iHeartMedia files for bankruptcy to shed $10B in debt

March 15 (UPI) -- iHeartMedia -- the parent company that operates iHeartRadio and iHeartCommunications -- said Wednesday it's agreed to cut more than $10 billion worth of debt by filing for corporate bankruptcy.

The company said it's reached an agreement with investors and creditors to cut the debt while continuing to operate normally.

"iHeartMedia has created a highly successful operating business, generating year-over-year revenue growth in each of the last 18 consecutive quarters," CEO Bob Pittman said in a statement. "The agreement we announced today is a significant accomplishment, as it allows us to definitively address the more than $20 billion in debt that has burdened our capital structure."

IHeartMedia said it has enough cash to continue operating through the Chapter 11 proceedings.

Last year, a second quarter earnings report showed showed declining revenues as the media company struggled to get out from under the massive debt.

Based in San Antonio, iHeartMedia deals in radio, digital, outdoor, mobile, social, live events and on-demand entertainment. It owns iHeartRadio, a free web-based radio service since 2008, and operates the iHeartRadio Music Awards each March.

IHeartMedia is the largest radio company in the United States.