While it remains in the Chapter 11 bankruptcy process, audio giant iHeartMedia has announced the members of its newly formulated board of directors, a group that includes former MGM boss Gary Barber and ex-Disney exec Jay Rasulo.
Noting that the board selections are subject to the approval of the company’s reorganization plan by the bankruptcy court, the company said the current board will continue to serve until iHeart emerges from Chapter 11.
New directors include Barber, who was abruptly ousted as head of MGM earlier this year but also had a notable run as a partner in production outfit Spyglass Entertainment; and Rasulo, who was CFO at Disney until exiting in 2015. They will join returning iHeart board members and execs Bob Pittman and Rich Bressler as well as three new additions with strong business backgrounds but much lower Hollywood quotients: Brad Gerstner, Sean Mahoney and Kamakshi Sivaramakrishnan.
“We are excited about both the depth and range of our new board members,” said Pittman, iHeart’s CEO. “We know our ability to draw on the experience of this unique combination of leaders in their respective fields will give us an unparalleled competitive advantage as we build our next level of growth.”
After consolidating traditional radio and struggling to pivot to digital as technology upended the media business this decade, iHeart was unable to restructure its $20 billion debt load and sought bankruptcy protection in March. Because of how rolled-up the radio space became, the growth of streaming music and podcasting has kept iHeart alive as a potential acquisition target. Liberty Media, which has a controlling stake in SiriusXM, is among the companies to acknowledge some interest.
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