iHeartMedia, Inc. today announced that it has reached an agreement with its debtholders and financial sponsors of more than $10 billion of its outstanding debt. The agreement reflects widespread support across the capital structure for a comprehensive balance sheet restructuring that will reduce iHeartMedia’s debt by more than $10 billion. The company will continue operations as usual during the restructuring process.

To implement the balance sheet restructuring, iHeartMedia and certain of its subsidiaries, including iHeartCommunications, Inc., have filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. Clear Channel Outdoor Holdings, Inc. and its subsidiaries did not commence Chapter 11 proceedings.

The Company has filed a series of motions with the Bankruptcy Court to maintain business-as-usual operations and uphold its commitments to its employees and other stakeholders during the process. These “first day” motions will help facilitate a smooth transition into Chapter 11, and the company believes that its cash on hand, together with cash generated from ongoing operations, will be sufficient to fund and support the business during the Chapter 11 proceedings.

“iHeartMedia has created a highly successful operating business, generating year-over-year revenue growth in each of the last 18 consecutive quarters. We have transformed a traditional broadcast radio company into a true 21st century multi-platform, data-driven, digitally-focused media and entertainment powerhouse with unparalleled reach, products and services now available on more than 200 platforms, and the iHeartRadio master brand that ties together our almost 850 radio stations, our digital platform, our live events, and our 129 million social followers,” said Bob Pittman, Chairman and Chief Executive Officer. “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. Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia’s position as America’s #1 audio company.”

Centricity Music has signed singer-songwriter-producer Isaac Peabody.

The 24-year old Seattle native, who goes by the stage name Peabod, caught Centricity’s attention with his independently-produced assortment of meticulously crafted rap songs. Peabod puts a new spin on the genre, yielding infectious positivity and wordplay that connects with audiences of all ages.

“Isaac is such a significant signing for us,” Centricity Sr. VP A&R John Mays said. “It’s always rare when we discover someone who we realize almost immediately is such a perfect fit for us personally, but beyond that, his music represents an entire new frontier for Centricity. Once we met him we knew we had to partner with him.”

Peabod is working on his debut Centricity EP, which will be released this summer.

Sam Fisher has joined the Nashville-based Deep South Entertainment artist management team. Fisher brings his current clients Branan Murphy, Kid Politics, D.A. Horton, Run 51, and Second Floor Stereo with him to Deep South. He will report to Deep South President Dave Rose.

“Sam brings to this team an honest and passionate approach to artist management,” said Rose. “I’ve known him since his days as a touring musician and have always hoped we could find a way to work together.  The timing is perfect here and we’re all thrilled to have him join Deep South.”

“I’ve known and admired Dave Rose and the Deep South team for years.  Their knowledge, integrity, and kindness have been key ingredients to their 20+ years of success. My clients and I are honored and excited to join such an incredible team,” says Fisher.

Deep South’s roster of management clients includes Parmalee, Stryper, Marcy Playground, Vienna Teng, Kasey Tyndall, and Lainey Wilson.