Read the full article now    

• Tearing up the way radio is measured.
• The surprising leader in rebuilding a radio station’s audience.
• How to capture more listeners in a world with an 8-second attention span.
• The biggest turn-offs that can be fixed.
• The only thing you should pay a program director for.

Start a new subscription here

Read the full article now    

• The Soros plan to hideout.
• What David Field must deliver and how long he has to do it.
• One thing that can totally derail Soros’ growth plans.
• Why Audacy competitors may have to rethink their strategy.

Start a new subscription here

Read the full article now    

• The net effect of lowering the listening threshold with advertisers.
• How the move works with today’s shorter listening spans.
• The current lost listening that would be recaptured.
• The effect on quarter hours now loaded with commercials.
• And an even better idea that is not being considered that would help every station without signaling declining audiences.

Start a new subscription here

Read the full article now    

• Is new Audacy owner George Soros crazy or crazy like a fox?

Start a new subscription here

Read the full article now    

• The unspoken damage the FCC is doing to Audacy.
• Why other radio bankruptcies got the green light to emerge quicker.
• How this delay jeopardizes the Soros plan to rebuild Audacy.
• The delay’s effect on Audacy’s plan to sell, consolidate or shut down some stations.

Start a new subscription here

Read the full article now    

• What hedge-fund owners are going to do next to salvage their radio investments.
• If you’re in sales, your job is about to change radically.
• Big game hunting will be out to eliminate another radio employee.
• If an air-personality has a job within the next few years, here is what it will look like.
• The physical radio station of the future reimaged by hedge funds.

Start a new subscription here

Read the full article now    

Beasley is in big trouble – stock price of 56 cents, delisting notice pending, a recent offer to water down shares of stock to kick the can down the road and avoid bankruptcy, but with all this, wide-scale nepotism has finally hit a bump in the road.

• The Beasley that gets kicked to the curb.
• What they’re thinking as they stare down bankruptcy.
• How the boss mandates the way market managers must fire employees.
• Their new digital side hustle compared to their previous $30 million digital bust.
• What Beasley’s are willing to give up to save the company.

Start a new subscription here

Read the full article now    

• Hit and run formats are popping up in increasing numbers – their future.
• The reason Emmis is replacing their rental tenant ESPN with a Pop-Up station on 98.7 in New York.
• Which cohort benefits most from Pop-Up stations.
• How to measure audience acceptance.
• What administrative and sales structure will look like.

Start a new subscription here

Read the full article now    

• Why Audacy is brimming with optimism.
• How they are handling the talent and managers needed to turn the company around.
• What they are disinvesting in next.
• One company has Audacy’s number and is helping to drive it under.

Start a new subscription here

Read the full article now    

• A new opportunity for owners to offload AM stations they cannot afford.
• The advantages of owning an AM station – 3 undeniable new benefits.
• How to deal with broadcasting on the older-skewing AM band.
• A warning for FM operators that they are currently ignoring.

Start a new subscription here

Read the full article now    

• The first efforts of post-Ed Christian Saga.
• How “old school” Saga plans changes.
• The catalyst for reinventing the radio group.
• What 2 things have deteriorated 50% prompting a new way forward.

Start a new subscription here

Read the full article now    

• What to expect when you’re expecting Beasley to be the next bankrupt radio group.
• How they are going to handle content creators and managers.
• Details of their plan to resuscitate the company.
• Which one big mistake caused all their trouble.
• What would George Beasley do?

Start a new subscription here

Read the full article now    

• The reason for trying to delay approving Audacy’s bankruptcy.
• How one competitor is rubbing Audacy’s face in their troubles and making money from it.
• The end of all-news on WCBS-AM -- a one-off or canary in the coal mine.
• The non-political Soros plan for Audacy.
• Who is trying to screw over Audacy’s urgent emergence from bankruptcy.

Start a new subscription here

Read the full article now    

• Is the shutdown of WCBS-AM predictive of the future.
• What they’re thinking when owners hand over a station to a competitor in the same format who could erode ratings and hurt billing (WCBS-AM to ESPN).
• What’s ahead for owners unable to sell their AM stations.
• What other AM stations could be next.
• Is EMF now going to be a player in renting from desperate owners?

Start a new subscription here

Read the full article now    

• What’s behind Senator Ted Cruz’ threats to blow up the FCC’s Audacy bankruptcy approval.
• A major radio CEO’s possible involvement in this delay/derail tactic.
• The money trail leading to Cruz.
• How will this affect the FCC’s final approval of Audacy’s emergence from bankruptcy?

