Company: IHETW
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001400891-25-000022
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Company: iHeartMedia, Inc.
Filing Date: 2025-04-01
Form: DEF 14A
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 continuing those discussions in the year ahead.

Debt Exchange Transaction, Fiscal 2024 Performance and Modernization

In December, the Company transformed its capital structure through the exchange of approximately $4.8 billion (or 92%) of its aggregate principal amount of outstanding debt (the "Debt Exchange Transaction"), resulting in the extension of the vast majority of its debt maturities by three years, while also reducing the Company’s total debt balance. We believe the completion of the Debt Exchange Transaction resulted in a strengthened capital structure that provides the Company the flexibility to execute on our strategy and business initiatives.

In 2024, the Company generated year-over-year increases for both consolidated revenue and Adjusted EBITDA, as well as continued growth in our Digital Audio Group segment, including podcasting, and expanded our industry leading position in key areas. We also continued to integrate our broadcast radio inventory into programmatic platforms, which allows iHeart’s radio assets to participate in the growing digital and programmatic markets.

In addition, the Company’s disciplined focus on capital management and cost efficiencies through modernization are expected to generate a net $150 million of annual cost savings in 2025. Taken together, the work that the Company has done this past year has set the foundation for value creation and brought a renewed clarity to our focus on execution in 2025.

#### Updates to the Composition of our Board
We have a strong and independent Board consisting of eight directors who have a complementary mix of tenures, backgrounds and experiences that facilitate strong oversight. At our 2025 Annual Meeting of Stockholders, we expect to welcome Robert Millard to our Board. Mr. Millard is a Director of Evercore, an international investment bank, and co-founder and former Chairman of the Board of L3 Technologies, a major defense technology company, where he currently serves as Lead Director of L3Harris Technologies. He will bring to our Board deep experience with corporate finance, strategic planning and public company board experience which will add important and unique benefits for our Company that we believe will contribute significantly to positioning iHeart for continued growth . With the addition of Mr. Millard, we will have added four new directors to the Board over the past five years, underscoring our commitment to ongoing refreshment. As noted in the proxy statement, Brad Gerstner will conclude his service on the Board at the end of his term this year. On behalf of our fellow directors, we would like to thank Brad for his service and valuable contributions to the Company during his tenure.

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