iHeartMedia sold off a significant number of tower assets in the past few months to improve its cash position.
In an earnings report for the third quarter, the company said that it sold 122 broadcast tower sites in September for net proceeds of $45.3 million, entering instead into long-term operating leases on most of them. iHeart says the proceeds will be used to pay down debt.
iHeart has engaged in a variety of “real estate reduction measures” to cut spending and raise cash. The tower site sales are more of the same.
Radio World emails to iHeartMedia representatives seeking more information on those asset sales were not returned. The name of the purchaser(s) was not disclosed in the announcement.
This isn’t the first time iHeart has sold off tower assets in recent memory. In 2014 Radio World reported that it sold more than 400 of its tower sites to Vertical Bridge for $400…