Start a new subscription here

Read the full article now    

• The lifeline call that temporarily saved it from the brink.
• What just about guarantees a second bankruptcy.
• Why this is the worst of times for employees but the best for management.
• Is Cumulus waiting to be rescued by Soros?

Start a new subscription here

Read the full article now    

• Next up after Audacy emerges from bankruptcy.
• The ones safe – for now.
• The radio groups that will defy bankruptcy -- no question.
• BUT trouble still lingers for the big consolidators – which one has just started negotiating their second bankruptcy already.

Start a new subscription here

Read the full article now    

Only weeks to go before Soros takes majority ownership of Audacy.

Can they save the neglected crown jewel CBS stations?

The biggest fears moving forward under new ownership.

Start a new subscription here

Read the full article now    

• Will they survive the meltdown of larger consolidators?
• Should they get out and investors buy low.
• The best investment in radio at this moment.
• Whispers about the future of radio with digital.
• How small and medium markets will deal with the high price of local.

Start a new subscription here

Read the full article now    

• What Field has been reportedly saying to others about his future at Audacy.
• The case for keeping a CEO who lost billions of dollars of shareholders value.
• Why Alex Soros might be looking for another CEO.
• The one thing Field has that Soros can strongly relate to.

Start a new subscription here

Read the full article now    

• iHeart is talking a big game for the future, but this is what’s actually going on.
• Why they hired a financial advisor.
• What is prompting so much concern.
• Their “near takeover”.
• Their surprising biggest source of revenue.

Start a new subscription here

Read the full article now    

• Did Salem just do what some fear Soros will wind up doing?
• What complicates Salem’s hopes to stay out of bankruptcy.
• Is radio being used to gain political influence?
• Ways once prosperous Salem is hanging on by threads.

Start a new subscription here

Read the full article now    

• What iHeart is up to with a reimagined hiring/firing scheme.
• What we’re hearing about big salary hires.
• Why this will change the way other radio groups think.
• The new thinking about required years of experience and big pay.
• Notable allegations of employee distrust.

Start a new subscription here

Read the full article now    

• Years of evading taxes that cannot be disputed – how they did it.
• The template for other radio companies teetering on bankruptcy.
• The use of legal fees to bully a settlement.

Start a new subscription here

Read the full article now    

• iHeart has not given out cost of living increases to most employees for over a decade, but there is one type of employee they are afraid to lose.
• What is prompting their change in attitude about compensation.
• How they set the table for other major radio groups to follow suit.
• The safest job in radio.
• 2 case studies: new found money.

Start a new subscription here

Read the full article now    

• Audacy is limping out of bankruptcy next month, Cumulus and iHeart face a second bankruptcy within the next few years and most of the remaining radio groups whose stock is trading under $1 are on track to be delisted.
• Health check of radio’s top 3 groups.
• Best and worst outcomes for all three.
• What are the big groups thinking – what we’re hearing about their future options.

Start a new subscription here

Read the full article now    

• How anyone unhappy with George Soros owning a large share of Audacy can now block it or fatally delay it by filing one piece of paper.
• If the FCC fails to act in favor of the pending waiver Soros needs, then what?
• How Audacy is quickly losing control of a critical timeline out of bankruptcy.
• The prognosis of a fresh start promised by Audacy to advertisers and employees in light of recent developments.

Start a new subscription here

Read the full article now    

• Uncovering the lies the NAB and politicians are spreading about AM.
• The bullying tactics being used to force automakers to keep AM in cars that likely will backfire.
• How auto manufacturers are playing with the NAB – their real radio plans revealed.
• Tricks consolidators are using that hurt AM’s chances to remain as standard equipment in the dash.

Publishing note:  With July 4^th in the middle of the week, most music and media execs are taking all or the majority of this week off – have a safe and happy Fourth and we’ll see you next week.

Start a new subscription here

Read the full article now    

• Why a multi-year extension, huge pay raise and shiny new title to this particular programmer?
• Did Soros Management Fund sign off on this since they don’t officially have a stake in the company.
• The Audacy trend of promoting people who are not in danger of leaving.
• The political capital David Field is gambling on 6-weeks before new investors get to make decisions.

Start a new subscription here

Read the full article now    

• The 7 radio owners most likely to sell stations in spite of what they say publicly.
• 4 of the 7 are not currently on anyone’s list – but that may soon change.
• The pros and cons outlined for cherry picking each of these groups.
• Cumulus turned down almost $20 a share and now they’re worth a little more than a dollar – why they refuse to sell.

