Just yesterday the owners of the international radio network iHeartRadio announced that they have filed for Chapter 11 bankruptcy. This means that the company has been given the chance to restructure in order to better pay off their debts and avoid shutting down operations. iHeartMedia is allegedly in over $20 billion in debt.
The company put out a statement on their upcoming future, saying, "iHeartMedia, America’s #1 audio company, will continue operating the business in the ordinary course as a leading global multi-platform media, entertainment and data company".
While iHeartRadio is an American radio network, they actually syndicate all over Canada and have a licence arrangement with Bell Media. According to a Bell Media representative, "All such radio stations and events in Canada are owned and operated by Bell Media and not iHeartMedia. As such, the operations of Bell Media radio stations and events will not be effected by the restructuring or outcome of iHeart Media’s financial affairs in U.S."
So when it comes to the future of the Canadian stations feel reassured that they'll be A-OK, however those that air iHeartRadio content - well that has yet to be addressed. However, just so you all can plan for the worst here's a chance to see if your favourite stations on the dial are partnered with iHeartMedia.