NEW YORK (AP) — Clear Channel, the largest radio station operator in the U.S., says it has renamed itself iHeartMedia to reflect its transformation into a multi-platform media company that includes iHeartRadio, its digital radio service.

The new company, which is privately held, owns 859 radio stations in more than 150 markets. IHeartRadio, meanwhile, has more than 90 million monthly unique visitors. It also owns part of Clear Channel Outdoor, an outdoor advertising company, and runs live music events.

The name change reflects the company’s shifting focus to its digital brand as it faces competition from popular music streaming services like Pandora and Spotify. In June, CEO Bob Pittman said iHeartRadio makes “hundreds of millions” of dollars in annual revenue.

Clear Channel Communications Inc. was founded in 1972 and was taken private in 2008.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.