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iHeartMedia, the largest U.S. radio station owner, files for bankruptcy

Photo: Jeff Kravitz/FilmMagic for iHeartRadio

iHeartMedia, the holding company of iHeartRadio Inc., the biggest operator of radio stations in the United States, has filed for Chapter 11 bankruptcy. The San-Antonio-based group reached an in-principle agreement with creditors to restructure an overwhelming amount of debt that had compounded since a private-equity buyout over a decade ago.

Why it matters: iHeartRadio, which owns over 850 radio stations throughout the country, has seen advertising revenues fall flat to major technology companies — much like others in the traditional media landscape.