iHeartMedia edges closer to bankruptcy with $174 million 2Q loss

iHeartMedia Inc. lost $174 million in the second quarter as the radio, billboard and digital giant edged closer to bankruptcy, struggling under more than $20 billion in debt, the company said Thursday.

The San Antonio-based company’s second-quarter loss narrowed from $278.9 million during the same three months last year, the company said in releasing its earnings results Thursday. It was the company’s 28th loss over the last 29 quarters.