While embattled iHeartMedia (OTCPK:IHRT) scrambles to work with lenders after skipping a $106 million interest payment last month, the U.S.'s biggest radio broadcaster is going forward with its 2018 iHeartRadio Music Awards, scheduled for this Sunday, March 11 at 8 p.m. ET from Los Angeles.
This morning, the company said that the awards show, which is being hosted by Hailey Baldwin and DJ Khaled, will feature a live broadcast of Taylor Swift's new single "Delicate" on TBS, TNT and truTV (and their respective apps).
Additionally, the ceremony will feature live performances by Bon Jovi, Ed Sheeran, Cardi B, Maroon 5 and Camila Cabello, with more expected to be announced. The show will also be live on iHeartMedia stations nationwide and on the iHeartRadio app. San Antonio, Texas-based iHeartMedia owns 858 radio stations across the U.S.
Nominees for awards include the likes of music superstars Rihanna, Taylor Swift, Ed Sheeran, Bruno Mars, Camila Cabello, Cardi B, Luis Fonsi, Daddy Yankee, Justin Bieber, DJ Khaled, Demi Lovato and The Chainsmokers.
iHeartMedia has long been battling with sinking ad revenue and a pile of debt absorbed as part of its $18 billion leveraged takeover of Clear Channel Communications a decade ago. Last week, Liberty Media offered a lifeline by proposing to take a 40 percent stake in the company, joining iHeart with Liberty's satellite radio company Sirius XM.
With so much uncertainly surrounding the company, market participants seem to be staying on the sidelines until some clarity is provided regarding the balance sheet, keeping shares of IHRT flat on Monday at 45 cents, modestly over the all-time low recently printed at 36 cents.