Start a new subscription here

Read the full article now    

• David Field’s cheapness is arguably why the CBS merger failed – how it’s now threatening the outcome of their lifeline bankruptcy.
• And the prospect of even more budget cuts than Soros had planned.
• Documented evidence that Audacy lied about legitimate expenses.
• Audacy’s chutzpah:  Seeking to get reimbursed for back lawyers’ fees and other expenses for negotiating in bad faith.
• How resolving it could eat into the $50 million Audacy told the bankruptcy court that it needs for operations when it emerges.

Start a new subscription here

Read the full article now    

• What to expect for day one of new ownership – August 18^th
• The new approach to cutting costs at Audacy.
• The first job category to get trimmed and the last.
• The closest thing to job security at Audacy (at least for now) is this position – no question.
• The difference if Field stays or if he goes.

Start a new subscription here

Read the full article now    

• Why does the same company that recently offered Paramount $26 billion have to suddenly fire radio staff making less than $100,000 a year.
• Look who is breathing down their necks now and forcing their hand.
• Does this cost cutting affect the status of that Cox-Audacy rollup?
• With mounting debt, is selling even an option?

Start a new subscription here

Read the full article now    

• Why radio’s most expensive stock and only company with no debt is signaling trouble ahead.
• What they are going to do about it.
• How did the radio group with the highest stock price start declining.

Start a new subscription here

Read the full article now    

• The big city multi-market cluster for sale at “make-me-an-offer” prices.
• How radio groups are finding buyers in a market where few exist.
• The method they use for raising quick cash to avoid default.
• So why hasn’t Cumulus been willing to sell standalone KABC-AM?
• Stations with sports rights contracts appear off limits – here are the easier ones to sell.

Start a new subscription here

Read the full article now    

• The best-case scenario for Cumulus to stay solvent.
• What happens if they go under a second time.
• The savior who could rescue Cumulus in bankruptcy.

Start a new subscription here

Read the full article now    

• The troubling signs that their creditors have started preparing for Chapter 22.
• What it means to the iHeart we know today.
• The most important trigger to keep an eye on.

Start a new subscription here

Read the full article now    

• How they are becoming tax deadbeats.
• Tactics being used to bully creditors.
• A pathetic 9-minute audio clip that shows how low Audacy is willing to go to burn anyone in the way of their bankruptcy.

Start a new subscription here

Read the full article now    

• How they made out compared to radio groups
• The group that blatantly refers to its tower deal on their balance sheet as “financial liability” – their words.
• How the tower fire sale specifically affected iHeart, Audacy, Cumulus, Townsquare, Beasley and Cox.
• The group most likely to go under first under the weight of a bad tower sale.

Start a new subscription here

Read the full article now    

• How this revelation might affect FCC’s approval to emerge from bankruptcy.
• What Audacy is claiming about their longtime suburban Philly headquarters.
• The effect on their balance sheet if they are ordered to pay up.
• Repercussions if this claim is allowed to play out in Pennsylvania courts.

Start a new subscription here

Read the full article now    

• The trouble that’s brewing while Audacy waits for FCC approval of their bankruptcy plan.
• What could go wrong.
• If the bankruptcy isn’t approved by this date, all bets are off.
• The stumbling block to what usually is a fast process to exit bankruptcy.

Start a new subscription here

Read the full article now    

• Yes, they walked away from a return on investment that would have been worth the current total value of Cumulus – here’s how.
• The internal fighting that tried to stop the CEO and board chair from walking away from a huge pay day.
• Why they fought so hard to unload a money machine.
• And how their stock price would be double what it is today if not for this one crucial mistake.

Start a new subscription here

Read the full article now    

• The real reason Soros Foundation controlling Audacy worries almost everyone.
• Their big plans to roll up several radio groups – should competitors be worried?
• The prospect of Soros hiring a heavyweight radio executive to take over from David Field.
• Is the Soros strategy a build-and-run or stay-and-play?

Start a new subscription here

See you after Memorial Day –  And, as always, thanks for your support!

Read the full article now    

• Is it a signal that EMF is done buying commercial stations on the cheap?
• Financial troubles?
• The profitability of EMF stations in attracting donations.
• What this means for commercial broadcasters who only have EMF as a potential buyer.

