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.
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.
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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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