US radio giant iHeartMedia filed for Chapter 11 bankruptcy protection in the US yesterday – and we now know which music companies it owes serious money.
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.
The debt totals $38.4m and includes the following itemised creditors:
- SoundExchange $6.4m
- ASCAP $1.4m
- BMI $1.4m
- Universal Music Group $1.3m
- Warner Music Group $3.9m
- Global Music Rights $2m
- Nielsen (which provides charts to Billboard and other data services) $20.8m
- Spotify $2m
It also has outstanding debt of $5.6m owed to radio broadcasting rival Cumulus Media.
The company is struggling under the weight of a total of $20bn in debt, but told investors Wednesday (March 14) that it had agreed a restructuring deal with the holders of more than $10bn of this figure.
See below for screenshot from the creditors’ filing in Texas, which you can read in full through here (creditors are displayed on the final pages).