Start a new subscription here

Read the full article now    

• Why market managers are increasingly being fired and eliminated while survivors are being forced to do what they know is wrong.
• Coming soon: private equity radio owner’s “better idea”.
• Outrageous duties now being forced upon market managers hampering their ability to maximize revenue.
• How this management shortfall is starting to trickle down to sales managers.
• An honest generic want ad for today’s market manager that is hard to argue with.

Start a new subscription here

Read the full article now    

• How Mary Berner ousted Lew Dickey to drive Cumulus into bankruptcy.
• The person to blame for putting Berner in as CEO where she has presided over a 70% decline in earnings.
• Future battles: a suitor looking to buy stock while it is so cheap.
• A potential hostile takeover.
• Where Soros comes in to Cumulus’ future.

Start a new subscription here

Read the full article now    

• Take out your calculator, based on the Cumulus and Audacy bankruptcies that proceeded Beasley, here’s what could extend their lifeline or abruptly throw them into bankruptcy sooner.
• The efficacy of a potential reverse stock split that they are considering,
• The one telltale move to watch for – when Beasley does this, no question they’re going down.
• How long before Beasley initiates another round of deep layoffs like last week.
• Why they are firing programming and content people above others.
• My calculation of “B” date (so far, we’ve called 3 radio bankruptcies scarily on target).

Start a new subscription here

Read the full article now    

• The dreaded first move they just made.
• What’s at stake when Beasley files.
• How to interpret the expected denials.
• Why Beasley is using the Audacy playbook that failed to turn their stock price around.
• Bankruptcy countdown – how long and when.

Start a new subscription here

Read the full article now    

• The over/under on radio’s most adventurous potential merger.
• The earliest this rollup could happen.
• Why is Cumulus so important to Audacy?
• The political consequences of the left owning an iHeart-sized radio rollup.
• Even if everything goes smoothly, there’s this almost immovable roadblock.

Start a new subscription here

Read the full article now    

• The little-mentioned “radio guy” flying under the radar in this deal.
• What Soros buys after they rollup Audacy and Cumulus.
• Why Cumulus will force Soros to revert to a hostile takeover.
• Is this a political play by Democrat Soros?
• What happens to the forced spinoffs?

Start a new subscription here

Read the full article now    

• The connection between the mess at Boeing and Nielsen’s troubles.
• How the same management tactics by the same man delivered the same results.
• What to watch as financially pressed radio companies are taking another look at rating services.
• The case for selling radio without ratings.
• Radio groups likely to dump Nielsen next.

Start a new subscription here

Read the full article now    

• What’s behind extending a debt repayment plan that lenders don’t want.
• The backroom strategy to win over lenders who are consistently turning down 3% more interest for a 3-year repayment delay.
• What happens if they fail to reorganize $346 million in debt.
• If successful, where will the savings be invested?
• The unspoken reason pushing back this debt is so critical to Cumulus.

Start a new subscription here

Read the full article now    

• It’s starting to happen, which radio groups will run on fewer market managers.
• Safe spaces to work – but even some of them may cave.
• In-market vs. out of market management – which do better.
• Why the war against market managers when corporate is so willing to overpay others.

Start a new subscription here

Read the full article now    

• How their twice rejected upgraded bond offer turned out to be this necessary.
• Why bondholders would actually like their present deal as insurance against what they see as an inevitable second bankruptcy.
• What happens if Cumulus refinanced their debt now.
• Options for selling assets to avoid bankruptcy.
• Lew Dickey’s last laugh.

Start a new subscription here

Read the full article now    

• Non-profit EMF’s financial revenue revealed.
• How much they pay their CEO to run 1,000 signals.
• The system they use to dictate their buying price.
• 97% of their revenue comes from donations – how much they spend on fundraising.
• EMF is doing the same thing private equity did after consolidation – with one exception.

Start a new subscription here

Read the full article now    

• Whispers that a major shakeup of top executives is coming.
• How iHeart’s current spring cleaning of staff is different.
• How iHeart reportedly tried to play an on-air talent with a raise on the back of firing his air partner – and it blew up.
• What to expect as iHeart, Audacy and Cumulus are changing their layoff policy.
• Case study: slimy, hurtful iHeart firing details.

Start a new subscription here

Read the full article now    

• A second bankruptcy has always been on the table, but here is a scenario that Cumulus management is waiting for.
• A sale? Why Cumulus is vehemently opposed to that.
• The current chances for another bankruptcy.
• How Berner is posturing for the best deal to sell the company.
• What’s in it for her if she does.

