iHeartMedia, Inc. (OTCBB:IHRT), one of the leading global media and
entertainment companies, announced today the sale of a select portfolio
of its tower assets to Vertical Bridge for up to $400 million. The
transaction is subject to due diligence and other customary closing
conditions.
The transaction is expected to close in Q1 2015. There will be no impact
on the company’s broadcast capabilities and operations; at closing, the
company will enter into a lease with respect to the sold tower assets
that will ensure the ability of its broadcast operations to continue
without interruption. The company also advised that investors should
expect incremental lease expense as a result of the transaction.
“This is a great example of how we continue to optimize our balance
sheet and maximize liquidity -- and how we continually review our entire
portfolio of assets to ensure we operate them in the most efficient way
possible and invest our resources in the highest return opportunities,”
said Richard J. Bressler, President and Chief Financial Officer of
iHeartMedia, Inc.
“We are excited to add this high quality tower portfolio to our existing
assets,” said Alexander L. Gellman, CEO of Vertical Bridge Holdings,
LLC. “We are looking forward to a strong partnership with iHeartMedia.
In addition to being a premier broadcast portfolio, these sites already
have many broadband telephony and data tenants and the capacity and
potential to add many more. With this latest
transaction, Vertical Bridge now has approximately 2000 revenue
producing sites that are owned or under definitive agreement.”
About iHeartMedia, Inc./iHeartCommunications, Inc.
iHeartMedia, Inc (OTCBB:IHRT), the parent company of
iHeartCommunications, Inc., is one of the leading global media and
entertainment companies. The company specializes in radio, digital,
outdoor, mobile, social, live events, on-demand entertainment and
information services for local communities, and uses its unparalleled
national reach to target both nationally and locally on behalf of its
advertising partners. The company is dedicated to using the latest
technology solutions to transform the company’s products and services
for the benefit of its consumers, communities, partners and advertisers,
and its outdoor business reaches over 40 countries across five
continents, connecting people to brands using innovative new technology.
About Vertical Bridge Holdings, LLC
Vertical Bridge Holdings is a privately-owned real estate investment
trust focused on the ownership of wireless communication towers in the
U.S. The company owns, operates and manages telecommunications towers,
rooftops, and site locations across the country. Vertical Bridge was
founded in 2014 by Digital Bridge Holdings, LLC as well as certain key
executives from Global Tower Partners and is headquartered in Boca
Raton, Florida. For more information, please visit www.verticalbridge.com or
call Traci Clancy at 561-948-6367.
Copyright Business Wire 2014