Seven U.S. radio broadcasting industry companies are owed several millions of dollars from iHeartMedia. Much of it is “trade payable,” but there’s one company that sticks out from the others in regard to the cash it hopes to collect from the nation’s top radio station operator.
That would be Nielsen.
This was revealed on “Form #204,” filed by iHeart as part of its Chapter 11 restructuring petition to a Texas federal district court. This sees iHeart offering the court a list of creditors that have the 30 largest unsecured claims.
Of the 30 businesses shown on the form — in addition to three senior noteholders that comprise some $2 billion of the money owed — the following radio companies are listed:
Beasley Broadcast Group (Trade payable): $1.5 million
Cumulus Media (Trade payable): $5.6 million
Cox Enterprises (Cox Media Group): $5 million (Contract counterparty)
CBS Corp. (Trade payable): $3.3 million
Hubbard Broadcasting (Trade payable): $2.375 million
Univision (Trade payable): $1.6 million
Urban One (Trade payable): $1.4 million
These companies are owed a fraction of what Nielsen is due.
The form shows that Nielsen is owed $20.8 million.
Meanwhile, radio services companies are also due millions from iHeart. They are:
Adswizz (Trade payable): $1.86 million
Futuri Media (Trade payable): $1.2 million
Sun & Fun Media (Trade payable): $1.1 million
Also listed among the creditors is Spotify, with a $2 million “trade payable” claim.
Music industry performing rights groups and record labels aren’t alone in seeking money owed to them by iHeart.
Past-due licensing fees of $1.5 million and $1.427 million are due to ASCAP and BMI, respectively. GMR is owed $2 million in licensing fees.
Seeking royalty fees are SoundExchange ($6.427 million), UMG ($1.3 million) and Warner Music Group ($3.9 million).
— Additional reporting by Adrian Zupp
