PE firms Bain and Lee to break even as iHeart goes bust

PE firms Bain and Lee to break even as iHeart goes bust

The iHeartMedia Inc. application is displayed for a photograph on an Apple Inc. iPhone in Washington, D.C., U.S., on Thursday, March 1, 2018. Embattled iHeartMedia is circulating documents for a bankruptcy filing that could come as soon as this weekend for the biggest U.S. radio broadcaster. Photographer: Andrew Harrer/Bloomberg

HeartMedia Inc. has gone bust, but that doesn’t mean the two private equity firms that bought the broadcaster during the past decade’s mega-buyout spree got wiped out.

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