Tuesday, April 7, 2015


iHeartMedia has closed the first part of their deal with Vertical Bridge, selling off 367 tower sites. The companies announced the deal on December 11, 2014, reporting that iHeartMedia would sell 411 tower assets to Vertical Bridge for up to $400 million. There’s no timetable for when the remaining 44 towers will be transferred. In a regulatory filing, iHeartMedia indacted those additional sites will be transferred when “defects are cured.” However, the initial deal required Vertical Bridge to buy 85% of the 411 towers, or 349 sites, which has now been met. But iHeartMedia’s COO/CFO Rich Bressler told investors to expect multiple closings as Vertical Bridge completes its due diligence across more than 150 markets nationwide. Continue reading here

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