iHeartMedia, Inc. is a prominent American mass media corporation, which originated in San Antonio, Texas, as Clear Channel Communications in 1972, founded by Lowry Mays and Red McCombs. The company underwent a major leveraged buyout in 2008 by Bain Capital and Thomas H. Lee Partners, eventually rebranding to iHeartMedia, Inc. on September 16, 2014.
Today, iHeartMedia is the largest owner of radio stations in the U.S., specializing in radio broadcasting, podcasting, and digital content through its popular iHeartRadio platform, overseeing more than 870 full-power AM and FM stations. Its significant expansion, especially during the 1990s, was largely driven by the deregulation of media ownership rules, notably the Telecommunications Act of 1996, which enabled a massive buying spree.
While once diversified into live events and out-of-home advertising, these businesses were strategically spun off in 2005 and 2019 to become Live Nation Entertainment and Clear Channel Outdoor, respectively, allowing iHeartMedia to focus on its core audio and digital media ventures.