In this Nov. 7, 2017, file photo, the logo for iHeartRadio, owned by iHeartMedia, Inc., is shown during an album release party with Maroon 5 in Burbank, Calif. IHeartMedia, one of the world’s largest radio and billboard companies, has filed for Chapter 11 bankruptcy protection. The San Antonio-based iHeartMedia Inc., which was formerly Clear Channel Communications, said Thursday, March 15, 2018, that it has reached an agreement with the holders of more than $10 billion of its debt and will restructure its finances as a result. (Photo by Richard Shotwell/Invision/AP, File)

NEW YORK (AP) — IHeartMedia, one of the world’s largest radio and billboard companies, is seeking Chapter 11 bankruptcy protection as part of an agreement with its lenders to reduce debt.

The company formerly known as Clear Channel Communications says it will operate its businesses as usual while it restructures its finances to reduce debt by more than $10 billion.

IHeartMedia, which is based in San Antonio, had warned in 2016 that it had reached an impasse with lenders. The company amassed the debt when it was taken private in 2008 by private equity firms Thomas H. Lee Partners and Bain Capital.

IHeartMedia Inc. says its billboard subsidiary, Clear Channel Outdoor, isn’t part of the bankruptcy proceedings.