Start a new subscription here

Read the full article now    

• How is Salem not already in bankruptcy.
• Their humiliating station giveaways to of all competitors EMF.
• EMF’s unique pricing formula that forced Salem to say “uncle” and sell.
• Who is the next EMF, a ready and willing buyer of radio stations.
• The new tactic Salem and others are using to buy time.

Start a new subscription here

Read the full article now    

• The percentage of bankruptcies that succeed (vs. fail or file a second time).
• The bankruptcy problem no one says out loud.
• Proven indicators of whether a radio bankruptcy will work.
• Retaining the management that caused the bankruptcy – right move or wrong?
• What we’re hearing about the radio groups closest to filing Chapter 11 next.

Start a new subscription here

Read the full article now    

• All but 2 radio groups have become zombie companies unable to pay their loans and grow at the same time.
• What it means at the station level.
• What Audacy (soon to emerge from bankruptcy) is now calling “accelerated performance”.
• Where’s all the promised digital revenue – it’s booming everywhere but radio, but why?
• How zombie companies will change the radio industry over the next 18 months.

Start a new subscription here

Read the full article now    

• How soon will Audacy’s new lenders-turned owners oust David Field.
• The Soros play to takeover Audacy – their intentions revealed.
• The old board gets dismissed -- this is what replaces them.
• What we’re watching – things to worry about like a hostile takeover.
• They’re short on cash already, the incredible place where they are looking.

Start a new subscription here

Read the full article now    

• Two things converging on Cumulus putting it in danger.
• Why the extension for a debt buyback.
• Bankruptcy 2.0 talk.
• Market managers dish on the company’s strange behavior lately.
• How Wall Street is reading the mixed signals.

Start a new subscription here

Read the full article now    

• Despite the denials, how Cumulus will get sold.
• Whose knocking on the door and why they’re not answering.
• The exit plan – here’s the number it will sell for.
• Case study of another radio group sale that Cumulus may follow.
• The Cumulus exec accused of “corporate malfeasance” – and it’s not who you think it is.

Start a new subscription here

Read the full article now    

• Under-the-radar plans to shrink the three largest troubled radio groups.
• The two most radical on-air savings in the works.
• And two most notable off-air savings being targeted.
• Say hello to the new daypart known as “Death Valley” – details.
• The one line even a desperate radio group still will not cross – yet.

Start a new subscription here

Read the full article now    

• Why activist vultures are increasingly circling Cumulus.
• The debt Cumulus never talks about publicly.
• 3 years of expense cuts.
• The latest “Hail Mary” to lock in current management.
• Devolving into an executive compensation scheme – details.

Start a new subscription here

Read the full article now    

• The activist investors pestering Cumulus.
• The investor who has put Cumulus on notice that they intend to acquire more stock and take an active role in the company’s management.
• What Soros is up to buying cheap Audacy debt that even Audacy doesn’t realize.
• How a hostile radio takeover will work.
• Why the sudden interest in radio even as revenue continues to trend down.
• A different kind of consolidation coming.

Start a new subscription here

Read the full article now    

• Soros’ anticipated influence on Audacy programming.
• The other groups Soros would like to roll up with Audacy.
• The first thing to change when Audacy emerges from bankruptcy with Soros as main owner.
• The born-again David Field – here’s some evidence of the new man.
• Why Mary Berner is worried about the Soros-Audacy connection.

Start a new subscription here

Read the full article now    

• How they plan to target Audacy and Cumulus for future growth.
• How they are going to handle their $5.2 billion debt albatross.
• That second baked-in bankruptcy.
• In or out on programmatic buying?
• What’s behind their claim of podcasting growth.

Start a new subscription here

Read the full article now    

• Behind the scenes at local Cumulus stations fearing a potential takeover.
• What corporate is telling its managers.
• How Mary Berner is under pressure from inside and outside the company.
• Market managers give this grim warning to corporate.
• What started the recent investor activist warning that they intend to be involved in the company.

Start a new subscription here

Read the full article now    

• The radio exec who is masterminding this plot.
• Where the money is coming from in addition to Soros.
• How they intend to build a group large enough to compete with iHeart.
• The 3 radio groups being targeted.

Start a new subscription here

Read the full article now    

• What blew the major sale up at the last minute.
• Is Apollo still actively trying to offload its Cox radio acquisitions?
• The surprising bidder who came this close to owning Cox radio.
• The money people involved in the failed Cox station sale.
• How bankrupt Audacy was involved in scuttling the Cox radio selloff.

