Broadcasting giant iHeartMedia has filed for Chapter 11 reorganization in U.S. Bankruptcy Court.
The largest broadcasting company in the US, iHeart owns three Cape Cod radio stations - 95 WXTK NewsRadio, 106 WCOD and Cool 102.
iHeart also owns ten Boston radio stations including WBZ 1030 and WRKO AM 680. The San Antonio company owns a total of 856 terrestrial stations. The Wall Street Journal reports that iHeart's stations reach 271 million people per month in the United States.
The filing is devised to address some $20 billion in debt, according to a report in the Journal.
The local iHeart stations remain on the air, conducting business as usual. It is unlikely that we will see any change to iHeart's presence here on the Cape.