On March 30, 2020, iHeartMedia, Inc. (the “Company”) announced that certain of the Company’s named executive officers and other executive level employees have>voluntarily agreed to forgo certain compensation otherwise payable under their respective employment agreements beginning with the next regular payroll period and continuing through>the last payroll period in the Company’s current fiscal year. Robert W. Pittman, the Company’s Chief Executive Officer, will forgo 50% of his annual base salary for such period and his ability to earn an incentive award under the Company’s 2020 annual bonus program and Richard J. Bressler, the Company’s President, Chief Operating Officer and Chief Financial Officer, will reduce his annual base salary by 20% for such period and forgo his ability to earn an incentive award under the Company’s 2020 annual bonus program, thereby reducing his total target 2020 cash compensation opportunity by approximately 74%. Paul McNicol, the Company’s Executive Vice President, General Counsel and Secretary, and Michael McGuinness, the Company’s Executive Vice President – Finance and Deputy Chief Financial Officer, will each reduce his annual base salary by>10% for such period and forgo his ability to earn an incentive award under the Company’s 2020 annual bonus program, thereby reducing their total target 2020 cash compensation opportunity by approximately 47% and 55%, respectively. In addition, each member of the Company’s board of directors agreed to waive his or her cash compensation fees for the remainder of 2020.

The salary waivers will not modify other rights under the applicable employment agreements or reduce any Company employee benefit provided to such officers and employees.

About IHEARTMEDIA, INC. (OTCMKTS:IHRT)

iHeartMedia, Inc. is a global media and entertainment company that specializes in broadcast and digital radio, out-of-home, mobile, and on-demand entertainment and information services for national audiences and local communities. The Company operates in three segments: iHeartMedia (iHM), Americas outdoor advertising (Americas outdoor) and International outdoor advertising (International outdoor). Its iHM segment provides media and entertainment services through broadcast and digital delivery and also includes its national syndication business. Its Americas outdoor and International outdoor segments provide outdoor advertising services in their respective geographic regions using various digital and traditional display types. Its other category includes its full-service media representation business, Katz Media Group, as well as other general support services. It has a Smartbike bicycle rental program that provides bicycles for rent to the general public in several municipalities.