Start a new subscription here

Read the full article now    

• Their “poison pill” cannot stop activist bidders – here’s how they can work around it.
• The activist bidders who might be thinking takeover.
• What happened that made Mary Berner hit the “poison pill” panic button.
• Why a company from Singapore that owns consumer products and no media wants Cumulus so badly.
• The biggest activist investors apparent intentions regarding Cumulus management.

Start a new subscription here

Read the full article now    

• The Soros strategy for its Audacy investment.
• Is this a political play by the left-leaning billionaire?
• How it will affect programming and operations.
• Who has the power now – first-tier lenders-turned owners or the Soros group?
• The end game for a $400 million investment in a bankrupt radio group.

Start a new subscription here

Read the full article now    

• Why financial experts are suddenly concerned about the viability of Cumulus.
• The real problem areas identified.
• What about selling standalone KABC and others?
• Westwood One as the canary in the coal mine.

Start a new subscription here

Read the full article now    

• His petition to the bankruptcy court asking them to blow up the Audacy prepackaged reorganization.
• How much this investor got burned for.
• The specific remedies he is asking the bankruptcy court in Texas to invoke.
• His strategy to stop the steal that mostly benefits Audacy lenders not shareholders.
• How much trouble is this for Audacy.

Start a new subscription here

Read the full article now    

• Bondholders accepted pennies on the dollar to enable this bankruptcy agreement – what often happens by the time they get to court.
• Who will the new lenders-turned owners choose to be on their board – and lead it?
• Hints from as recently as last week give an idea of how they will proceed in running the company once the pre-pack is approved.
• The debt issue remains: how will it be divvyed up between take-back paper and restated debt.
• Will the new Audacy be a rebuild or a fire sale – recent clues tell which way it’s going to lean.

Start a new subscription here

Read the full article now    

• Why the rush to buy into radio groups that are failing.
• Even bankrupt groups.
• The case of a lender injecting over $50 million in a bankrupt radio group.
• A sampler of little-known private equity investors who have been actively buying radio stocks.
• What do they know that everyone else is missing about radio’s future.

Start a new subscription here

Read the full article now    

• Do commercial radio companies now have something else to worry about as Christian music stations are amassing larger audiences.
• EMF bought all those distressed radio stations for pennies on the dollar, now look at their plan to compete with commercial broadcasters.
• Jesus takes the dial but commercial broadcasters answer to a higher power.
• The real threats of EMF Christian music formats to their competitors.
• The way to beat non-coms at their own game.

Start a new subscription here

Read the full article now    

• Interest in buying Audacy out of bankruptcy reportedly amps up.
• One anxious buyer has done business with David Field.
• A foreign investor reportedly pursuing it under the radar.
• What it would take for lenders-turned new owners to flip Audacy.
• Why the sudden burst of interest in buying other distressed radio groups – we name a few companies.

Start a new subscription here

Read the full article now    

• First things first – the things the new owners burned in bankruptcy are champing at the bit to carry out.
• During year one some unexpected changes (remembering that these new owners never ran even one radio station).
• Down the line some expected and unexpected moves that they gave themselves the power to do in the bankruptcy pre-packaged agreement.
• Reading the new owner’s digital intentions.
• What I’m hearing about a company reportedly looking at buying all or part of Audacy.

Start a new subscription here

Read the full article now    

• The identity of the next 3 radio groups to file for bankruptcy.
• Apollo is the largest private equity owner of radio and their investments are in trouble – why?
• How private equity sees the future of radio ownership from their perspective.
• A litmus test for whether now is the best time to buy a highly-discounted radio station.
• What happens when iHeart, Cumulus and even Audacy file second bankruptcies which are being predicted.

Start a new subscription here

Read the full article now    

• This is what motivated Audacy to shell out $1.3 million in retention bonuses to people going absolutely nowhere.
• But here’s the company’s claw back clause which is rarely noticed.
• Why Audacy is increasingly skittish about the pre-packaged bankruptcy going through.
• What could happen next if it doesn’t – and yes, these types of deals tend to blow at the last minute.
• Audacy’s zero tolerance policy on bankruptcy talk.

Start a new subscription here

Read the full article now    

• How iHeart, Cumulus and Townsquare are increasingly pulling the plug as a reality of doing business.
• Why don’t they just sell them for whatever they can get?
• Could Audacy’s new owners be hot to shut down some stations costing them too much money to bother?
• The reason AM stations are targeted the most, but these kinds of FMs aren’t safe.
• The two reasons that forced owners’ hands.
• These markets are off limits – period.

