Internal Memo from iHeartMedia CEO Robert Pittman and Pres./COO/CFO Richard Bressler You may have seen some recent media coverage about discussions that have been taking place with our lenders regarding our exchange offer.  This is just another step in the process of creating a more sustainable capital structure for our company – which is distinct from our operating business, i.e., the day-to-day operations of our company – and as we've explained before, we believe this process will result in improving our debt-to-equity ratio and is a key step in right-sizing our capital structure.

We continue to believe we are taking the right steps to position our company for the future, and we apologize for any noise you may hear as this process continues to unfold.  As always, we remain committed to keeping you posted on any important developments.

Bob and Rich