NEW YORK (CBSDFW.COM/AP) — Radio conglomerate iHeartMedia is seeking bankruptcy protection as part of an agreement with its lenders to reduce debt it took on to become a privately held company.

The company formerly known as Clear Channel Communications said Thursday that it will operate its businesses as usual while it restructures its finances under Chapter 11 protection to reduce debt by more than $10 billion.

READ MORE: North Texas Mom Hospitalized 93 Days With COVID-19 Delivers Healthy Baby Girl

IHeartMedia, which is based in San Antonio, operates 858 broadcast radio stations in more than 150 markets around the U.S.

iHeart Radio has struggled to compete with streaming rivals Spotify and Pandora.

Six of those stations are in Dallas, including 106.1 KISS FM, Lone Star 92.5 and Talk Radio 1190.

READ MORE: DFW Area Has 5 Boys Basketball Players Named McDonald’s All Americans

It also runs big live events such as the iHeartRadio Music awards.

Though iHeartMedia has a large online presence and its iHeartRadio app is popular for streaming music, it faces stiff competition from Spotify, Apple Music and other online streaming services. Spotify, which recently filed for an initial public offering, said Thursday that its shares would begin trading on the New York Stock Exchange around April 3.

The reason for iHeartMedia’s financial problems is primarily its massive debt, which it amassed when private equity firms Thomas H. Lee Partners and Bain Capital led a buyback of publicly held shares to take the company private in 2008. IHeartMedia had warned in 2016 that it had reached an impasse with lenders.

MORE NEWS: Dallas ISD To Launch Full-Time Virtual School This Coming Fall

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