Start a new subscription here

Read the full article now    

• What’s the status of Dan Mason returning as a board member to choose the new CEO – still interested?
• A possible sleeper candidate not to be dismissed.
• Is it a done deal with David Field getting kicked to the board?
• Here’s how to tell whether the lenders-turned owners are serious about fixing Audacy or gutting the company.

Start a new subscription here

Read the full article now    

• As incredible as it may seem -- why the drop from $1.9 billion to $350 million in debt will still not be enough.
• Audacy’s big mistake in their bankruptcy filing that poses a problem even when they emerge.
• Why their newly converted equity will continue to decline in value risking another default on the reinstated debt.
• The impact of programmatic buying when interest on their $350 million loan needs to be repaid.
• Red flag for the 3 radio groups that will be filing for bankruptcy next – don’t make these mistakes that Cumulus, iHeart and now Audacy made to avoid being a “zombie” company.

Start a new subscription here

Read the full article now    

• Bye, bye 1010 WINS and a group of other stations – the new owner’s aggressive sales plan.
• But not FM stations, right?
• The first indication that they plan to do a Cumulus-type WPLJ selloff of properties – and most importantly, the timetable.
• What’s not for sale – that’s a good question, but there is a good answer.
• What happens to podcasting and digital beyond what the outgoing Field regime is publicly saying.
• A new CEO is coming -- look at what scorched lenders actually got Field to insert in the pre-pack agreement to guarantee it.
• How the first-tier lenders rammed language down David Field’s throat to make him sing for his supper.
• This is a real bankruptcy despite the fact that it is agreed to – Audacy already needs a $57 million loan to hold it over just until the court and FCC approve the bankruptcy – details.

Start a new subscription here

Read the full article now    

• David Field, his father, Weezie Kramer and Joel Hollander are on the board of the sunsetting company – what the lenders-turned owners are going to do that will totally shake up Audacy.
• What happens to Audacy stock worth 20 cents before Sunday’s bankruptcy filing.
• Why are they “judge shopping” – Audacy filed for bankruptcy in Texas (they’re headquartered in Philly).
• Field is talking “business as usual” as if he’s going to remain as CEO – what he’s not saying (at least publicly).
• If this bankruptcy gets approved it wipes out almost all of Audacy’s debt -- will that be enough?
• Audacy is talking like a pre-packaged bankruptcy is a slam-dunk – what could go wrong.

Start a new subscription here

Read the full article now    

• Is Dan even interested? I asked him.
• What position makes the most sense for the person who once cleaned up after Joel Hollander previously at CBS Radio.
• What about Hollander (current Audacy Lead Independent Director), is he out with the new owners or does he get a second chance.
• And a third executive who may take a run at David Field’s job as CEO.
• The lenders become the new owners within weeks – usually (as per the Cumulus bankruptcy) they replace the board and start selling off assets – will the new Audacy follow that plan.
• Attention Audacy: Here’s what Mason would likely do to turn the company around.

Start a new subscription here

Read the full article now    

• The Audacy bankruptcy is a done deal – a preview.
• The lenders get the company but does CEO David Field get to keep his job after that hot mess – details.
• How the new company will somehow emerge with half its debt gone – why couldn’t Field do this?
• The final decision on laying off more people under new ownership.
• Survivors will get this take it or leave it offer.
• The good news is that the implosion of Entercom/CBS/Audacy finally ends in the very near future – the bad news is …

Start a new subscription here

Read the full article now.

Read the full article now.

Read the full article now.

Read the full article now.

Read the full article now.

Read the full article now.

Read the full article now.

Read the full article now.

Read the full article now.

Read the full article now.

Read the full article now.

Read the full article now.

Read the full article now.

Read the full article now.

Read the full article now.

Read the full article now.

THOUGHT THE RELIGIOUS FORMAT WAS BULLETPROOF …

• How Salem blew a good thing, cratered stock to 76 cents and forced bankruptcy planning
• A recent and embarrassing humiliation from competitor EMF
• A tightening on finances by jittery lenders

Read the full article now.

Free samples of our work here.

Report Newstips confidentially in our Witness Protection Program here.

Talk to Jerry privately here.

See a complete scroll of my previous stories here

HOW DO THEY KEEP THEIR JOBS …

• How they’re getting away with the destruction of radio 
• Next year’s 3 lifeline moves to watch for as almost every radio group dodges bankruptcy
• Dramatic proof where radio is still a booming business
• The 2 radio groups next up for bankruptcy as soon as 12 months as their CEOs scheme to stay in place

Read the full article now.

