iHeartMedia 2009 Annual Report Download - page 144
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NOTE R – CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
In connection with the merger, the Company paid certain affiliates of the Sponsors $87.5 million in fees and expenses for financial
and structural advice and analysis, assistance with due diligence investigations and debt financing negotiations and $15.9 million for
reimbursement of escrow and other out-of-pocket expenses. This amount was preliminarily allocated between merger expenses, debt
issuance costs or included in the overall purchase price of the merger.
The Company is party to a management agreement with certain affiliates of the Sponsors and certain other parties pursuant to which
such affiliates of the Sponsors will provide management and financial advisory services until 2018. These agreements require
management fees to be paid to such affiliates of the Sponsors for such services at a rate not greater than $15.0 million per year. For
the year ended December 31, 2009, the Company recognized management fees of $15.0. For the post-merger period ended
December 31, 2008, the Company recognized management fees of $6.3 million.
In addition, the Company reimbursed the Sponsors for additional expenses in the amount of $5.5 million for the year ended
December 31, 2009.
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