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iHeartMedia, the holding company of IHeartRadio, which is the biggest operator of radio stations in U.S., plans to tell investors on next month's quarterly earnings report that it may not survive financially another year, MarketWatch reports. Shares have dropped over 30% since iHeart made the announcement to investors April 20.

In its latest regulatory filing, the company says it's next quarterly update will include a disclosure indicating there is "substantial doubt" in the company's ability to operate by Q1 2018. The company says their uncertainty revolves around its ability to refinance its debt. Most of the company's cash on hand comes from its billboard company, Clear Channel Outdoor Holdings Inc., but even with the billboard business rising, the company has been unable to offload Clear Channel to lenders in exchange for relief.

Why it matters: iHeartRadio, which owns over 850 radio stations throughout the country, has very quickly seen its business dwindle due to the rise of audio streaming, mainly via Pandora and Spotify. The company launched a subscription service less than a year ago with Napster, that has been unable to compete in the market.

Go deeper

2 hours ago - Politics & Policy

Inhofe loudly sets Trump straight on defense bill

Sen. Jim Inhofe speaks with reporters in the Capitol last month. Photo: Samuel Corum/Getty Images

Senator Jim Inhofe told President Trump today he'll likely fail to get two big wishes in pending defense spending legislation, bellowing into his cellphone: "This is the only chance to get our bill passed," a source who overheard part of their conversation tells Axios.

Why it matters: Republicans are ready to test whether Trump's threats of vetoing the bill, which has passed every year for more than half a century, are empty.

Conspiracy theories blow back on Trump's White House

Sidney Powell. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

President Trump has rarely met a conspiracy theory he doesn't like, but he and other Republicans now worry the wild tales told by lawyers Sidney Powell and Lin Wood may cost them in Georgia's Senate special elections.

Why it matters: The two are telling Georgians not to vote for Republicans David Perdue and Kelly Loeffler because of a bizarre, baseless and potentially self-defeating theory: It's not worth voting because the Chinese Communist Party has rigged the voting machines.

2 hours ago - Politics & Policy

Bolton lauds Barr for standing up to Trump

John Bolton. Photo: Jabin Botsford/The Washington Post via Getty Images

John Bolton says Attorney General Bill Barr has done more to undercut President Trump's baseless assertions about Democrats stealing the election than most Senate Republicans by saying publicly that the Justice Department has yet to see widespread fraud that could change the election's outcome.

What he's saying: “He stood up and did the right thing," Bolton said in a Wednesday phone interview.