iHeartMedia has completed its restructuring process, and reduced its debt from $16.1 billion to $5.75 billion.

In conjunction with the completion of the restructuring, iHeartMedia and Clear Channel Outdoor Holdings have fully separated, forming two independently-traded companies. Clear Channel Outdoor Holdings shares will continue to be traded on the New York Stock Exchange, under the ticker symbol “CCO.”

“We are pleased that iHeartMedia now has a capital structure that matches our exciting operating business. The focused dedication of our employees and the unwavering support of our new owners and advertising partners enabled iHeartMedia to seamlessly complete the restructuring process and reach this final milestone,” said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc. “iHeartMedia enters this next phase of growth as a multi-platform audio company with a vastly improved financial profile. We are well-positioned to continue to innovate and offer cutting-edge technologies, products and services to our audiences and advertisers.”

Pittman continued: “As the only major multi-platform audio company, iHeartMedia’s reach extends across more than 250 platforms and 2,000 different connected devices, from smart speakers to tablets, wearables, gaming consoles and much more. Over the past year, we have further cemented our position as the number one commercial podcaster globally—by a strong margin—through building new capabilities and content, including the Ron Burgundy Podcast, season two of the true crime podcast Atlanta Monster and many more, including Stuff You Should Know, the first podcast ever to surpass one billion downloads. We continued to invest in key areas of the business with the acquisitions of Stuff Media, LLC—which further solidified our leading podcasting position—as well as technology companies like Jelli, Inc., which is the advertising technology platform that brings to life our SmartAudio data and analytics offerings. We continue to technologically transform our offerings for both consumers, with whom we are interacting more broadly across platforms, and advertisers, to whom we are offering data and analytics solutions previously available only from key digital players. In addition, we have continued to host our renowned and highly-anticipated live events, from the iHeartRadio Music Awards to iHeartRadio ALTer Ego. This is a very exciting time for audio, and iHeartMedia will continue to break new ground and unlock new opportunities across all platforms to reach audiences everywhere.”

As previously announced, pursuant to the Plan, Pittman continues to serve as Chairman and Chief Executive Officer of iHeartMedia, Inc., and Rich Bressler continues to serve as President, Chief Operating Officer and Chief Financial Officer of iHeartMedia, Inc. In addition, a new Board of Directors has been appointed, including Pittman, Bressler, and the following members: Jay Rasulo, Gary Barber, Brad Gerstner, Sean Mahoney and Kamakshi Sivaramakrishnan. Upon iHeartMedia’s emergence, the new Board of Directors has assumed its responsibilities.

Kirkland & Ellis LLP served as legal counsel to iHeartMedia, Moelis & Company served as the Company’s investment banker, and Alvarez & Marsal served as the company’s financial advisor.

Leslie Cohea

Sandbox Entertainment has promoted Leslie Cohea to the role of General Manager. In this new position, Cohea will oversee strategy, touring, finance, and operations for all Sandbox clients, including Faith Hill, Little Big Town, Kacey Musgraves, Dan+Shay, Kelsea Ballerini, Midland, and more.

Cohea joined Sandbox in 2015 as the Head of Touring, where she managed all aspects of touring for the company, including ticketing, routing and budgeting. In her time at Sandbox, Cohea has been at helm of launching Tim McGraw and Faith Hill’s Soul2Soul World Tour and a driving force in developing Little Big Town’s sold-out, year-long Ryman Auditorium Residency. She has overseen multiple headlining tours, including Kacey Musgraves’ international, sold-out Oh What A World Tour, Dan+Shay’s sold-out DAN+SHAY THE TOUR, and Kelsea Ballerini’s first ever headlining arena tour.

Prior to Sandbox, Cohea spent nearly a decade at AEG Live/The Messina Group working in touring and concert promotion, as well as producing tours and shows nationally for artists ranging from Ed Sheeran, to Dave Matthews, to The Eagles.

“Having Leslie’s expertise over the last four years has been vital to the growth of Sandbox and our clients. She’s the salt to my pepper, the bread to my butter, and the Tom to my Ford.” says Sandbox President and CEO Jason Owen.

Cohea adds, “I feel incredibly grateful to get to work with such an amazing group of people at Sandbox. Jason is a genius and continues to inspire each of us daily. It’s a dream come true to work at this company, and with this roster of such talented artists. I am very excited and honored to continue to support the operations here in bigger ways.”