iHeart files for Chapter 11

iHeartMedia, owner of 850 radio stations in the U.S., submitted the paperwork to file for Chapter 11 bankruptcy earlier today. iHeart has been crippled by debt for many years and has struggled to get out from under the that it took on as part of a leveraged buyout of billboard company Clear Channel Outdoor in 2008. It will restructure more than $10 billion in debt to about half of what it owes to creditors and investors.

Locally, iHeart owns WBGG (970), WWSW (94.5), WKST-FM (96.1), WDVE (102.5), WPGB (104.7) and WXDX (105.9). They also own stations in the Youngstown and Steubenville/Wheeling markets.

(CNN)