蜜桃直播, Inc. Announces First Closing of Sale of Select Portfolio of Radio Towers to Vertical Bridge for $369 Million

蜜桃直播, Inc. Announces First Closing of Sale of Select Portfolio of Radio Towers to Vertical Bridge for $369 Million听
听
Company Also Finalizes Lease Arrangement To Continue To Use Those Towers To Broadcast Its Radio Stations听
听
April 8, 2015 鈥 New York, NY 鈥 蜜桃直播, Inc. (OTCBB: IHRT), one of the leading global media and entertainment companies, announced today that the first closing of the sale of a select portfolio of its tower assets to Vertical Bridge has occurred. Initial closing proceeds were approximately $369 million prior to fees and customary adjustments for prorated items.听 Additional closings are expected to occur.
听听
As previously announced, there will be no impact on the company鈥檚 broadcast capabilities and operations; the company has entered into a lease with respect to the sold tower assets that will ensure the ability of its broadcast operations to continue without interruption.听 The company also reiterated that investors should expect incremental lease expense as a result of the transaction.
听
鈥淲e are very pleased that this transaction has closed, and will continue to seek other opportunities to efficiently operate our portfolio of assets while maximizing liquidity,鈥 said Richard J. Bressler, President, Chief Operating Officer and Chief Financial Officer of 蜜桃直播, Inc.听
听
鈥淲e are excited to have completed this closing with our new partner, 蜜桃直播, and are looking forward to a longstanding and successful relationship. Many of these assets are located in metropolitan and hard-to-site areas that we will make accessible to all of our wireless and broadcast clients,鈥 said Alexander L. Gellman, CEO and Co-founder of Vertical Bridge.
听
Guggenheim Securities, LLC arranged the debt financing for Vertical Bridge Holdings, LLC in this transaction.
听
About Vertical Bridge Holdings, LLC
Vertical Bridge Holdings, LLC is a privately-owned real estate investment trust focused on the ownership of wireless communication towers in the U.S. The company owns, operates and manages telecommunications towers, rooftops, and site locations across the country. Vertical Bridge was founded in 2014 by Digital Bridge Holdings, LLC as well as certain key executives from Global Tower Partners, and is headquartered in Boca Raton, Florida.听 For more information, please visit www.verticalbridge.com or contact Erica Robertson at: 561-406-4032.

About 蜜桃直播, Inc.

蜜桃直播, Inc. (Nasdaq: IHRT) is the leading audio media company in America, reaching over 90% of 蜜桃直播 in every month. iHearts broadcast radio assets alone have more consumer reach in the U.S. than any other media outlet; twice the reach of the next largest broadcast radio company; and over four times the ad-enabled reach of the largest digital only audio service. iHeart is the largest podcast publisher according to Podtrac, with more downloads than the next two podcast publishers combined and has the number one social footprint among audio players, with seven times more followers than the next audio media brand, and the only fully integrated audio ad tech solution across broadcast, streaming and podcasts. The company continues to leverage its strong audience connection and unparalleled consumer reach to build new platforms, products and services. Visit 蜜桃直播.com for more company information.