Free samples of our work here.

Report Newstips confidentially in our Witness Protection Program here.

Talk to Jerry privately here.

See a complete scroll of my previous stories here

WHY IS iHEART SO UNUSUALLY QUIET … 

• What’s going on inside iHeart as they burn cash and stock price plummets 72%
• iHeart in 2024 – the writing soon to be on the wall
• What’s next – prepare for what’s likely to shake up the company

Read the full article now.

Free samples of our work here.

Report Newstips confidentially in our Witness Protection Program here.

Talk to Jerry privately here.

See a complete scroll of my previous stories here

THE PALACE INTRIGUE …

• A delay of the inevitable for this important reason.
• What’s really stalling the Audacy bankruptcy.
• Read how it ends -- 30 days ahead of time.

Read the full article now.

Free samples of our work here.

Report Newstips confidentially in our Witness Protection Program here.

Talk to Jerry privately here.

See a complete scroll of my previous stories here

INSIDE …

• Who forced the 30-day bankruptcy extension
• The reason Audacy is slow rolling its debt payments 
• The contentious issues the sides are focusing on now 
• Chances of an out-of-court settlement
• It will all come down to 1 of these 3 outcomes in early December

Read the full article now.

Report Newstips confidentially in our Witness Protection Program here.

Talk to Jerry privately here.

See a complete scroll of my previous stories here

INSIDE …

• The secret maneuvers to reward radio CEOs even as they are mandating cost reductions and employee RIFs.
• Audacy CEO’s retention bonus – where was he going to go?
• The reason Susan Larkin and J.D. Crowley stepped in it as part of an Audacy plot.
• Outrage over a Cumulus board motion recently passed.
• A c-suite heist as radio groups go into bankruptcy.

Read the full article now.

Free samples of our work here.

Report Newstips confidentially in our Witness Protection Program here.

Talk to Jerry privately here.

See a complete scroll of my previous stories here

INSIDE …

• Now there is a time frame for the second Cumulus bankruptcy (it’s notable that we’ve called them all so far).
• Revenue way off so where’s the money coming from until then?
• A big decision on programming.
• A new wrinkle in the desperate sale of assets.
• The sudden cash burn.

Read the full article now.

Free samples of our work here.

Report Newstips confidentially in our Witness Protection Program here.

Talk to Jerry privately here.

See a complete scroll of my previous stories here

Watch David Field pull off Audacy’s bankruptcy.

Today, what we’re hearing on …

• That 30-day extension of a loan interest payment.
• The chance of a last-minute out of court reorganization with lenders.
• Pinpointing Audacy’s bankruptcy based on iHeart and Cumulus that went before them.
• A mini-bankruptcy?

The answers start here 

Click to read: Podcasting’s Reverse Effect on Radio Revenue …  Concern Over iHeart’s Earnings … Cumulus Q3 Revenue Reveal … The 2 Never-Mentioned Radio Bankruptcies … Changes in Musical Listening Habits … Greg Ashlock’s iHeart Demotion … Beasley Faces Stock Delisting … iHeart Investors Sensing Something Troubling …. Modernizing Radio … What Audacy Bankruptcy Means for Employees … Calculating Audacy’s Bankruptcy Date… Horizontal Radio Monopolies … Relaxation of Ownership Rules is Back On

Newstips here.

Email news to Jerry in confidence here.

Just say it – iHeart and Cumulus still choking on debt are getting ready to go again, but this time will be very different.

Today, I’m laying out how bankruptcy the second time around will look …

• How another bankruptcy filing became a necessity.
• The major mistake Cumulus made in their first bankruptcy that they are paying for now.
• Notice how iHeart is eerily quiet these days – what that’s all about.
• The cost of kicking the debt down the road just got more expensive.
• Why investors are giving up on radio stocks.
• More concerning than missing revenue or sinking stock prices.

The answers start here 

Click to read: Changes in Musical Listening Habits … Greg Ashlock’s iHeart Demotion … Beasley Faces Stock Delisting … iHeart Investors Sensing Something Troubling …. Modernizing Radio … What Audacy Bankruptcy Means for Employees … Calculating Audacy’s Bankruptcy Date… Horizontal Radio Monopolies … Relaxation of Ownership Rules is Back On … Potential Buyer Awaits Audacy Bankruptcy… New SiriusXM … What’s Stalling the Audacy Reorganization … Is Radio Ready for a Comeback?

Newstips here.

Email news to Jerry in confidence here.