<SEC-DOCUMENT>0001193125-16-604400.txt : 20160810
<SEC-HEADER>0001193125-16-604400.hdr.sgml : 20160810
<ACCEPTANCE-DATETIME>20160526164937
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-16-604400
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160526

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			iHeartMedia, Inc.
		CENTRAL INDEX KEY:			0001400891
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				260241222
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		200 EAST BASSE ROAD
		STREET 2:		SUITE 100
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78209
		BUSINESS PHONE:		210-832-3314

	MAIL ADDRESS:	
		STREET 1:		200 EAST BASSE ROAD
		STREET 2:		SUITE 100
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CC Media Holdings Inc
		DATE OF NAME CHANGE:	20090721

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	C C Media Holdings Inc
		DATE OF NAME CHANGE:	20070730

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BT Triple Crown Capital Holdings III, Inc.
		DATE OF NAME CHANGE:	20070524
</SEC-HEADER>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">May&nbsp;26, 2016 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Via EDGAR Submission </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top">Christy Adams </TD></TR></TABLE>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Ivette Leon </TD></TR></TABLE>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Paul Fischer </TD></TR></TABLE>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Terry French </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>iHeartMedia, Inc. </B></TD></TR></TABLE>
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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Form 10-K for the Fiscal Year Ended December&nbsp;31, 2015 </B></TD></TR></TABLE>
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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Filed February&nbsp;25, 2016 </B></TD></TR></TABLE>
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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Form 10-Q for the Fiscal Quarter Ended March&nbsp;31, 2016 </B></TD></TR></TABLE>
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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Filed May&nbsp;4, 2016 </B></TD></TR></TABLE>
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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>File No. 000-53354 </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Set forth below are the responses of iHeartMedia, Inc., a Delaware corporation (the &#147;<B>Company</B>,&#148; &#147;<B>we</B>,&#148; &#147;<B>us</B>&#148; or
&#147;<B>our</B>&#148;), to the comments received from the staff of the Division of Corporation Finance (the &#147;<B>Staff</B>&#148;) of the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) by letter dated May&nbsp;16, 2016,
with respect to the Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2015 (the &#147;<B>10-K</B>&#148;) and the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2016 (the &#147;<B><FONT
STYLE="white-space:nowrap">10-Q</FONT></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For your convenience, the responses are prefaced by the exact text of the Staff&#146;s comments in
bold, italicized text. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 10-K for Fiscal Year Ended December&nbsp;31, 2015 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to Consolidated Financial Statements </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 7.
Income Taxes, page 102 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Please disclose the U.S. income (loss) before income tax expense (benefit), pursuant to Rule 4-08(h)(i) of Regulation S-X</I></B>.<B><I></I></B> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company
acknowledges the Staff&#146;s comment and in future Form 10-K filings will further clarify the U.S. income (loss) before income tax expense (benefit) in the Income Tax footnote, with disclosure substantially as set forth below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">U.S. loss before income tax taxes was approximately $(XXX.X) million, $(700.4) million and $(800.9) million for 2016, 2015 and 2014,
respectively. Foreign income before income taxes was approximately $XX.X million, $49.9 million and $97.2 million for 2016, 2015 and 2014, respectively. </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Please tell us the amount of undistributed earnings of foreign subsidiaries and how you complied with the disclosure requirements of ASC 740-30-50-2</I></B>.<B><I></I></B> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company
respectfully refers the Staff to disclosures in Note 1 to the Consolidated Financial Statements on page 85 of our Form 10-K for the year ended December&nbsp;31, 2015, where our disclosure indicates that the Company has accumulated <U>deficits</U> in
foreign earnings and profits. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ASC 740-30-50-2 states that certain information shall be disclosed whenever a deferred tax liability is not
recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and joint ventures. As disclosed in Note 1 on page 85 of our 2015 Form 10-K, the Company is in a deferred tax <U>asset</U> position with
respect to its investment in foreign subsidiaries as a result of tax basis amounts being greater than financial reporting bases. The disclosures listed in ASC 740-30-50-2(a)-(d)&nbsp;are therefore not applicable to the Company. Nevertheless, the
Company did disclose in Note 1 that the determination of the amount of federal income taxes, if any, that might become due in the event that our foreign earnings are distributed is not practicable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 10-Q for the Fiscal Quarter Ended March&nbsp;31, 2016 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item&nbsp;1. Legal Proceedings </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Noteholder Litigation,
page 28 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"><B><I>We refer to the Notices of Default received by iHeartCommunications, Inc. on March&nbsp;7, 2016 from certain holders holding more than 25% of the outstanding principal amount of four of iHeartCommunications&#146;
outstanding series of Priority Guarantee Notes. We also note the related disclosures filed May&nbsp;3, 2016 in Form 8-K that you have entered into mediation with certain of the holders to try to resolve the dispute and to explore possible
