iHeartMedia Announces Sale Of Radio Towers For $400 Million

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iHeartMedia, Inc., (previously known as Clear Channel), announced today the sale of a select portfolio of its tower assets to Vertical Bridge for up to $400 million. The transaction is subject to due diligence and other customary closing conditions.

The transaction is expected to close in the first quarter of 2015 and the company will subsequently enter into a lease with respect to the sold tower assets so its broadcast operations will continue without interruption.

“This is a great example of how we continue to optimize our balance sheet and maximize liquidity — and how we continually review our entire portfolio of assets to ensure we operate them in the most efficient way possible and invest our resources in the highest return opportunities,” said Richard J. Bressler, President and Chief Financial Officer of iHeartMedia, Inc.

The buyer, Vertical Bridge Holdings, is a privately-owned real estate investment trust focused on the ownership of wireless communication towers in the U.S.

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