Learfield will avoid bankruptcy. The company has completed a $1.1 billion recapitalization to reduce its debt. The move also injects $150 million in equity investment into the company.
The company is the rights holder for nearly 200 colleges’ radio broadcasts across the country. It was facing over a billion dollars in debt, but the racapitalization reduced that debt to $500 million.
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With the investment, there is a new group of majority owners. Clearlake Capital Group, Charlesbank Capital Partners and funds managed by Fortress Investment Group will all have equal representation on the new board of directors.
Learfield’s previous majority owners were Endeavor, Silver Lake and Atairos. They will all maintain a minority stake in the company.
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