ASCAP, The American Society of Composers, Authors and Publishers, announced that its total revenues for 2018 topped $1.227 billion, an increase of 7% over 2017.  Additionally, ASCAP distributions crossed the $1 billion mark for the second year in a row, with $1.109 billion in royalties paid out to its songwriter, composer and publisher members. Distributions increased by $102 million, up 10% year-over-year.

ASCAP domestic revenue from US music licensing surpassed the prior year by 7% to hit $906 million.  Key licensing categories saw significant organic growth:  Audio Streaming revenue was up by 25% and Audio Visual by 7% year-over-year.  General and Background revenue, which encompasses more than 800,000 bars, grill

iHeartMedia, Inc. (“iHeartMedia”), America’s number one audio company, today announced that the Company has successfully completed its restructuring process.

As a result of the comprehensive balance sheet restructuring, iHeartMedia’s debt has been significantly reduced – from $16.1 billion to $5.75 billion.

In addition, in conjunction with completion of the restructuring, and in accordance with its Plan of Reorganization (the “Plan”), iHeartMedia and Clear Channel Outdoor Holdings, Inc. (“CCOH”) have fully separated, creating two independent publicly-traded companies.  Clear Channel Outdoor Holdings, Inc. shares will continue to be traded on the New York Stock Exchange under the ticker symbol “CCO.”<