In January 2019, the U.S. Bankruptcy Court for the Southern District of Texas approved a creditor-supported plan for iHeartMedia to exit bankruptcy, which would reduce the company's debt from $16.1 billion to $5.75 billion. The plan included the spin-out of iHeartMedia's 89.1% stake in its out-of-home advertising division Clear Channel Outdoor. In April 2019, the company also filed a proposed initial public offering.
