Arnold & Porter secured a significant victory for an ad hoc group of lenders comprised of more than 50 funds managed by Eaton Vance, OppenheimerFunds, and Symphony Asset Management, in the successful restructuring of iHeartMedia, Inc. (iHeart) and certain of its subsidiaries. The restructuring and separation capped a complex, multi-year effort by Arnold & Porter attorneys working across multiple practice areas and offices to implement a comprehensive restructuring of iHeart's approximately $16 billion of debt. iHeart is a diversified media, entertainment, and data company that operates the largest collection of broadcast radio stations in the United States—approximately 850 stations—as well as an internet-based radio platform. In addition to radio assets, iHeart operates one of the largest outdoor advertising portfolios in the world and creates its own media content for distribution across the country.