Radio and audio giant iHeartMedia on Thursday withdrew its 2020 financial guidance "due to heightened uncertainty related to the novel coronavirus pandemic" and said it has shored up its liquidity by $350 million by tapping into a revolving credit facility to boost its financial flexibility.
Citing "the ongoing uncertainty surrounding the duration and magnitude of the COVID-19 pandemic and its impact on the U.S. economy," chairman and CEO Bob Pittman said: "While we cannot determine the full extent of COVID-19’s impact on our business at this time, we are monitoring this rapidly evolving situation closely and look forward to discussing our business in greater detail as part of our first-quarter 2020 earnings results investor call." Added