iHeartMedia 2014 Annual Report Download - page 28

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26
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
Market Information
There is no established public trading market for our stock. iHeartMedia Capital I, LLC directly owns all of our issued and
outstanding stock. All of iHeartMedia Capital I, LLC’s issued and outstanding equity interests are directly owned by iHeartMedia
Capital II, LLC and all of the issued and outstanding equity interests of iHeartMedia Capital II, LLC are owned by Parent. All equity
interests in Parent are owned, directly or indirectly, by the Sponsors and their co-investors, public investors and certain employees of
Parent and its subsidiaries, including certain executive officers and directors.
Dividend Policy
We have not paid cash dividends on the shares of our common stock since the merger in 2008 and our ability to pay
dividends is subject to restrictions should we seek to do so in the future. Our debt financing arrangements include restrictions on our
ability to pay dividends. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity
and Capital Resources—Sources of Capital” and Note 5 to the Consolidated Financial Statements.
Sales of Unregistered Securities
We did not sell any equity securities during 2014 that were not registered under the Securities Act of 1933.
Purchases of Equity Securities
We did not purchase any of our equity securities during the fourth quarter of 2014.