NASDAQ has approved iHeartMedia to be listed and traded on the stock exchange. Its symbol will be “IHRT” & The ‘Class A’ stock is expected to be listed on July 18th.
The original plan for iHeartMedia was to raise capital via an initial public offering or IPO. But their executives and financial analysts have it seems decided that listing the brand directly on the stock exchange would prove more beneficial for the company in the long run. This decision seems influenced by the market’s success in recent years. With June proving to be the best month for stocks since 1938.
iHeartMedia was leaning towards an IPO to reduce the strain of their former $20 billion debt. However, careful restructuring on their part has worked to eliminate much of this debt. Thus without the need for immediate injection of cash, a debut on the exchange seems more appealing.
Exactly how profitable will this be for iHeartMedia? Only time will tell. In the meantime fans can keep on listening to their favourite radio stations while potential investor keep their wallets primed for IHRT’s NASDAQ debut.