NO IPO: iHEARTMEDIA HEADING FOR NASDAQ

iHeartMedia will begin trading on the NASDAQ Global Select Market under the ticker IHRT on 7/18, opting for a direct listing rather than an IPO.

iHeartMedia’s management team will meeting with investors the week of 7/15 in advance of the direct listing.

“Our listing on the NASDAQ will provide greater liquidity for existing shareholders, allow us to diversify our investor base, and give us improved access to public capital markets in the future,” said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia.

In April, the company proposed a $100m IPO with the potential to raise more than $1b. The listing tactic is similar to the one Spotify took a little more than a year ago.