For individuals and institutions that have held shares of iHeartMedia stock, which trades on the Nasdaq GlobalSelect market under the “IHRT” symbol, long-term investment has delivered disappointing yields. In June 2021, shares were nearing $27 per share. Today, they’re trading just below $2.50.

On November 13, IHRT hit a post-bankruptcy low in its share price. That presented an opportunity for Bob Pittman.