The sale of the towers (iHeartMedia did not disclose how many) at 400 sites will be made to Vertical Bridge Holdings, a privately owned real estate investment trust that focuses on the ownership of wireless communication towers in the U.S. The company owns, operates, and manages telecommunications towers, rooftops, and site locations. iHeartmedia says the sale will not affect any of its radio stations; after the sale closes, they will turn around and lease the towers.
iHeartMedia CFO Richard Bressler said, "This is a great example of how we continue to optimize our balance sheet and maximize liquidity -- and how we continually review our entire portfolio of assets to ensure we operate them in the most efficient way possible and invest our resources in the highest return opportunities."
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