alternatives to the terms of the company&#146;s existing senior secured indebtedness. In this regard, please tell us your basis for concluding that noncurrent classification of this debt and other obligations subject to cross-default and
cross-acceleration provisions is appropriate at March&nbsp;31, 2016. Please refer to ASC 470-10-45-11 for further guidance</I></B>.<B><I></I></B> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company
respectfully advises the Staff that, as disclosed in its Current Report on Form 8-K filed on March&nbsp;9, 2016, the State District Court in Bexar County, Texas (the &#147;<B>Court</B>&#148;) granted a temporary restraining order (i)&nbsp;rescinding
the notices of default until the temporary restraining order expires pursuant to its terms or until further order of the Court, and (ii)&nbsp;restraining and enjoining these noteholders from issuing additional notices of default on the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Priority Guarantee Notes or any other indebtedness of the Company based upon the contribution of 100,000,000 shares (the &#147;<B>Shares</B>&#148;) of Class B common stock of Clear Channel
Outdoor Holdings, Inc. from Clear Channel Holdings Inc., one of our wholly-owned subsidiaries, to Broader Media, LLC, one of our wholly-owned subsidiaries that is an &#147;unrestricted subsidiary&#148; under the indentures governing the Priority
Guarantee Notes (the &#147;<B>Contribution</B>&#148;).&nbsp;On April&nbsp;6, 2016, the Court extended the temporary restraining order until the conclusion of a trial on the merits. The trial began on May&nbsp;16, 2016, and on May&nbsp;24, 2016, the
Court granted the Company&#146;s request for a declaratory judgment that the Contribution was a permitted investment under the indentures governing the Priority Guarantee Notes and issued a permanent injunction against the appearing noteholders that
permanently rescinded their notices of default and prohibited them from issuing notices of default with respect to the Contribution. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ASC
470-10-45-11 addresses the classification of long-term debt when there has been a covenant violation or other default at the balance sheet date and as a result of such violation or default the debt is callable by the creditor. It also addresses
situations when such a violation or default is anticipated to occur within the next year. The Company believes that no Event of Default (which, under the terms of the indentures, would occur 60 days after receipt of written notice of a default) has
occurred, and the Court has ruled that the Contribution was a permitted investment under the indentures governing the Priority Guarantee Notes, thus there has been no violation or other default, nor is such violation or other default anticipated to
occur within the next year, in each case that would result in the debt being callable.&nbsp;Moreover, if the Court had ruled that the Contribution was not permitted under the indentures governing the Priority Guarantee Notes, the Company had the
ability to unwind the Contribution by returning the Shares to Clear Channel Holdings, Inc. and cure the alleged default. In addition, none of the possible alternatives being explored in the mediation between the Company and these noteholders
contemplate the acceleration of due dates for any tranche of the Company&#146;s long-term debt. Therefore, the Company does not believe that an Event of Default has occurred or is likely to occur as a result of the Contribution and as a result
believes the Priority Guarantee Notes and other obligations subject to cross-default and cross-acceleration provisions are properly classified as noncurrent as of March&nbsp;31, 2016. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"><B><I>With respect to the Notices of Default received, in future filings, please include the footnote disclosures required by Rule 10-01(a)(5) of Regulation S-X specifically relating to material contingencies. In your
response, please provide us with your proposed disclosures and quantify the total amount of debt that would be impacted if the outcome of mediation or litigation is unfavorable</I></B>.<B><I></I></B> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company
acknowledges the Staff&#146;s comment and undertakes to include in all future filings any applicable footnote disclosure required by Rule 10-01(a)(5) of Regulation S-X.&nbsp;The Company respectfully advises the Staff that it believes the
Contribution was made in full compliance with the Company&#146;s financing agreements and that there was no basis for the issuance of the Notices of Default.&nbsp;As mentioned in response to Comment #3, the Court has ruled that the Contribution was
a permitted investment under the indentures governing the Priority Guarantee Notes. As a result, the Company does not believe that the Contribution and the related litigation had or will have a material impact on the Company or its financial
statements and therefore there is no material contingency to be disclosed. Consistent with its quarterly procedures, in connection with preparing its next Quarterly Report on Form 10-Q, the Company will review Rule 10-01(a)(5) of Regulation S-X to
determine if any additional footnote disclosure is required. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Finally, the Company acknowledges that: (a)&nbsp;the Company is responsible for the adequacy and accuracy of the
disclosure in the filings; (b)&nbsp;Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filings; and (c)&nbsp;the Company may not assert Staff comments as a
defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hope that the foregoing
has been responsive to the Staff&#146;s comments. Should you have any questions relating to any of the foregoing, please feel free to contact the undersigned at (210)&nbsp;822-2828. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Robert H. Walls, Jr.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Robert H. Walls, Jr.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Executive Vice President and General Counsel</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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#?__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
