INSIDE … 

• Alright, Pittman and Bressler got most of what they wanted in bankruptcy, now almost 3 months later the 3 things that threaten to drive iHeart into ANOTHER bankruptcy.
• What happens to the company now?
• All radio companies are experiencing hard times right now, so what happens next if iHeart can’t service their new, reduced debt load (from $16 billion to $5.75b).
• How long before Bob Pittman’s $100 million bet on podcasting pays off?
• What are the new iHeart revenue initiatives in the pipeline?

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Just last week, a capital investor known as WY Capital put out a puff piece on Entercom calling it “Another Unappreciated Radio Company”.

The fantasy piece was so pro-Entercom that it could have been written by David Field himself.

It’s not known whether Entercom paid WY Capital for setting the record straight but that is a practice that is employed in the investment world these days.

Why all the happy talk now?

Why has David Field’s father, founder Joe Field, spent nearly $12 million in the first six months of this year alone to prop up Entercom’s drooping stock price?

If Entercom is so worried, what are they so worried about now?

Read more …

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• A Zombie company is one that needs bailouts in order to operate, or an indebted company that is able to repay the interest on its debts but not repay the principal – what went wrong at Connoisseur.
• What did the principals have to pay to rescue Connoisseur from their chief lender.
• So, what happens now – selling assets like Cumulus, swapping or buying stations.
• What’s the real deal – what does the burned equity lender get?
• What does the Warshaw led management group get?
• And what about Warshaw’s alleged connection to the Cumulus reorganization – exposed here.

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New York is almost gone – one more FM is in the process of being sold.

Atlanta and LA have been eviscerated along with other Cumulus stations that are able to be sold for whatever the market can bring which in these cases amounts to deep discounts.

The biggest dilemma for Mary Berner and her new board of directors who were forced to take over ownership when Cumulus couldn’t make their debt payments is whether to stay or whether to go.

A bellwether market for Cumulus is San Francisco where things are happening so fast that the company may be forced into emergency mode soon.

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Kagan is estimating that $771 million of radio deals were done in the second quarter.

They are guessing at multiples like the 7 times forward cash flow for Cox FMs and 6 times for AMs, a generous estimate at that.

And there’s the Meruelo steal of Cumulus’ KLOS for only $43 million in LA and other insulting offers taken by opportunists who believe now is the time to start buying radio again.

The big guys are on the ropes but a troubling trend for smaller market owners is also emerging.

Take the Stephens takeover of Mapleton.

When you look inside the deal, it presents a scary scenario for a segment of radio markets that are thought to be bulletproof.

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