Friday.
The company has nearly $350 million of debt due this year, and another $8.3 billion in 2019.
"Management anticipates that our financial statements to be issued for the three months ended March 31, 2017, will include disclosure indicating there will be substantial doubt as to our ability to continue as a going concern for a period of 12 months following the date the first quarter 2017 financial statements are issued," iHeartMedia said in its filing.
In Chicago, iHeart owns Kiss-FM, My-FM, WGCI, WVAZ, and Big 95.5.