{"id":41838,"date":"2018-03-15T18:20:17","date_gmt":"2018-03-15T18:20:17","guid":{"rendered":"https:\/\/www.musicbusinessworldwide.com\/?p=41838"},"modified":"2018-03-15T21:04:26","modified_gmt":"2018-03-15T21:04:26","slug":"iheart-media-owes-38-4m-to-music-companies","status":"publish","type":"post","link":"https:\/\/www.musicbusinessworldwide.com\/iheart-media-owes-38-4m-to-music-companies\/","title":{"rendered":"Bankrupt iHeartMedia owes over $35m to music companies"},"content":{"rendered":"<p>US radio giant iHeartMedia filed for Chapter 11 bankruptcy protection in the US yesterday &#8211; and we now know which music companies it owes serious money.<\/p>\n<p>A filing made in Texas earlier today (March 15) reveals that the radio network owes millions in unpaid royalty and licensing fees to a host of music rights owners and distributors.<\/p>\n<p>The debt totals $38.4m and includes the following itemised creditors:<\/p>\n<ul><li><strong>SoundExchange $6.4m<\/strong><\/li><li><strong>ASCAP $1.4m<\/strong><\/li><li><strong>BMI $1.4m<\/strong><\/li><li><strong>Universal Music Group $1.3m<\/strong><\/li><li><strong>Warner Music Group $3.9m<\/strong><\/li><li><strong>Global Music Rights $2m<\/strong><\/li><li><strong>Nielsen (which provides charts to Billboard and other data services) $20.8m<\/strong><\/li><li><strong>Spotify $2m<\/strong><\/li><\/ul>\n<p>It also has outstanding debt of $5.6m owed to radio broadcasting rival Cumulus Media.<\/p>\n      <div class=\"mb-advert__incontent\">      <div class=\"mb-advert mb-advert__tweeny hidden-xs hidden-ms hidden-sm\" data-loaded=\"no\" data-sizes=\"992 1200 1440\" data-name=\"628x90 Sponsor banner #5 (992+1200+1440)\" data-params=\"dfp_sponsor5_628\" id=\"dfp_sponsor5_628\"><\/div>      <div class=\"mb-advert mb-advert__banner mb-advert__banner--inline hidden-xs hidden-sm hidden-md hidden-lg\" data-loaded=\"no\" data-sizes=\"480\" data-name=\"468x60 Sponsor banner #5 (480)\" data-params=\"dfp_sponsor5_468\" id=\"dfp_sponsor5_468\"><\/div>      <div class=\"mb-advert mb-advert__mobile mb-advert__mobile--inline hidden-ms hidden-md hidden-lg\" data-loaded=\"no\" data-sizes=\"320 768\" data-name=\"300x50 Sponsor banner #5 (320+768)\" data-params=\"dfp_sponsor5_300\" id=\"dfp_sponsor5_300\"><\/div>      <\/div>      \n<p>The company is struggling under the weight of a total of $20bn in debt, but told investors Wednesday (March 14) that it had <a href=\"https:\/\/www.musicbusinessworldwide.com\/iheartmedia-files-for-bankruptcy-protection-in-the-us\/\" target=\"_blank\" rel=\"noopener\">agreed a restructuring deal with the holders of more than $10bn of this figure.<\/a><\/p>\n<p>See below for screenshot from the creditors&#8217; filing in Texas, which you can <a href=\"https:\/\/www.musicbusinessworldwide.com\/files\/2018\/03\/Document-1.pdf\" target=\"_blank\" rel=\"noopener\">read in full through here (creditors are displayed on the final pages).<\/a><\/p>\n<figure class=\"mbw-articlepic mbw-articlepic--center\"><a href=\"https:\/\/www.musicbusinessworldwide.com\/files\/2018\/03\/Screen-Shot-2018-03-15-at-21.00.04.jpg\" target=\"_blank\" rel=\"noopener\"><a class=\"link-internal\" href=\"https:\/\/www.musicbusinessworldwide.com\/files\/2018\/03\/Screen-Shot-2018-03-15-at-21.00.04.jpg\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.musicbusinessworldwide.com\/files\/2018\/03\/Screen-Shot-2018-03-15-at-21.00.04.jpg\" data-lightbox=\"image-set\" data-title=\"\"><img  class=\"lazyload\" src=\"https:\/\/www.musicbusinessworldwide.com\/files\/2018\/03\/Screen-Shot-2018-03-15-at-21.00.04-80x72.jpg\" data-srcset=\"https:\/\/www.musicbusinessworldwide.com\/files\/2018\/03\/Screen-Shot-2018-03-15-at-21.00.04-80x72.jpg 80w, https:\/\/www.musicbusinessworldwide.com\/files\/2018\/03\/Screen-Shot-2018-03-15-at-21.00.04-160x145.jpg 160w, https:\/\/www.musicbusinessworldwide.com\/files\/2018\/03\/Screen-Shot-2018-03-15-at-21.00.04-320x289.jpg 320w, https:\/\/www.musicbusinessworldwide.com\/files\/2018\/03\/Screen-Shot-2018-03-15-at-21.00.04-418x378.jpg 418w, https:\/\/www.musicbusinessworldwide.com\/files\/2018\/03\/Screen-Shot-2018-03-15-at-21.00.04-648x586.jpg 648w, https:\/\/www.musicbusinessworldwide.com\/files\/2018\/03\/Screen-Shot-2018-03-15-at-21.00.04-836x756.jpg 836w, https:\/\/www.musicbusinessworldwide.com\/files\/2018\/03\/Screen-Shot-2018-03-15-at-21.00.04-1296x1172.jpg 1296w\" data-sizes=\"auto\"><i class=\"fas fa-search-plus magnifying-glass-icon\"><\/i><\/a><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Money owed to SoundExchange, ASCAP, BMI, Universal Music Group, Warner Music Group and Global Music Rights<\/p>\n","protected":false},"author":4,"featured_media":41777,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[4391],"class_list":["post-41838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-iheart-media"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/posts\/41838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/comments?post=41838"}],"version-history":[{"count":0,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/posts\/41838\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/media\/41777"}],"wp:attachment":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/media?parent=41838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/categories?post=41838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/tags?post=41838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}