iHeartMedia, the country's largest commercial radio broadcaster, has filed for an initial public offering.

Why it matters: This is the latest chapter in a complex corporate saga that began when iHeart (then known as Clear Channel) was acquired in 2006 for $18.7 billion. That deal was so contentious that the private equity sponsors Bain Capital and Thomas H. Lee Partners had to sue their lenders to get the deal closed, but then the whole thing ended up collapsing under a wall of debt.

  • iHeart last year filed for bankruptcy and agreed to spin off its outdoor advertising business as part of a debt restructuring. This IPO is part of the core company's plan to exit bankruptcy.

Details: Not too many yet, as the San Antonio-based company only put a $100 million placeholder figure on its S-1 filing. But we do know it plans to have a dual-class share structure, and reports a pro forma $38 million net loss on $3.8 billion in revenue for 2018.

The bottom line, from Axios' Sara Fischer: "iHeart now has the flexibility to focus operations more seriously around streaming audio and podcast advertising, some of the fastest-growing ad segments. Its advantage is that is has a massive terrestrial radio footprint to market those efforts, but it had been inhibited by the former debt load."

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Updated 1 hour ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

New Zealand confirmed Thursday there are now 13 local cases linked to the four who tested positive for COVID-19, ending 102 days with no community spread. Auckland locked down Wednesday for 72 hours and the rest of NZ is under lesser restrictions.

By the numbers: Over 749,400 people have died of the novel coronavirus globally and over 20.6 million have tested positive, per Johns Hopkins. More than 12.8 million have recovered from the virus.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 20,624,316 — Total deaths: 749,421— Total recoveries: 12,831,800Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 5,197,147 — Total deaths: 166,027 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Politics: Pelosi says Mnuchin told her White House is "not budging" on stimulus position.
  4. Business: U.S. already feeling effects of ending unemployment benefits.
  5. Public health: U.S. records deadliest coronavirus day of the summer — America's two-sided COVID-19 response
  6. Education: New Jersey governor allows schools to reopenGallup: America's confidence in public school system jumps to highest level since 2004.

Bob Woodward's new book details letters between Trump and Kim Jong-un

Bob Woodward during a 2019 event in Los Angele. Photo: Michael Kovac/Getty Images

Journalist Bob Woodward has obtained "25 personal letters exchanged" between President Trump and North Korean leader Kim Jong-un for his new book, "Rage," publisher Simon & Schuster revealed on Wednesday.

Details: In the letters, "Kim describes the bond between the two leaders as out of a 'fantasy film,' as the two leaders engage in an extraordinary diplomatic minuet," according to a description of the book posted on Amazon.